Segment Information

3 Months Ended

Mar. 31, 2023

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 months ended March 31, 2023 and 2022 is as follows:

	Three Months Ended March 31,
	2023			2022
	(in thousands)
Revenues:
Premiums earned:
Commercial lines	$	130,466		$	124,329
Personal lines		84,767			74,920
GAAP premiums earned		215,233			199,249
Net investment income		9,449			7,859
Investment losses		(331	)		(76	)
Other		395			595
Total revenues	$	224,746		$	207,627
Income before income tax expense:
Underwriting (loss) income:
Commercial lines	$	(7,912	)	$	62
Personal lines		879			4,642
SAP underwriting (loss) income		(7,033	)		4,704
GAAP adjustments		4,407			3,725
GAAP underwriting (loss) income		(2,626	)		8,429
Net investment income		9,449			7,859
Investment losses		(331	)		(76	)
Other		(196	)		14
Income before income tax expense	$	6,296		$	16,226