Segment Information

12 Months Ended

Dec. 31, 2023

Segment Information [Abstract]

Segment Information

19 - Segment Information

We have three reportable segments, which consist of our investment function, our commercial lines of insurance and our personal lines of insurance. Using independent agents, our insurance subsidiaries market commercial lines of insurance to small and medium-sized businesses and personal lines of insurance to individuals.

We evaluate the performance of the commercial lines and personal lines primarily based upon our insurance subsidiaries’ underwriting results as determined under SAP for our total business.

We do not allocate assets to the commercial and personal lines and review the two segments in total for purposes of decision-making. We operate only in the United States, and no single customer or agent provides 10 percent or more of our revenues.

Financial data by segment is as follows:

	2023		2022			2021
	(in thousands)
Revenues:
Premiums earned:
Commercial lines	$	533,029	$	521,227		$	478,966
Personal lines		349,042		301,263			297,049
GAAP premiums earned		882,071		822,490			776,015
Net investment income		40,853		34,016			31,126
Investment gains (losses)		3,173		(10,185	)		6,477
Other		1,241		1,900			2,848
Total revenues	$	927,338	$	848,221		$	816,466

	2023			2022			2021
	(in thousands)
Income (loss) before income taxes:
Underwriting (loss) income:
Commercial lines	$	(6,998	)	$	(22,665	)	$	(35,174	)
Personal lines		(35,118	)		(13,506	)		17,235
SAP underwriting loss		(42,116	)		(36,171	)		(17,939	)
GAAP adjustments		3,735			8,667			9,945
GAAP underwriting loss		(38,381	)		(27,504	)		(7,994	)
Net investment income		40,853			34,016			31,126
Investment gains (losses)		3,173			(10,185	)		6,477
Other		(582	)		35			730
Income (loss) before income taxes	$	5,063		$	(3,638	)	$	30,339