Segment Information

3 Months Ended

Mar. 31, 2024

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, 2024 and 2023 is as follows:

	Three Months Ended March 31,
	2024			2023
	(in thousands)
Revenues:
Premiums earned:
Commercial lines	$	132,092		$	133,187
Personal lines		95,657			82,046
GAAP premiums earned		227,749			215,233
Net investment income		10,972			9,449
Investment gains (losses)		2,113			(331	)
Other		307			395
Total revenues	$	241,141		$	224,746
Income before income tax expense:
Underwriting (loss) gain:
Commercial lines	$	(10,371	)	$	(7,912	)
Personal lines		(532	)		879
SAP underwriting loss		(10,903	)		(7,033	)
GAAP adjustments		5,359			4,407
GAAP underwriting loss		(5,544	)		(2,626	)
Net investment income		10,972			9,449
Investment gains (losses)		2,113			(331	)
Other		(293	)		(196	)
Income before income tax expense	$	7,248		$	6,296