Segment Information

9 Months Ended

Sep. 30, 2021

Segment Reporting [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 nine months ended September 30, 2021 and 2020 is as follows:

	Three Months Ended September 30,
	2021			2020
	(in thousands)
Revenues:
Premiums earned:
Commercial lines	$	119,709		$	103,436
Personal lines		76,526			81,490
GAAP premiums earned		196,235			184,926
Net investment income		7,764			7,403
Investment (losses) gains		(1,570	)		3,268
Other		677			915
Total revenues	$	203,106		$	196,512
(Loss) income before income tax (benefit) expense:
Underwriting (loss) income:
Commercial lines	$	(10,962	)	$	(1,703	)
Personal lines		(4,976	)		6,427
SAP underwriting (loss) income		(15,938	)		4,724
GAAP adjustments		864			(1,576	)
GAAP underwriting (loss) income		(15,074	)		3,148
Net investment income		7,764			7,403
Investment (losses) gains		(1,570	)		3,268
Other		250			513
(Loss) income before income tax (benefit) expense	$	(8,630	)	$	14,332

	Nine Months Ended September 30,
	2021			2020
	(in thousands)
Revenues:
Premiums earned:
Commercial lines	$	344,234		$	307,080
Personal lines		231,741			249,472
GAAP premiums earned		575,975			556,552
Net investment income		22,926			21,952
Investment gains (losses)		5,140			(940	)
Other		2,181			2,759
Total revenues	$	606,222		$	580,323
Income before income tax expense:
Underwriting (loss) income:
Commercial lines	$	(17,437	)	$	2,203
Personal lines		608			19,528
SAP underwriting (loss) income		(16,829	)		21,731
GAAP adjustments		12,101			1,186
GAAP underwriting (loss) income		(4,728	)		22,917
Net investment income		22,926			21,952
Investment gains (losses)		5,140			(940	)
Other		480			894
Income before income tax expense	$	23,818		$	44,823