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Segments
 12 Months Ended
Dec. 31, 2014
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract]  
Segments
SEGMENTS

The Company’s property and casualty insurance operations comprise one business segment. The property and casualty insurance segment primarily underwrites home insurance coverage with primary lines of business consisting of:  dwelling fire and extended coverage, homeowners (including mobile homeowners) and other liability. The Company has ceased writing ocean marine, private passenger auto liability, commercial auto liability and auto physical damage coverages and no policies were in-force in these lines of business during 2014.  

Management organizes the business utilizing a niche strategy focusing on lower valued dwellings.  Our chief decision makers (Chief Executive Officer, Chief Financial Officer and President) review results and operating plans making decisions on resource allocations on a company-wide basis.  The Company’s products are primarily produced through agents within the states in which we operate.  

The Company’s life and accident and health operations comprise the second business segment.  The life and accident and health insurance segment consists of two lines of business: traditional life insurance and accident and health insurance.

Total assets by industry segment at December 31, 2014 and at December 31, 2013 are summarized below (dollars in thousands):

 
 
Total
 
P&C Insurance Operations
 
Life Insurance Operations
 
Non-Insurance Operations
December 31, 2014
 
 
 
 
 
 
 
 
 
 
$
144,865

 
$
81,648

 
$
56,541

 
$
6,676

December 31, 2013
 


 
 
 
 
 
 
 
 
$
133,980

 
$
71,003

 
$
53,831

 
$
9,146


Premium revenues and operating income by business segment for the years ended December 31, 2014 and 2013 are summarized below (dollars in thousands):

Year ended December 31, 2014
Total
 
P&C Insurance Operations
 
Life Insurance Operations
 
Non-Insurance Operations
REVENUE
 
 
 
 
 
 
 
Net premiums earned
$
56,653

 
$
50,279

 
$
6,374

 
$
—

Net investment income
3,738

 
1,737

 
1,925

 
76

Net realized investment gains (losses)
100

 
(356
)
 
455

 
1

Gain on company owned life insurance
3,256

 
3,256

 
—

 
—

Other income
560

 
550

 
10

 
—

 
64,307

 
55,466

 
8,764

 
77

BENEFITS AND EXPENSES
 

 
 

 
 

 
 

Policyholder benefits paid
30,882

 
25,479

 
5,403

 
—

Amortization of deferred policy acquisition costs
3,590

 
2,565

 
1,025

 
—

Commissions
7,459

 
7,103

 
356

 
—

General and administrative expenses
9,343

 
6,966

 
1,893

 
484

Taxes, licenses and fees
2,137

 
1,826

 
311

 
—

Interest expense
1,521

 
—

 
66

 
1,455

 
54,932

 
43,939

 
9,054

 
1,939

Income (Loss) Before Income Taxes
$
9,375

 
$
11,527

 
$
(290
)
 
$
(1,862
)




Year ended December 31, 2013
Total
 
P&C Insurance Operations
 
Life Insurance Operations
 
Non-Insurance Operations
REVENUE
 
 
 
 
 
 
 
Net premiums earned
$
52,366

 
$
45,775

 
$
6,591

 
$
—

Net investment income
3,746

 
1,637

 
2,032

 
77

Net realized investment gains
4,439

 
1,020

 
111

 
3,308

Other income
609

 
604

 
5

 
—

 
61,160

 
49,036

 
8,739

 
3,385

BENEFITS AND EXPENSES
 

 
 

 
 

 
 

Policyholder benefits paid
31,146

 
26,219

 
4,927

 
—

Amortization of deferred policy acquisition costs
3,613

 
2,576

 
1,037

 
—

Commissions
7,103

 
6,678

 
425

 
—

General and administrative expenses
8,443

 
5,683

 
2,034

 
726

Taxes, licenses and fees
1,846

 
1,614

 
232

 
—

Interest expense
1,686

 
—

 
77

 
1,609

 
53,837

 
42,770

 
8,732

 
2,335

Income Before Income Taxes
$
7,323

 
$
6,266

 
$
7

 
$
1,050




The following table presents the Company’s gross and net premiums written for the property and casualty segment and the life and accident and health segment for the year ended December 31, 2014 and 2013, respectively:

 
 
 
Year ended December 31,
 
 
2014
 
2013
Life, accident and health operations premiums written:
 
 

 
 

Traditional life insurance
 
$
4,606

 
$
4,756

Accident and health insurance
 
1,921

 
1,921

Gross life, accident and health
 
6,527

 
6,677

Reinsurance premium ceded
 
(72
)
 
(66
)
Net life, accident and health premiums written
 
$
6,455

 
$
6,611

Property and Casualty operations premiums written:
 
 

 
 

Dwelling fire & extended coverage
 
$
33,184

 
$
30,527

Homeowners (Including mobile homeowners)
 
23,869

 
23,367

Ocean marine
 
—

 
75

Other liability
 
1,873

 
1,690

Gross property and casualty
 
58,926

 
55,659

Reinsurance premium ceded
 
(7,177
)
 
(8,462
)
Net property and casualty written
 
$
51,749

 
$
47,197

Consolidated gross premiums written
 
$
65,453

 
$
62,336

Reinsurance premium ceded
 
(7,249
)
 
(8,528
)
Consolidated net premiums written
 
$
58,204

 
$
53,808



The following table presents the Company’s gross and net premiums earned for the property and casualty segment and the life and accident and health segment year ended December 31, 2014 and 2013, respectively:

 


Year ended December 31,
 

2014

2013
Life, accident and health operations premiums earned:

 

 
Traditional life insurance

$
4,555

 
$
4,718

Accident and health insurance

1,891

 
1,939

Gross life, accident and health

6,446

 
6,657

Reinsurance premium ceded

(72
)
 
(66
)
Net life, accident and health premiums earned

$
6,374

 
$
6,591

Property and Casualty operations premiums earned:






Dwelling fire & extended coverage

$
31,993

 
$
29,302

Homeowners (Including mobile homeowners)

23,669

 
22,830

Ocean marine

—

 
524

Other liability

1,794

 
1,593

Gross property and casualty

57,456

 
54,249

Reinsurance premium ceded

(7,177
)
 
(8,474
)
Net property and casualty earned

$
50,279

 
$
45,775

Consolidated gross premiums earned

$
63,902

 
$
60,906

Reinsurance premium ceded

(7,249
)
 
(8,540
)
Consolidated net premiums earned

$
56,653

 
$
52,366