Reportable Segments

6 Months Ended

Jun. 30, 2013

Reportable Segments [Abstract]

Reportable Segments

(4) Reportable Segments:

The Company has two reportable business segments in its operations:  Property and Casualty Insurance and Reinsurance.

The Property and Casualty Insurance segment provides multiple line insurance coverage primarily to fleet transportation companies as well as to independent contractors who contract with fleet transportation companies.  In addition, the Company provides private passenger automobile products to individuals, workers’ compensation coverage to small businesses and professional liability products on a selective basis.

The Reinsurance segment accepts property and casualty cessions from other insurance companies as well as retrocessions from carefully chosen reinsurance companies, principally reinsuring against catastrophes.  In addition, the Reinsurance segment accepts professional liability cessions from other insurance companies.

The following table provides certain revenue and profit and loss information for each reportable segment.  All amounts presented are computed based upon U.S. generally accepted accounting principles.  Segment profit for Property and Casualty Insurance includes the direct marketing agency operations conducted by the parent company for this segment and is computed after elimination of inter-company commissions.

	2013						2012
	Direct and Assumed Premium Written		Net Premium Earned		Segment Profit		Direct and Assumed Premium Written		Net Premium Earned		Segment Profit (Loss)
Three months ended June 30:
Property and Casualty Insurance	$	80,756	$	49,803	$	5,405	$	64,760	$	48,167	$	6,872
Reinsurance		12,074		11,972		2,910		14,094		11,488		5,314
Totals	$	92,830	$	61,775	$	8,315	$	78,854	$	59,655	$	12,186
Six months ended June 30:
Property and Casualty Insurance	$	150,945	$	97,663	$	10,641	$	139,986	$	96,076	$	13,795
Reinsurance		25,776		25,210		7,679		28,920		25,130		11,461
Totals	$	176,721	$	122,873	$	18,320	$	168,906	$	121,206	$	25,256

The following table reconciles reportable segment income to the Company’s consolidated income before federal income taxes.

	Three Months Ended						Six Months Ended
	June 30						June 30
	2013			2012			2013			2012
Profit:
Segment profit	$	8,315		$	12,186		$	18,320		$	25,256
Net investment income		1,985			2,431			4,395			4,853
Net gains (losses) on investments		719			(5,453	)		15,066			(73	)
Corporate expenses		(3,757	)		(3,904	)		(7,840	)		(7,778	)
Income before federal income taxes	$	7,262		$	5,260		$	29,941		$	22,258

Segment profit includes both net premiums earned and fees and other income associated with the business conducted by the segment.

Management does not identify or allocate assets to reportable segments when evaluating segment performance and depreciation expense is not material for any of the reportable segments.