| 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.
Our chief operating decision maker, who is our Chief Executive Officer, evaluates the performance of the commercial lines and personal lines primarily based upon our insurance subsidiaries' underwriting income or loss as
determined under statutory accounting principles ("SAP"). This segmentation is consistent with the segmentation we utilize to manage our business. Our chief operating decision maker does not receive asset and liability information for each segment.
We make resource allocation decisions based upon historical underwriting results as well as perceived opportunities for future profitable growth within each segment.
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:
| |
|
Three Months Ended June 30, 2026
|
|
| |
|
Investments
|
|
|
Commercial
Lines
|
|
|
Personal
Lines
|
|
|
Total
|
|
| |
|
(in thousands)
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net premiums earned
|
|
|
|
|
$
|
141,516 |
|
|
$
|
81,058 |
|
|
$
|
222,574 |
|
|
Net investment income
|
|
|
14,491 |
|
|
|
— |
|
|
|
— |
|
|
|
14,491 |
|
|
Investment gains
|
|
|
3,267 |
|
|
|
— |
|
|
|
— |
|
|
|
3,267 |
|
|
Total segment revenues
|
|
|
17,758 |
|
|
|
141,516 |
|
|
|
81,058 |
|
|
|
240,332 |
|
|
Other
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
787 |
|
|
Total revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
241,119 |
|
|
Segment expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net losses and loss expenses
|
|
|
— |
|
|
|
89,431 |
|
|
|
42,440 |
|
|
|
131,871 |
|
|
Other underwriting expenses
|
|
|
— |
|
|
|
54,706 |
|
|
|
24,581 |
|
|
|
79,287 |
|
|
Policyholder dividends
|
|
|
— |
|
|
|
560 |
|
|
|
— |
|
|
|
560 |
|
|
Total segment expenses
|
|
|
— |
|
|
|
144,697 |
|
|
|
67,021 |
|
|
|
211,718 |
|
|
SAP underwriting (loss) income
|
|
|
— |
|
|
|
(3,181 |
)
|
|
|
14,037 |
|
|
|
10,856 |
|
|
GAAP adjustments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,083 |
)
|
|
GAAP underwriting income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,773 |
|
|
Net investment income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14,491 |
|
|
Investment gains
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,267 |
|
|
Other
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
17 |
|
|
Income before income tax expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
27,548 |
|
| |
|
Three Months Ended June 30, 2025
|
|
| |
|
Investments
|
|
|
Commercial
Lines
|
|
|
Personal
Lines
|
|
|
Total
|
|
| |
|
(in thousands)
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net premiums earned
|
|
$
|
— |
|
|
$
|
138,527 |
|
|
$
|
93,248 |
|
|
$
|
231,775 |
|
|
Net investment income
|
|
|
12,540 |
|
|
|
— |
|
|
|
— |
|
|
|
12,540 |
|
|
Investment gains
|
|
|
1,544 |
|
|
|
— |
|
|
|
— |
|
|
|
1,544 |
|
|
Total segment revenues
|
|
|
14,084 |
|
|
|
138,527 |
|
|
|
93,248 |
|
|
|
245,859 |
|
|
Other
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,289 |
|
|
Total revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
247,148 |
|
|
Segment expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net losses and loss expenses
|
|
|
— |
|
|
|
91,518 |
|
|
|
59,990 |
|
|
|
151,508 |
|
|
Other underwriting expenses
|
|
|
— |
|
|
|
49,982 |
|
|
|
24,918 |
|
|
|
74,900 |
|
|
Policyholder dividends
|
|
|
— |
|
|
|
819 |
|
|
|
— |
|
|
|
819 |
|
|
Total segment expenses
|
|
|
— |
|
|
|
142,319 |
|
|
|
84,908 |
|
|
|
227,227 |
|
|
SAP underwriting (loss) income
|
|
|
— |
|
|
|
(3,792 |
)
|
|
|
8,340 |
|
|
|
4,548 |
|
|
GAAP adjustments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
840 |
|
|
GAAP underwriting income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,388 |
|
|
Net investment income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,540 |
|
|
Investment gains
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,544 |
|
|
Other
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
952 |
|
|
Income before income tax expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
20,424 |
|
| |
|
Six Months Ended June 30, 2026
|
|
| |
|
Investments
|
|
|
Commercial
Lines
|
|
|
Personal
Lines
|
|
|
Total
|
|
| |
|
(in thousands)
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net premiums earned
|
|
$
|
— |
|
|
$
|
280,480 |
|
|
$
|
163,452 |
|
|
$
|
443,932 |
|
|
Net investment income
|
|
|
28,778 |
|
|
|
— |
|
|
|
— |
|
|
|
28,778 |
|
|
Investment gains
|
|
|
2,788 |
|
|
|
— |
|
|
|
— |
|
|
|
2,788 |
|
|
Total segment revenues
|
|
|
31,566 |
|
|
|
280,480 |
|
|
|
163,452 |
|
|
|
475,498 |
|
|
Other
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,617 |
|
|
Total revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
477,115 |
|
|
Segment expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net losses and loss expenses
|
|
|
— |
|
|
|
184,789 |
|
|
|
88,549 |
|
|
|
273,338 |
|
|
Other underwriting expenses
|
|
|
— |
|
|
|
113,188 |
|
|
|
47,478 |
|
|
|
160,666 |
|
|
Policyholder dividends
|
|
|
— |
|
|
|
1,212 |
|
|
|
—
|
|
|
|
1,212 |
|
|
Total segment expenses
|
|
|
— |
|
|
|
299,189 |
|
|
|
136,027 |
|
|
|
435,216 |
|
|
SAP underwriting (loss) income
|
|
|
— |
|
|
|
(18,709 |
)
|
|
|
27,425 |
|
|
|
8,716 |
|
|
GAAP adjustments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,452 |
|
|
GAAP underwriting income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,168 |
|
|
Net investment income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
28,778 |
|
|
Investment gains
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,788 |
|
|
Other
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(63 |
)
|
|
Income before income tax expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
41,671 |
|
| |
|
Six Months Ended June 30, 2025
|
|
| |
|
Investments
|
|
|
Commercial
Lines
|
|
|
Personal
Lines
|
|
|
Total
|
|
| |
|
(in thousands)
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net premiums earned
|
|
$
|
— |
|
|
$
|
274,743 |
|
|
$
|
189,733 |
|
|
$
|
464,476 |
|
|
Net investment income
|
|
|
24,524 |
|
|
|
— |
|
|
|
— |
|
|
|
24,524 |
|
|
Investment gains
|
|
|
1,073 |
|
|
|
— |
|
|
|
— |
|
|
|
1,073 |
|
|
Total segment revenues
|
|
|
25,597 |
|
|
|
274,743 |
|
|
|
189,733 |
|
|
|
490,073 |
|
|
Other
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,880 |
|
|
Total revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
491,953 |
|
|
Segment expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net losses and loss expenses
|
|
|
— |
|
|
|
172,839 |
|
|
|
110,698 |
|
|
|
283,537 |
|
|
Other underwriting expenses
|
|
|
— |
|
|
|
105,492 |
|
|
|
52,403 |
|
|
|
157,895 |
|
|
Policyholder dividends
|
|
|
— |
|
|
|
1,578 |
|
|
|
— |
|
|
|
1,578 |
|
|
Total segment expenses
|
|
|
— |
|
|
|
279,909 |
|
|
|
163,101 |
|
|
|
443,010 |
|
|
SAP underwriting (loss) income
|
|
|
— |
|
|
|
(5,166 |
)
|
|
|
26,632 |
|
|
|
21,466 |
|
|
GAAP adjustments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,405 |
|
|
GAAP underwriting income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24,871 |
|
|
Net investment income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24,524 |
|
|
Investment gains
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,073 |
|
|
Other
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,117 |
|
|
Income before income tax expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
51,585 |
|
|