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Share Name | Share Symbol | Market | Type |
---|---|---|---|
EMC Insurance Group Inc | NASDAQ:EMCI | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 36.01 | 35.91 | 36.01 | 0 | 01:00:00 |
EMC INSURANCE GROUP INC. |
(Exact name of registrant as specified in its charter) |
Iowa | 0-10956 | 42-6234555 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
717 Mulberry Street, Des Moines, Iowa | 50309 | |
(Address of principal executive offices) | (Zip Code) |
(515) 345‑2902 |
(Registrant’s telephone number, including area code) |
[ ] | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
[ ] | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
[ ] | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
[ ] | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02 | Results of Operations and Financial Condition. |
Item 7.01 | Regulation FD Disclosure. |
Item 9.01 | Financial Statements and Exhibits. |
(d) | Exhibits. |
Exhibit Number | Description |
99 | Press release |
EMC INSURANCE GROUP INC. |
Registrant |
/s/ Mark E. Reese |
Mark E. Reese |
Senior Vice President and |
Chief Financial Officer |
Exhibit Number | Description |
99 | Press release |
• | changes in the property and casualty insurance industry, interest rates or the performance of financial markets and the general economy; |
• | other risks and uncertainties inherent to the Company’s business, including those discussed under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K. |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
($ in thousands) | ||||||||||||||||
Operating income | $ | 6,315 | $ | 2,482 | $ | 32,756 | $ | 11,748 | ||||||||
Net realized investment gains (losses) | 4,874 | (253 | ) | 7,511 | 2,090 | |||||||||||
Net income | $ | 11,189 | $ | 2,229 | $ | 40,267 | $ | 13,838 |
CONSOLIDATED STATEMENTS OF INCOME - UNAUDITED | ||||||||||||||||
($ in thousands, except share and per share amounts) | ||||||||||||||||
Quarter Ended September 30, 2015 | Property and Casualty Insurance | Reinsurance | Parent Company | Consolidated | ||||||||||||
Revenues: | ||||||||||||||||
Premiums earned | $ | 113,753 | $ | 32,035 | $ | — | $ | 145,788 | ||||||||
Investment income, net | 8,125 | 3,176 | (2 | ) | 11,299 | |||||||||||
Other income | 210 | 309 | — | 519 | ||||||||||||
122,088 | 35,520 | (2 | ) | 157,606 | ||||||||||||
Losses and expenses: | ||||||||||||||||
Losses and settlement expenses | 75,976 | 26,709 | — | 102,685 | ||||||||||||
Dividends to policyholders | 3,555 | — | — | 3,555 | ||||||||||||
Amortization of deferred policy acquisition costs | 18,736 | 7,403 | — | 26,139 | ||||||||||||
Other underwriting expenses | 15,587 | 458 | — | 16,045 | ||||||||||||
Interest expense | 84 | — | — | 84 | ||||||||||||
Other expenses | 196 | — | 479 | 675 | ||||||||||||
114,134 | 34,570 | 479 | 149,183 | |||||||||||||
Operating income (loss) before income taxes | 7,954 | 950 | (481 | ) | 8,423 | |||||||||||
Realized investment gains | 4,889 | 2,609 | — | 7,498 | ||||||||||||
Income (loss) before income taxes | 12,843 | 3,559 | (481 | ) | 15,921 | |||||||||||
Income tax expense (benefit): | ||||||||||||||||
Current | 2,743 | 507 | (169 | ) | 3,081 | |||||||||||
Deferred | 1,235 | 416 | — | 1,651 | ||||||||||||
3,978 | 923 | (169 | ) | 4,732 | ||||||||||||
Net income (loss) | $ | 8,865 | $ | 2,636 | $ | (312 | ) | $ | 11,189 | |||||||
Average shares outstanding | 20,684,890 | |||||||||||||||
Per Share Data: | ||||||||||||||||
Net income (loss) per share - basic and diluted | $ | 0.43 | $ | 0.12 | $ | (0.01 | ) | $ | 0.54 | |||||||
Catastrophe and storm losses (after tax) | $ | 0.31 | $ | 0.25 | $ | — | $ | 0.56 | ||||||||
Large losses* (after tax) | $ | 0.32 | $ | — | $ | — | $ | 0.32 | ||||||||
Reported (adverse) favorable development experienced on prior years' reserves (after tax) | $ | 0.15 | $ | (0.08 | ) | $ | — | $ | 0.07 | |||||||
Dividends per share | $ | 0.170 | ||||||||||||||
Other Information of Interest: | ||||||||||||||||
Net written premiums | $ | 134,722 | $ | 31,446 | $ | — | $ | 166,168 | ||||||||
Catastrophe and storm losses | $ | 9,920 | $ | 7,844 | $ | — | $ | 17,764 | ||||||||
Large losses* | $ | 10,304 | $ | — | $ | — | $ | 10,304 | ||||||||
Reported adverse (favorable) development experienced on prior years' reserves | $ | (4,722 | ) | $ | 2,495 | $ | — | $ | (2,227 | ) | ||||||
GAAP Ratios: | ||||||||||||||||
Loss and settlement expense ratio | 66.8 | % | 83.4 | % | — | 70.4 | % | |||||||||
Acquisition expense ratio | 33.3 | % | 24.5 | % | — | 31.4 | % | |||||||||
Combined ratio | 100.1 | % | 107.9 | % | — | 101.8 | % | |||||||||
*Large losses are defined as losses greater than $500 for the EMC Insurance Companies pool, excluding catastrophe and storm losses. |
CONSOLIDATED STATEMENTS OF INCOME - UNAUDITED | ||||||||||||||||
($ in thousands, except share and per share amounts) | ||||||||||||||||
Quarter Ended September 30, 2014 | Property and Casualty Insurance | Reinsurance | Parent Company | Consolidated | ||||||||||||
Revenues: | ||||||||||||||||
Premiums earned | $ | 107,952 | $ | 30,364 | $ | — | $ | 138,316 | ||||||||
Investment income, net | 8,230 | 3,275 | (2 | ) | 11,503 | |||||||||||
Other income | 202 | 1,028 | — | 1,230 | ||||||||||||
116,384 | 34,667 | (2 | ) | 151,049 | ||||||||||||
Losses and expenses: | ||||||||||||||||
Losses and settlement expenses | 78,556 | 28,096 | — | 106,652 | ||||||||||||
Dividends to policyholders | 2,588 | — | — | 2,588 | ||||||||||||
Amortization of deferred policy acquisition costs | 18,143 | 6,814 | — | 24,957 | ||||||||||||
Other underwriting expenses | 13,079 | 828 | — | 13,907 | ||||||||||||
Interest expense | 84 | — | — | 84 | ||||||||||||
Other expenses | 132 | — | 456 | 588 | ||||||||||||
112,582 | 35,738 | 456 | 148,776 | |||||||||||||
Operating income (loss) before income taxes | 3,802 | (1,071 | ) | (458 | ) | 2,273 | ||||||||||
Realized investment losses | (286 | ) | (104 | ) | — | (390 | ) | |||||||||
Income (loss) before income taxes | 3,516 | (1,175 | ) | (458 | ) | 1,883 | ||||||||||
Income tax expense (benefit): | ||||||||||||||||
Current | (304 | ) | (988 | ) | (160 | ) | (1,452 | ) | ||||||||
Deferred | 759 | 347 | — | 1,106 | ||||||||||||
455 | (641 | ) | (160 | ) | (346 | ) | ||||||||||
Net income (loss) | $ | 3,061 | $ | (534 | ) | $ | (298 | ) | $ | 2,229 | ||||||
Average shares outstanding | 20,267,538 | |||||||||||||||
Per Share Data: | ||||||||||||||||
Net income (loss) per share - basic and diluted | $ | 0.15 | $ | (0.03 | ) | $ | (0.01 | ) | $ | 0.11 | ||||||
Catastrophe and storm losses (after tax) | $ | 0.32 | $ | 0.24 | $ | — | $ | 0.56 | ||||||||
Large losses* (after tax) | $ | 0.31 | $ | — | $ | — | $ | 0.31 | ||||||||
Reported favorable development experienced on prior years' reserves (after tax) | $ | 0.02 | $ | 0.04 | $ | — | $ | 0.06 | ||||||||
Dividends per share | $ | 0.153 | ||||||||||||||
Other Information of Interest: | ||||||||||||||||
Net written premiums | $ | 131,005 | $ | 31,824 | $ | — | $ | 162,829 | ||||||||
Catastrophe and storm losses | $ | 10,064 | $ | 7,415 | $ | — | $ | 17,479 | ||||||||
Large losses* | $ | 9,673 | $ | — | $ | — | $ | 9,673 | ||||||||
Reported favorable development experienced on prior years' reserves | $ | (427 | ) | $ | (1,264 | ) | $ | — | $ | (1,691 | ) | |||||
GAAP Ratios: | ||||||||||||||||
Loss and settlement expense ratio | 72.8 | % | 92.5 | % | — | 77.1 | % | |||||||||
Acquisition expense ratio | 31.3 | % | 25.2 | % | — | 30.0 | % | |||||||||
Combined ratio | 104.1 | % | 117.7 | % | — | 107.1 | % | |||||||||
*Large losses are defined as losses greater than $500 for the EMC Insurance Companies pool, excluding catastrophe and storm losses. |
CONSOLIDATED STATEMENTS OF INCOME - UNAUDITED | ||||||||||||||||
($ in thousands, except share and per share amounts) | ||||||||||||||||
Nine Months Ended September 30, 2015 | Property and Casualty Insurance | Reinsurance | Parent Company | Consolidated | ||||||||||||
Revenues: | ||||||||||||||||
Premiums earned | $ | 333,212 | $ | 95,912 | $ | — | $ | 429,124 | ||||||||
Investment income, net | 24,301 | 9,654 | (9 | ) | 33,946 | |||||||||||
Other income | 582 | 1,040 | — | 1,622 | ||||||||||||
358,095 | 106,606 | (9 | ) | 464,692 | ||||||||||||
Losses and expenses: | ||||||||||||||||
Losses and settlement expenses | 215,468 | 65,135 | — | 280,603 | ||||||||||||
Dividends to policyholders | 6,492 | — | — | 6,492 | ||||||||||||
Amortization of deferred policy acquisition costs | 56,003 | 22,820 | — | 78,823 | ||||||||||||
Other underwriting expenses | 47,784 | 2,567 | — | 50,351 | ||||||||||||
Interest expense | 253 | — | — | 253 | ||||||||||||
Other expenses | 568 | — | 1,424 | 1,992 | ||||||||||||
326,568 | 90,522 | 1,424 | 418,514 | |||||||||||||
Operating income (loss) before income taxes | 31,527 | 16,084 | (1,433 | ) | 46,178 | |||||||||||
Realized investment gains | 7,866 | 3,689 | — | 11,555 | ||||||||||||
Income (loss) before income taxes | 39,393 | 19,773 | (1,433 | ) | 57,733 | |||||||||||
Income tax expense (benefit): | ||||||||||||||||
Current | 10,513 | 5,583 | (502 | ) | 15,594 | |||||||||||
Deferred | 1,312 | 560 | — | 1,872 | ||||||||||||
11,825 | 6,143 | (502 | ) | 17,466 | ||||||||||||
Net income (loss) | $ | 27,568 | $ | 13,630 | $ | (931 | ) | $ | 40,267 | |||||||
Average shares outstanding | 20,577,493 | |||||||||||||||
Per Share Data: | ||||||||||||||||
Net income (loss) per share - basic and diluted | $ | 1.34 | $ | 0.66 | $ | (0.04 | ) | $ | 1.96 | |||||||
Catastrophe and storm losses (after tax) | $ | 0.91 | $ | 0.38 | $ | — | $ | 1.29 | ||||||||
Large losses* (after tax) | $ | 0.68 | $ | — | $ | — | $ | 0.68 | ||||||||
Reported favorable development experienced on prior years' reserves (after tax) | $ | 0.45 | $ | 0.18 | $ | — | $ | 0.63 | ||||||||
Dividends per share | $ | 0.503 | ||||||||||||||
Book value per share | $ | 25.09 | ||||||||||||||
Effective tax rate | 30.3 | % | ||||||||||||||
Annualized net income as a percent of beg. SH equity | 10.7 | % | ||||||||||||||
Other Information of Interest: | ||||||||||||||||
Net written premiums | $ | 364,329 | $ | 96,914 | $ | — | $ | 461,243 | ||||||||
Catastrophe and storm losses | $ | 28,651 | $ | 12,104 | $ | — | $ | 40,755 | ||||||||
Large losses* | $ | 21,453 | $ | — | $ | — | $ | 21,453 | ||||||||
Reported favorable development experienced on prior years' reserves | $ | (14,177 | ) | $ | (5,780 | ) | $ | — | $ | (19,957 | ) | |||||
GAAP Ratios: | ||||||||||||||||
Loss and settlement expense ratio | 64.7 | % | 67.9 | % | — | 65.4 | % | |||||||||
Acquisition expense ratio | 33.1 | % | 26.5 | % | — | 31.6 | % | |||||||||
Combined ratio | 97.8 | % | 94.4 | % | — | 97.0 | % | |||||||||
*Large losses are defined as losses greater than $500 for the EMC Insurance Companies pool, excluding catastrophe and storm losses. |
CONSOLIDATED STATEMENTS OF INCOME - UNAUDITED | ||||||||||||||||
($ in thousands, except share and per share amounts) | ||||||||||||||||
Nine Months Ended September 30, 2014 | Property and Casualty Insurance | Reinsurance | Parent Company | Consolidated | ||||||||||||
Revenues: | ||||||||||||||||
Premiums earned | $ | 312,716 | $ | 92,632 | $ | — | $ | 405,348 | ||||||||
Investment income, net | 24,818 | 9,624 | (8 | ) | 34,434 | |||||||||||
Other income | 584 | 1,042 | — | 1,626 | ||||||||||||
338,118 | 103,298 | (8 | ) | 441,408 | ||||||||||||
Losses and expenses: | ||||||||||||||||
Losses and settlement expenses | 227,069 | 74,398 | — | 301,467 | ||||||||||||
Dividends to policyholders | 6,517 | — | — | 6,517 | ||||||||||||
Amortization of deferred policy acquisition costs | 53,895 | 20,795 | — | 74,690 | ||||||||||||
Other underwriting expenses | 41,103 | 1,838 | — | 42,941 | ||||||||||||
Interest expense | 253 | — | — | 253 | ||||||||||||
Other expenses | 540 | — | 1,173 | 1,713 | ||||||||||||
329,377 | 97,031 | 1,173 | 427,581 | |||||||||||||
Operating income (loss) before income taxes | 8,741 | 6,267 | (1,181 | ) | 13,827 | |||||||||||
Realized investment gains | 2,293 | 922 | — | 3,215 | ||||||||||||
Income (loss) before income taxes | 11,034 | 7,189 | (1,181 | ) | 17,042 | |||||||||||
Income tax expense (benefit): | ||||||||||||||||
Current | 1,546 | 1,716 | (414 | ) | 2,848 | |||||||||||
Deferred | 315 | 41 | — | 356 | ||||||||||||
1,861 | 1,757 | (414 | ) | 3,204 | ||||||||||||
Net income (loss) | $ | 9,173 | $ | 5,432 | $ | (767 | ) | $ | 13,838 | |||||||
Average shares outstanding | 20,165,697 | |||||||||||||||
Per Share Data: | ||||||||||||||||
Net income (loss) per share - basic and diluted | $ | 0.46 | $ | 0.27 | $ | (0.04 | ) | $ | 0.69 | |||||||
Catastrophe and storm losses (after tax) | $ | 1.24 | $ | 0.46 | $ | — | $ | 1.70 | ||||||||
Large losses* (after tax) | $ | 0.77 | $ | — | $ | — | $ | 0.77 | ||||||||
Reported favorable development experienced on prior years' reserves (after tax) | $ | 0.20 | $ | 0.15 | $ | — | $ | 0.35 | ||||||||
Dividends per share | $ | 0.460 | ||||||||||||||
Book value per share | $ | 23.93 | ||||||||||||||
Effective tax rate | 18.8 | % | ||||||||||||||
Annualized net income as a percent of beg. SH equity | 3.9 | % | ||||||||||||||
Other Information of Interest: | ||||||||||||||||
Net written premiums | $ | 345,982 | $ | 91,276 | $ | — | $ | 437,258 | ||||||||
Catastrophe and storm losses | $ | 38,501 | $ | 14,335 | $ | — | $ | 52,836 | ||||||||
Large losses* | $ | 23,782 | $ | — | $ | — | $ | 23,782 | ||||||||
Reported favorable development experienced on prior years' reserves | $ | (6,106 | ) | $ | (4,816 | ) | $ | — | $ | (10,922 | ) | |||||
GAAP Ratios: | ||||||||||||||||
Loss and settlement expense ratio | 72.6 | % | 80.3 | % | — | 74.4 | % | |||||||||
Acquisition expense ratio | 32.5 | % | 24.4 | % | — | 30.6 | % | |||||||||
Combined ratio | 105.1 | % | 104.7 | % | — | 105.0 | % | |||||||||
*Large losses are defined as losses greater than $500 for the EMC Insurance Companies pool, excluding catastrophe and storm losses. |
CONSOLIDATED BALANCE SHEETS | ||||||||
September 30, 2015 | December 31, 2014 | |||||||
($ in thousands, except share and per share amounts) | (Unaudited) | |||||||
ASSETS | ||||||||
Investments: | ||||||||
Fixed maturity securities available-for-sale, at fair value (amortized cost $1,139,373 and $1,080,006) | $ | 1,177,961 | $ | 1,127,499 | ||||
Equity securities available-for-sale, at fair value (cost $142,941 and $123,972) | 194,305 | 197,036 | ||||||
Other long-term investments | 15,396 | 6,227 | ||||||
Short-term investments | 32,798 | 53,262 | ||||||
Total investments | 1,420,460 | 1,384,024 | ||||||
Cash | 570 | 383 | ||||||
Reinsurance receivables due from affiliate | 25,399 | 28,603 | ||||||
Prepaid reinsurance premiums due from affiliate | 7,638 | 8,865 | ||||||
Deferred policy acquisition costs (affiliated $44,559 and $38,930) | 44,710 | 39,343 | ||||||
Prepaid pension and postretirement benefits due from affiliate | 18,162 | 17,360 | ||||||
Accrued investment income | 11,716 | 10,295 | ||||||
Amounts receivable under reverse repurchase agreements | 16,850 | — | ||||||
Accounts receivable | 1,402 | 1,767 | ||||||
Income taxes recoverable | 2,657 | — | ||||||
Goodwill | 942 | 942 | ||||||
Other assets (affiliated $4,611 and $4,900) | 5,019 | 6,238 | ||||||
Total assets | $ | 1,555,525 | $ | 1,497,820 | ||||
LIABILITIES | ||||||||
Losses and settlement expenses (affiliated $675,247 and $650,652) | $ | 683,930 | $ | 661,309 | ||||
Unearned premiums (affiliated $263,096 and $230,460) | 263,686 | 232,093 | ||||||
Other policyholders' funds (all affiliated) | 8,593 | 10,153 | ||||||
Surplus notes payable to affiliate | 25,000 | 25,000 | ||||||
Amounts due affiliate to settle inter-company transaction balances | 7,347 | 8,559 | ||||||
Pension benefits payable to affiliate | 4,082 | 4,162 | ||||||
Income taxes payable | — | 3 | ||||||
Deferred income taxes | 19,295 | 28,654 | ||||||
Other liabilities (affiliated $23,547 and $23,941) | 23,659 | 25,001 | ||||||
Total liabilities | 1,035,592 | 994,934 | ||||||
STOCKHOLDERS' EQUITY | ||||||||
Common stock, $1 par value, authorized 30,000,000 shares; issued and outstanding, 20,720,855 shares in 2015 and 20,344,409 shares in 2014 | 20,721 | 20,344 | ||||||
Additional paid-in capital | 107,426 | 99,891 | ||||||
Accumulated other comprehensive income | 60,804 | 81,662 | ||||||
Retained earnings | 330,982 | 300,989 | ||||||
Total stockholders' equity | 519,933 | 502,886 | ||||||
Total liabilities and stockholders' equity | $ | 1,555,525 | $ | 1,497,820 |
LOSS AND SETTLEMENT EXPENSE BY LINE OF BUSINESS | ||||||||||||||||||||||
Three Months Ended September 30, | ||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||
($ in thousands) | Premiums earned | Losses and settlement expenses | Loss and settlement expense ratio | Premiums earned | Losses and settlement expenses | Loss and settlement expense ratio | ||||||||||||||||
Property and casualty insurance | ||||||||||||||||||||||
Commercial lines: | ||||||||||||||||||||||
Automobile | $ | 27,080 | $ | 24,555 | 90.7 | % | $ | 25,000 | $ | 21,974 | 87.9 | % | ||||||||||
Property | 26,526 | 19,290 | 72.7 | % | 25,111 | 18,191 | 72.4 | % | ||||||||||||||
Workers' compensation | 23,777 | 12,098 | 50.9 | % | 22,209 | 11,582 | 52.2 | % | ||||||||||||||
Liability | 23,449 | 10,726 | 45.7 | % | 22,090 | 18,450 | 83.5 | % | ||||||||||||||
Other | 2,032 | 348 | 17.1 | % | 1,881 | 220 | 11.7 | % | ||||||||||||||
Total commercial lines | 102,864 | 67,017 | 65.2 | % | 96,291 | 70,417 | 73.1 | % | ||||||||||||||
Personal lines: | ||||||||||||||||||||||
Automobile | 5,717 | 4,717 | 82.5 | % | 6,284 | 4,287 | 68.2 | % | ||||||||||||||
Homeowners | 5,172 | 4,242 | 82.0 | % | 5,377 | 3,852 | 71.6 | % | ||||||||||||||
Total personal lines | 10,889 | 8,959 | 82.3 | % | 11,661 | 8,139 | 69.8 | % | ||||||||||||||
Total property and casualty insurance | $ | 113,753 | $ | 75,976 | 66.8 | % | $ | 107,952 | $ | 78,556 | 72.8 | % | ||||||||||
Reinsurance | ||||||||||||||||||||||
Pro rata reinsurance: | ||||||||||||||||||||||
Multiline (primarily property) | $ | 1,190 | $ | 747 | 62.8 | % | $ | 700 | $ | 957 | 136.8 | % | ||||||||||
Property | 4,162 | 3,894 | 93.6 | % | 2,622 | 3,838 | 146.4 | % | ||||||||||||||
Liability | 4,787 | 3,137 | 65.6 | % | 3,148 | 1,289 | 40.9 | % | ||||||||||||||
Marine | 2,898 | 1,889 | 65.2 | % | 3,502 | 3,576 | 102.1 | % | ||||||||||||||
Total pro rata reinsurance | 13,037 | 9,667 | 74.2 | % | 9,972 | 9,660 | 96.9 | % | ||||||||||||||
Excess of loss reinsurance: | ||||||||||||||||||||||
Property | 16,249 | 13,524 | 83.2 | % | 17,248 | 16,108 | 93.4 | % | ||||||||||||||
Liability | 2,749 | 3,518 | 128.0 | % | 3,144 | 2,328 | 74.1 | % | ||||||||||||||
Total excess of loss reinsurance | 18,998 | 17,042 | 89.7 | % | 20,392 | 18,436 | 90.0 | % | ||||||||||||||
Total reinsurance | $ | 32,035 | $ | 26,709 | 83.4 | % | $ | 30,364 | $ | 28,096 | 92.5 | % | ||||||||||
Consolidated | $ | 145,788 | $ | 102,685 | 70.4 | % | $ | 138,316 | $ | 106,652 | 77.1 | % |
LOSS AND SETTLEMENT EXPENSE BY LINE OF BUSINESS | ||||||||||||||||||||||
Nine Months Ended September 30, | ||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||
($ in thousands) | Premiums earned | Losses and settlement expenses | Loss and settlement expense ratio | Premiums earned | Losses and settlement expenses | Loss and settlement expense ratio | ||||||||||||||||
Property and casualty insurance | ||||||||||||||||||||||
Commercial lines: | ||||||||||||||||||||||
Automobile | $ | 78,698 | $ | 61,843 | 78.6 | % | $ | 71,657 | $ | 56,864 | 79.4 | % | ||||||||||
Property | 77,518 | 53,652 | 69.2 | % | 71,756 | 57,891 | 80.7 | % | ||||||||||||||
Workers' compensation | 69,150 | 39,591 | 57.3 | % | 65,172 | 38,131 | 58.5 | % | ||||||||||||||
Liability | 68,952 | 34,668 | 50.3 | % | 63,600 | 42,957 | 67.5 | % | ||||||||||||||
Other | 6,044 | 794 | 13.1 | % | 5,472 | 705 | 12.9 | % | ||||||||||||||
Total commercial lines | 300,362 | 190,548 | 63.4 | % | 277,657 | 196,548 | 70.8 | % | ||||||||||||||
Personal lines: | ||||||||||||||||||||||
Automobile | 17,313 | 12,013 | 69.4 | % | 18,999 | 14,473 | 76.2 | % | ||||||||||||||
Homeowners | 15,537 | 12,907 | 83.1 | % | 16,060 | 16,048 | 99.9 | % | ||||||||||||||
Total personal lines | 32,850 | 24,920 | 75.9 | % | 35,059 | 30,521 | 87.1 | % | ||||||||||||||
Total property and casualty insurance | $ | 333,212 | $ | 215,468 | 64.7 | % | $ | 312,716 | $ | 227,069 | 72.6 | % | ||||||||||
Reinsurance | ||||||||||||||||||||||
Pro rata reinsurance: | ||||||||||||||||||||||
Multiline (primarily property) | $ | 4,584 | $ | 1,180 | 25.7 | % | $ | 5,031 | $ | 3,570 | 71.0 | % | ||||||||||
Property | 11,877 | 13,151 | 110.7 | % | 9,929 | 10,112 | 101.8 | % | ||||||||||||||
Liability | 13,955 | 8,701 | 62.4 | % | 8,661 | 4,983 | 57.5 | % | ||||||||||||||
Marine | 9,738 | 436 | 4.5 | % | 11,721 | 6,700 | 57.2 | % | ||||||||||||||
Total pro rata reinsurance | 40,154 | 23,468 | 58.4 | % | 35,342 | 25,365 | 71.8 | % | ||||||||||||||
Excess of loss reinsurance: | ||||||||||||||||||||||
Property | 46,425 | 32,041 | 69.0 | % | 48,507 | 47,240 | 97.4 | % | ||||||||||||||
Liability | 9,333 | 9,626 | 103.1 | % | 8,783 | 1,793 | 20.4 | % | ||||||||||||||
Total excess of loss reinsurance | 55,758 | 41,667 | 74.7 | % | 57,290 | 49,033 | 85.6 | % | ||||||||||||||
Total reinsurance | $ | 95,912 | $ | 65,135 | 67.9 | % | $ | 92,632 | $ | 74,398 | 80.3 | % | ||||||||||
Consolidated | $ | 429,124 | $ | 280,603 | 65.4 | % | $ | 405,348 | $ | 301,467 | 74.4 | % |
NET WRITTEN PREMIUMS | ||||||||||||||||
Three Months Ended September 30, 2015 | Three Months Ended September 30, 2014 | |||||||||||||||
($ in thousands) | Written premiums | Percent of net written premiums | Written premiums | Percent of net written premiums | Change in net written premiums | |||||||||||
Property and casualty insurance | ||||||||||||||||
Commercial lines: | ||||||||||||||||
Automobile | $ | 28,904 | 17.4 | % | $ | 27,792 | 17.1 | % | 4.0% | |||||||
Property | 32,891 | 19.8 | % | 31,735 | 19.5 | % | 3.6% | |||||||||
Workers' compensation | 33,385 | 20.1 | % | 32,236 | 19.8 | % | 3.6% | |||||||||
Liability | 26,556 | 16.0 | % | 25,072 | 15.4 | % | 5.9% | |||||||||
Other | 2,213 | 1.3 | % | 2,352 | 1.4 | % | (5.9)% | |||||||||
Total commercial lines | 123,949 | 74.6 | % | 119,187 | 73.2 | % | 4.0% | |||||||||
Personal lines: | ||||||||||||||||
Automobile | 5,333 | 3.2 | % | 5,962 | 3.7 | % | (10.5)% | |||||||||
Homeowners | 5,440 | 3.3 | % | 5,856 | 3.6 | % | (7.1)% | |||||||||
Total personal lines | 10,773 | 6.5 | % | 11,818 | 7.3 | % | (8.8)% | |||||||||
Total property and casualty insurance | $ | 134,722 | 81.1 | % | $ | 131,005 | 80.5 | % | 2.8% | |||||||
Reinsurance | ||||||||||||||||
Pro rata reinsurance: | ||||||||||||||||
Multiline (primarily property) | $ | 930 | 0.6 | % | $ | 1,228 | 0.8 | % | (24.3)% | |||||||
Property | 4,678 | 2.8 | % | 2,172 | 1.3 | % | 115.4% | |||||||||
Liability | 5,925 | 3.6 | % | 3,351 | 2.1 | % | 76.8% | |||||||||
Marine | 570 | 0.3 | % | 3,980 | 2.4 | % | (85.7)% | |||||||||
Total pro rata reinsurance | 12,103 | 7.3 | % | 10,731 | 6.6 | % | 12.8% | |||||||||
Excess of loss reinsurance: | ||||||||||||||||
Property | 16,614 | 10.0 | % | 17,929 | 11.0 | % | (7.3)% | |||||||||
Liability | 2,729 | 1.6 | % | 3,164 | 1.9 | % | (13.7)% | |||||||||
Total excess of loss reinsurance | 19,343 | 11.6 | % | 21,093 | 12.9 | % | (8.3)% | |||||||||
Total reinsurance | $ | 31,446 | 18.9 | % | $ | 31,824 | 19.5 | % | (1.2)% | |||||||
Consolidated | $ | 166,168 | 100.0 | % | $ | 162,829 | 100.0 | % | 2.1% |
NET WRITTEN PREMIUMS | ||||||||||||||||
Nine Months Ended September 30, 2015 | Nine Months Ended September 30, 2014 | |||||||||||||||
($ in thousands) | Written premiums | Percent of net written premiums | Written premiums | Percent of net written premiums | Change in net written premiums | |||||||||||
Property and casualty insurance | ||||||||||||||||
Commercial lines: | ||||||||||||||||
Automobile | $ | 86,947 | 18.9 | % | $ | 80,335 | 18.4 | % | 8.2% | |||||||
Property | 85,853 | 18.6 | % | 80,992 | 18.5 | % | 6.0% | |||||||||
Workers' compensation | 76,912 | 16.7 | % | 73,703 | 16.9 | % | 4.4% | |||||||||
Liability | 75,765 | 16.4 | % | 70,366 | 16.1 | % | 7.7% | |||||||||
Other | 6,413 | 1.4 | % | 5,907 | 1.3 | % | 8.6% | |||||||||
Total commercial lines | 331,890 | 72.0 | % | 311,303 | 71.2 | % | 6.6% | |||||||||
Personal lines: | ||||||||||||||||
Automobile | 16,944 | 3.7 | % | 18,583 | 4.2 | % | (8.8)% | |||||||||
Homeowners | 15,495 | 3.3 | % | 16,096 | 3.7 | % | (3.7)% | |||||||||
Total personal lines | 32,439 | 7.0 | % | 34,679 | 7.9 | % | (6.5)% | |||||||||
Total property and casualty insurance | $ | 364,329 | 79.0 | % | $ | 345,982 | 79.1 | % | 5.3% | |||||||
Reinsurance | ||||||||||||||||
Pro rata reinsurance: | ||||||||||||||||
Multiline (primarily property) | $ | 3,194 | 0.7 | % | $ | 5,210 | 1.2 | % | (38.7)% | |||||||
Property | 11,361 | 2.4 | % | 8,364 | 1.9 | % | 35.8% | |||||||||
Liability | 19,271 | 4.2 | % | 9,798 | 2.3 | % | 96.7% | |||||||||
Marine | 6,406 | 1.4 | % | 9,768 | 2.2 | % | (34.4)% | |||||||||
Total pro rata reinsurance | 40,232 | 8.7 | % | 33,140 | 7.6 | % | 21.4% | |||||||||
Excess of loss reinsurance: | ||||||||||||||||
Property | 47,356 | 10.3 | % | 49,342 | 11.3 | % | (4.0)% | |||||||||
Liability | 9,326 | 2.0 | % | 8,794 | 2.0 | % | 6.1% | |||||||||
Total excess of loss reinsurance | 56,682 | 12.3 | % | 58,136 | 13.3 | % | (2.5)% | |||||||||
Total reinsurance | $ | 96,914 | 21.0 | % | $ | 91,276 | 20.9 | % | 6.2% | |||||||
Consolidated | $ | 461,243 | 100.0 | % | $ | 437,258 | 100.0 | % | 5.5% |
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