10-K 1 gbli-20221231.htm 10-K 10-K
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f

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-K

 

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Fiscal Year Ended December 31, 2022

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Transition Period from ___________ to ___________

001-34809

Commission File Number

GLOBAL INDEMNITY GROUP, LLC

(Exact name of registrant as specified in its charter)

 

 

Delaware

 

85-2619578

(State or other jurisdiction

of incorporation or organization)

 

(I.R.S. Employer Identification No.)

 

112 S. French Street, Suite 105

Wilmington, DE

19801

(Address of principal executive office including zip code)

Registrant's telephone number, including area code: (302) 691-6276

SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:

 

Title of each class

 

Trading Symbol

 

Name of each exchange on which registered

Class A Common Shares

 

GBLI

 

New York Stock Exchange

 

SECURITIES REGISTERED PURSUANT TO SECTION 12(g) OF THE ACT: NONE

 

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes No

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes No

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.:

Large accelerated filer ; Accelerated filer ; Non-accelerated filer ; Smaller reporting company ; Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes No

The aggregate market value of the common equity held by non-affiliates of the registrant, computed by reference to the price of the registrant’s class A common shares as of the last business day of the registrant’s most recently completed second fiscal quarter (based on the last reported sale price on the New York Stock Exchange as of such date), was $210,975,748. There are no class B common shares held by non-affiliates of the registrant.

As of March 2, 2023, the registrant had outstanding 9,846,271 class A common shares and 3,793,612 class B common shares.

 

 


 

DOCUMENTS INCORPORATED BY REFERENCE

Portions of the Registrant’s Proxy Statement relating to the 2023 Annual Meeting of Shareholders to be filed with the SEC within 120 days of the fiscal year ended December 31, 2022 are incorporated by reference into Part III of this report.

 

 


 

TABLE OF CONTENTS

 

 

 

 

Page

 

 

PART I

 

 

 

 

 

Item 1.

 

BUSINESS

4

 

 

 

 

Item 1A.

 

RISK FACTORS

21

 

 

 

 

Item 1B.

 

UNRESOLVED STAFF COMMENTS

34

 

 

 

 

Item 2.

 

PROPERTIES

34

 

 

 

 

Item 3.

 

LEGAL PROCEEDINGS

34

 

 

 

 

Item 4.

 

MINE SAFETY DISCLOSURES

34

 

 

 

 

 

 

PART II

 

 

 

 

 

Item 5.

 

MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

35

 

 

 

 

Item 7.

 

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

37

 

 

 

 

Item 7A.

 

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

70

 

 

 

 

Item 8.

 

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

72

 

 

 

 

Item 9.

 

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

134

 

 

 

 

Item 9A.

 

CONTROLS AND PROCEDURES

134

 

 

 

 

Item 9B.

 

OTHER INFORMATION

136

 

 

 

 

 

 

PART III

 

 

 

 

 

Item 10.

 

DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE

137

 

 

 

 

Item 11.

 

EXECUTIVE COMPENSATION

137

 

 

 

 

Item 12.

 

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT, AND RELATED STOCKHOLDER MATTERS

137

 

 

 

 

Item 13.

 

CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

137

 

 

 

 

Item 14.

 

PRINCIPAL ACCOUNTING FEES AND SERVICES

137

 

 

 

 

 

 

PART IV

 

 

 

 

 

Item 15.

 

EXHIBITS, FINANCIAL STATEMENT SCHEDULES

138

 

 

 

 

Item 16.

 

FORM 10-K SUMMARY

140

 

3


 

PART I

Item 1. BUSINESS

Some of the information contained in this Item 1 or set forth elsewhere in this report, including information with respect to Global Indemnity Group, LLC and its subsidiaries’ plans and strategy, constitutes forward-looking statements that involve risks and uncertainties. Please see "Cautionary Note Regarding Forward-Looking Statements" at the end of Item 7 of Part II and “Risk Factors” in Item 1A of Part I for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained herein.

 

Unless the context requires otherwise, references to the “Company”, “Global Indemnity”, or “GBLI” refer to Global Indemnity Group, LLC and its subsidiaries or, if prior to August 28, 2020, to Global Indemnity Limited and its subsidiaries.

 

References to class A common shares and/or class B common shares refer to, at and after 12:01 a.m. Eastern Time on August 28, 2020 (the “Effective Time”), Global Indemnity Group, LLC class A common shares and/or Global Indemnity Group, LLC class B common shares or, prior to the Effective Time, Global Indemnity Limited A ordinary shares and/or Global Indemnity Limited B ordinary shares.

History

 

Global Indemnity Group, LLC, a Delaware limited liability company formed on June 23, 2020, replaced Global Indemnity Limited, incorporated in the Cayman Islands as an exempted company with limited liability, as the ultimate parent company of the Global Indemnity group of companies as a result of a redomestication transaction completed on August 28, 2020. This transaction resulted in the redomestication of the Company and its Bermuda subsidiary, Global Indemnity Reinsurance Company, Ltd. (“Global Indemnity Reinsurance”), to the United States. See Note 2 of the notes to the consolidated financial statements in Item 8 of Part II of this report for additional information regarding the redomestication.

 

Effective January 3, 2022, Global Indemnity Group, LLC voluntarily transferred the listing of its class A common shares and its 7.875% subordinated notes due 2047 from the NASDAQ Global Select Market (“NASDAQ”) to the New York Stock Exchange (“NYSE”). Global Indemnity Group, LLC's class A common shares are trading under the ticker symbol GBLI. The Company redeemed the 7.875% subordinated notes due 2047 on April 15, 2022. Global Indemnity Group, LLC’s predecessors have been publicly traded since 2003. See Note 14 of the notes to the consolidated financial statements in Item 8 of Part II of this report for additional information on the redemption of the 7.875% subordinated notes due 2047.

 

Effective August 28, 2020, Global Indemnity Group, LLC became a publicly traded partnership for U.S. federal income tax purposes. Global Indemnity Group, LLC believes that it has met in previous taxable years, and intends to manage its affairs so that it will continue to meet in the current and subsequent taxable years, the qualifying income exception to maintain partnership status for U.S. federal income tax purposes. As a partnership, Global Indemnity Group, LLC is generally not subject to federal income tax and most state income taxes. For U.S. federal income tax purposes, a holder of Global Indemnity Group, LLC’s class A common shares is treated as a partner in a partnership. Shareholders are required to take into account their allocable share of Global Indemnity Group, LLC’s items of income, gains, losses, deductions, and other items of the partnership for Global Indemnity Group, LLC’s taxable year ending within or with the shareholders’ taxable year, regardless of whether any cash or other distributions are made to shareholders. Global Indemnity Group, LLC will furnish to each shareholder, as soon as reasonably practical after the close of each calendar year, specific tax information, including a Schedule K-1, which describes the shareholders’ share of Global Indemnity Group, LLC’s income, gains, losses, and deductions for Global Indemnity Group, LLC’s preceding taxable year. Income earned by the subsidiaries of Global Indemnity Group, LLC is subject to corporate tax in the United States and, therefore, is not taxable to Global Indemnity Group, LLC’s shareholders until the income is distributed by the subsidiaries to Global Indemnity Group, LLC.

 

During the fourth quarter of 2022, the Company decided to restructure its insurance operations in an effort to strengthen its market presence and enhance its focus on GBLI’s core Wholesale Commercial and InsurTech products. As a result, the Company will be exiting its four brokerage divisions: Professional Liability, Excess Casualty, Environmental, and Middle Market Property. The Company will cease writing new business and existing renewals will be placed in run-off for these four divisions. On August 8, 2022, the Company sold the renewal rights related to its Farm, Ranch & Stable business for policies written on or after August 8, 2022 to Everett Cash Mutual Insurance Company. During the 2nd quarter of 2022, the Company decided that Farm, Ranch & Stable would not be a core business and a decision was made to not allocate additional resources to this segment. Previously, on October 26, 2021, the Company sold the renewal rights related to its manufactured and dwelling homes business which were part of the Specialty Property segment. In 2021, the Company decided to cease writing certain Property Brokerage business which was part of the Commercial Specialty segment, as well as exit certain property

4


 

and catastrophe lines within the Reinsurance Operations segment. In the fourth quarter of 2022, the Company also decided it will reduce writings within its Reinsurance Operations segment. Based on the decisions to exit or downsize these lines of business, the Company changed the way it manages and analyzes its operating results. The chief operating decision makers decided they will be reviewing the specific results of the Exited Lines in a separate segment. The chief operating decision makers also determined that the small amount of specialty property business that remained from the Specialty Property segment would be included as a product offering in the Commercial Specialty segment for purpose of reviewing results and allocating resources. Several smaller reinsurance treaties have also been reclassified from Reinsurance to Commercial Specialty. The Reinsurance Operations segment writes casualty treaties as well as individual excess policies. Accordingly, the Company has three reportable segments: Commercial Specialty, Reinsurance Operations, and Exited Lines. Management believes these segments allow users of the Company’s financial statements to better understand the Company's performance, better assess prospects for future net cash flows, and make more informed judgments about the Company as a whole. The segment results for the years ended December 31, 2021 and 2020 have been revised to reflect these changes.

 

Everett Cash Mutual Insurance Company also acquired the Company’s wholly-owned subsidiary, American Reliable Insurance Company, on December 31, 2022 for an amount equal to book value, which was $10.0 million, at the time of closing.

General

 

GBLI provides its insurance products across a distribution network that includes wholesale general agents, wholesale brokers, and retailers. The insurance companies manage the distribution of these products through two ongoing business segments: Commercial Specialty and Reinsurance Operations. Commercial Specialty offers specialty property and casualty products designed for GBLI's Wholesale Commercial and InsurTech product offerings. The Company's Wholesale Commercial and InsurTech products are offered primarily in the excess and surplus lines marketplace. Reinsurance Operations provides reinsurance and insurance solutions through brokers and primary writers including insurance and reinsurance companies. The company also has an Exited Lines segment that contains lines of business that are no longer being written or are in runoff, including specialty personal lines and property and casualty products such as manufactured home, dwelling, motorcycle, watercraft, certain homeowners business, property brokerage, property and catastrophe reinsurance treaties, several smaller casualty lines, and the farm, ranch and equine business. Collectively, the Company’s insurance subsidiaries are licensed in all 50 states, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands.

The Commercial Specialty segments comprises the Company’s Insurance Operations (“Insurance Operations”).

Business Segments

See Note 23 of the notes to consolidated financial statements in Item 8 of Part II of this report for gross and net written premiums, income and total assets of each operating segment for the years ended December 31, 2022, 2021 and 2020. For a discussion of the variances between years, see “Results of Operations” in Item 7 of Part II of this report.

Commercial Specialty

The Company’s Commercial Specialty segment distributes specialty property and casualty insurance products and operates predominantly in the excess and surplus lines, or non-admitted, marketplace. The excess and surplus lines market differs significantly from the standard property and casualty insurance market.

 

In the standard property and casualty insurance market, insurance rates and forms are highly regulated; products and coverage are largely uniform and have relatively predictable exposures. In the standard market, policies must be written by insurance companies that are admitted to transact business in the state in which the policy is issued. As a result, in the standard property and casualty insurance market, insurance companies tend to compete for customers primarily on the basis of price, coverage, value-added service, and financial strength.

In contrast, the excess and surplus lines market provides coverage for businesses that often do not fit the underwriting criteria of an insurance company operating in the standard markets due to their relatively greater unpredictable loss patterns and unique niches of exposure requiring rate and policy form flexibility. Without the excess and surplus lines market, certain businesses would have to self-insure their exposures, or seek coverage outside the U.S. market.

Competition in the excess and surplus lines market tends to focus less on price and more on availability, service, and other considerations. While excess and surplus lines market exposures may have higher perceived insurance risk than their standard market counterparts, excess and surplus lines market underwriters historically have been able to generate underwriting profitability superior to standard market underwriters.

5


 

A portion of the Company’s Commercial Specialty segment is written on a specialty admitted basis. When writing on a specialty admitted basis, the Company’s focus for this portion of the business is on writing insurance for insureds that engage in similar but often highly specialized types of activities. The specialty admitted market is subject to greater state regulation than the surplus lines market, particularly with regards to rate and form filing requirements and the ability to enter and exit lines of business. Insureds purchasing coverage from specialty admitted insurance companies do so because the insurance product is not otherwise available from standard market insurers. Yet, for regulatory or marketing reasons, these insureds require products that are written by an admitted insurance company.

 

Commercial Specialty’s insurance products target specific, defined groups of insureds with customized coverage to meet their needs. The primary business divisions within the Commercial Specialty segment include:

 

Wholesale Commercial distributes property and general liability products for small commercial businesses through a select network of wholesale general agents with specific binding authority. Examples of small businesses served are apartments, bars, contractors, other small retail operations, and niche businesses.

 

InsurTech products include Collectibles.com, digital direct-to-consumer insurance coverage for owners of collections, and VacantExpress, insurance coverage for owners of properties under construction, under renovation or vacant, distributed through wholesale general agents and retail agents.

 

These business divisions comprise the Commercial Specialty segment and are not considered individual business segments because each product has similar economic characteristics, distribution, and coverage.

The Company’s Commercial Specialty segment provides property, casualty, and professional liability products utilizing customized guidelines, rates, and forms tailored to the Company’s risk and underwriting philosophy. See “Underwriting” below for a discussion on how the Company’s insurance products are underwritten.

In 2022, gross written premiums for the Commercial Specialty segment were $401.0 million compared to $373.6 million for 2021. For 2022, surplus lines business accounted for approximately 90% of the business written while specialty admitted business accounted for the remaining 10%.

Reinsurance Operations

The Company's Reinsurance Operations segment provides reinsurance and insurance solutions through brokers and primary writers including insurance and reinsurance companies. Prior to the redomestication transaction, the Company’s Reinsurance Operations consisted solely of the operations of its Bermuda-based wholly-owned subsidiary, Global Indemnity Reinsurance. As part of the redomestication transactions, Global Indemnity Reinsurance was merged with and into Penn-Patriot Insurance Company ("Penn-Patriot"), with Penn-Patriot surviving, resulting in the assumption of Global Indemnity Reinsurance's business by the Global Indemnity group of companies’ existing U.S. insurance company subsidiaries.

The Company is focused on using its capital capacity to write casualty and specialty-focused contracts meeting the Company’s risk tolerance and return thresholds.

In 2022, gross written premiums from third parties were $158.7 million compared to $103.7 million for 2021.

Exited Lines

The Company’s Exited Lines segment represents lines of business that are no longer being written or are in runoff, including specialty personal lines and property and casualty products such as manufactured home, dwelling, motorcycle, watercraft, certain homeowners business, property brokerage, property and catastrophe reinsurance treaties, several smaller casualty lines, and the farm, ranch and equine business. The renewal rights related to the Company’s manufactured and dwelling homes business, which were sold during the fourth quarter of 2021, and the renewal rights related to the Company's Farm, Ranch & Stable business, which were sold during the third quarter of 2022, are included in Exited Lines. See Note 3 of the notes to consolidated financial statements in Item 8 of Part II of this report for additional information on these sales.

The manufactured home, dwelling, motorcycle, watercraft, certain homeowners products, and farm, ranch & equine business within Exited Lines operated primarily in the standard or admitted markets and were distributed through retail agents, wholesale general agents, and brokers. These insurance products were either underwritten via limited binding authority, specific binding authority, or by internal personnel. The Property Brokerage product within Exited Lines operated predominantly in the excess and surplus lines or non-admitted markets and were distributed through wholesale brokers and

6


 

underwritten by the Company’s personnel and selected brokers with limited binding authority. The property and catastrophe reinsurance treaties within Exited Lines were distributed through brokers and on a direct basis.

See “Underwriting” below for additional discussion on how the Company’s insurance products are underwritten.

Any information technology initiatives related to business lines within Exited Lines have been discontinued.

In 2022, gross written premiums for the Exited Lines segment were $167.9 million compared to $204.9 million for 2021.

Products and Product Development

The Company currently markets its property and casualty insurance products through the Commercial Specialty and Reinsurance Operations segments. The Company’s Commercial Specialty segment operates predominantly in the excess and surplus lines marketplace. See “Commercial Specialty” above for a description of its product offerings. Companies within the Company’s Insurance Operations are licensed to write on an admitted basis in all 50 U.S. States, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands, while others are eligible to write on a surplus lines (non-admitted) basis. This provides the Company with flexibility in designing products and in determining rates to meet emerging risks and discontinuities in the marketplace.

The Company’s Reinsurance Operations offers third-party treaty reinsurance for casualty insurance and reinsurance companies as well as professional liability products to companies.

Geographic Concentration

The following table sets forth the geographic distribution of gross written premiums for the periods indicated:

 

 

 

For the Years Ended December 31,

 

 

 

2022

 

 

2021

 

 

2020

 

(Dollars in thousands)

 

Amount

 

 

Percent

 

 

Amount

 

 

Percent

 

 

Amount

 

 

Percent

 

California

 

$

71,763

 

 

 

9.9

%

 

$

65,357

 

 

 

9.6

%

 

$

57,542

 

 

 

9.5

%

Florida

 

 

58,318

 

 

 

8.0

 

 

 

53,633

 

 

 

7.9

 

 

 

49,122

 

 

 

8.1

 

New York

 

 

54,551

 

 

 

7.5

 

 

 

50,780

 

 

 

7.4

 

 

 

42,183

 

 

 

7.0

 

Texas

 

 

49,978

 

 

 

6.9

 

 

 

52,245

 

 

 

7.7

 

 

 

55,045

 

 

 

9.1

 

Arizona

 

 

23,208

 

 

 

3.2

 

 

 

23,241

 

 

 

3.4

 

 

 

22,045

 

 

 

3.6

 

Massachusetts

 

 

22,861

 

 

 

3.1

 

 

 

19,700

 

 

 

2.9

 

 

 

19,349

 

 

 

3.2

 

North Carolina

 

 

18,311

 

 

 

2.5

 

 

 

18,339

 

 

 

2.7

 

 

 

19,221

 

 

 

3.2

 

Louisiana

 

 

17,638

 

 

 

2.4

 

 

 

25,664

 

 

 

3.8

 

 

 

22,590

 

 

 

3.7

 

Georgia

 

 

16,487

 

 

 

2.3

 

 

 

17,659

 

 

 

2.6

 

 

 

15,971

 

 

 

2.6

 

New Jersey

 

 

15,667

 

 

 

2.2

 

 

 

16,697

 

 

 

2.4

 

 

 

14,840

 

 

 

2.4

 

Subtotal

 

 

348,782

 

 

 

48.0

 

 

 

343,315

 

 

 

50.3

 

 

 

317,908

 

 

 

52.4

 

All other states

 

 

224,630

 

 

 

30.9

 

 

 

232,267

 

 

 

34.1

 

 

 

228,018

 

 

 

37.6

 

Reinsurance Operations

 

 

154,191

 

 

 

21.2

 

 

 

106,540

 

 

 

15.6

 

 

 

60,677

 

 

 

10.0

 

Total

 

$

727,603

 

 

 

100.0

%

 

$

682,122

 

 

 

100.0

%

 

$

606,603

 

 

 

100.0

%

 

Marketing and Distribution

The Company provides its insurance products across a full distribution network that includes wholesale general agents, wholesale brokers, and retailers.

The Company’s Commercial Specialty products are distributed through approximately 360 wholesale general agent and wholesale broker offices. One agent provided 10.3% of Commercial Specialty’s gross written premiums. No other agent or broker accounted for more than 10% of gross written premiums within the Commercial Specialty segment for the year ended December 31, 2022.

The Company's assumed premiums on one treaty accounted for 93.7% of the Reinsurance Operations’ 2022 gross written premiums. This same treaty accounted for 10% or more of the Company’s consolidated revenues for the year ended December 31, 2022. To support growth in the Company's Commercial Specialty segment and provide capital for business initiatives including share repurchases, a decision was made to reduce writings in its Reinsurance Operations. The Company anticipates that its Reinsurance Operations will comprise a smaller percentage of the Company's overall business prospectively.

7


 

The Company’s primary distribution strategy is to maintain strong relationships with high-quality wholesale general agent and wholesale broker offices. The Company carefully selects distribution sources based on their expertise, experience and reputation. The Company believes that its distribution strategy enables it to effectively access numerous markets through the marketing, underwriting, and administrative support of the Company’s wholesale general agencies and wholesale brokers. The Company believes these wholesale general agents and wholesale brokers have local market knowledge and expertise that enables them to access business in these markets more effectively.

Underwriting

For Commercial Specialty, the Company’s insurance products are primarily underwritten via specific binding authority in which the Company grants underwriting authority to its wholesale general agents via brokerage in which the Company’s internal personnel underwrites business submitted by wholesale brokers.

Specific Binding Authority – The majority of the Company’s wholesale general agents and retail agents have access to company administered systems to rate, quote and issue policies with respect to the products they write with the Company.

A portion of wholesale general agents use their own proprietary systems, for which the Company’s rates and underwriting criteria are integrated.

The Company provides its wholesale general agents and retail agents with a comprehensive, regularly updated underwriting manual that specifically outlines risk eligibility which is developed based on the type of insured, nature of exposure and overall expected profitability. This manual also outlines (a) premium pricing, (b) underwriting guidelines, including but not limited to policy forms, terms and conditions, and (c) policy issuance instructions.

The Company’s wholesale general agents and retail agents contract to underwrite submissions received in accordance with the Company’s underwriting manual. Risks that are not within the specific binding authority must be submitted to the Company’s underwriting personnel directly for underwriting review and approval or denial of the application of the insured. The Company’s wholesale general agents provide all policy issuance services in accordance with the Company’s underwriting manuals.

The Company regularly monitors the underwriting quality of its wholesale general agents and retail agents through a disciplined system of controls, which includes one or more of the following:

automated system criteria edits and exception reports;
individual policy reviews to measure adherence to the Company’s underwriting manual or letter of authority including: risk selection, underwriting compliance, policy issuance and pricing;
periodic on-site and virtual comprehensive audits to evaluate processes, controls, profitability and adherence to all aspects of the Company’s underwriting manual or letter of authority including: risk selection, underwriting compliance, policy issuance and pricing;
internal quarterly actuarial analysis of loss ratios produced by business underwritten by the Company’s wholesale general agents and retail agents; and
internal quarterly analysis of financial results, including premium growth and overall profitability of business produced by the Company’s wholesale general agents and retail agents.

The Company provides incentives to certain of its wholesale general agents to produce profitable business through contingent profit commission structures that are tied directly to the achievement of profitability targets.

 

Brokerage – The wholesale brokers, which represent approximately 3% of the Company's gross written premiums, are within the Company’s Commercial Specialty segment. The Company’s wholesale brokers do not have specific binding authority; therefore, these risks are submitted to the Company’s underwriting personnel for review and processing.

 

The Company provides its internal underwriting personnel with a comprehensive, regularly updated underwriting manual that outlines risk eligibility, which is developed based on the type of insured, nature of exposure and overall expected profitability. This manual also outlines (a) premium pricing, (b) underwriting guidelines, including but not limited to policy forms, terms, and conditions.

8


 

 

The Company’s underwriting personnel review submissions, issue all quotes and perform all policy issuance functions. The Company regularly monitors the underwriting quality of its underwriters through a disciplined system of controls, which includes the following:

 

individual policy reviews to measure the Company’s underwriters’ adherence to the underwriting manual including: risk selection, underwriting compliance, policy issuance and pricing;
periodic underwriting review to evaluate adherence to all aspects of the Company’s underwriting manual including: risk selection, underwriting compliance, policy issuance and pricing;
internal quarterly actuarial analysis of loss ratios produced by business underwritten by the Company’s underwriters; and
internal quarterly analysis of financial results, including premium growth and overall profitability of business produced by the Company’s underwriters.

Reinsurance – The Company’s Reinsurance Operations primarily writes casualty focused reinsurance contracts and professional lines excess liability business. Prior to entering into any agreement, the Company evaluates a number of factors for each cedant including, but not limited to, reputation and financial condition, underwriting and claims practices and historical claims experience.

Exited LinesThe Company’s Exited Lines had the same controls in place as described in the Specific Binding Authority and brokerage section above.

Contingent Commissions

Certain professional general agencies of the Company are paid special incentives, referred to as contingent commissions, when results of business produced by these agencies are more favorable than predetermined thresholds. Similarly, in some circumstances, companies that cede business to the Reinsurance Operations are paid a profit commission based on the profitability of the ceded portfolio. These commissions are charged to other underwriting expenses when incurred.

Pricing

Actuaries establish pricing tailored to each specific product the Company underwrites, taking into account historical loss experience, historical rate level changes, property catastrophe modeling output, and individual risk and coverage characteristics. The Company generally uses the actuarial loss costs promulgated by the Insurance Services Office as a benchmark in the development of pricing for most products. Specific products will utilize proprietary rating when deemed appropriate including utilizing machine learning and other analytical methods to assist with risk segmentation and pricing. The Company will seek to only write business if it believes it can achieve an adequate risk adjusted rate of return.

Reinsurance of Underwriting Risk

The Company’s philosophy is to purchase reinsurance from third parties to limit its liability on individual risks, to protect against property catastrophe, and casualty clash losses. Reinsurance assists the Company in controlling exposure to severe losses and protecting capital resources. The type, cost and limits of reinsurance it purchases can vary from year to year based upon the Company’s desired retention levels and the availability of quality reinsurance at an acceptable price. Although reinsurance does not legally discharge an insurer from its primary liability for the full amount of limits on the policies it has written, it does make the assuming reinsurer liable to the insurer to the extent of the insurance ceded. Some of the Company’s reinsurance contracts renew on an annual basis and all of its reinsurance is purchased following guidelines established by management. The Company primarily utilizes treaty reinsurance products made up of proportional and excess of loss reinsurance. Additionally, the Company may purchase facultative reinsurance protection on single risks when deemed necessary.

The Company purchases specific types and structures of reinsurance depending upon the characteristics of the lines of business and specialty products underwritten. The Company will typically seek to place proportional reinsurance for umbrella and excess products, certain specialty products, or new products in the development stage. The Company believes that this approach allows it to control net exposure in these product areas most cost effectively.

9


 

The Company purchases reinsurance on an excess of loss basis to cover individual risk severity. These structures are utilized to protect the Company’s primary positions on property and casualty products. The excess of loss structures allow the Company to maximize underwriting profits over time by retaining a greater portion of the risk in these products, while helping to protect against the possibility of unforeseen volatility.

The Company analyzes its reinsurance contracts to ensure that they meet the risk transfer requirements of applicable accounting guidance, which requires that the reinsurer must assume significant insurance risk under the reinsured portions of the underlying insurance contracts and that there must be a reasonably possible chance that the reinsurer may realize a significant loss from the transaction.

The Company continually evaluates its retention levels across its entire line of business and specialty product portfolio seeking to ensure that the ultimate reinsurance structures are aligned with the Company’s corporate risk tolerance levels associated with such products. Any decision to decrease the Company’s reliance upon proportional reinsurance or to increase the Company’s excess of loss retentions could increase the Company’s earnings volatility. In cases where the Company decides to increase its excess of loss retentions, such decisions will be a result of a change or progression in the Company’s risk tolerance level. The Company endeavors to purchase reinsurance from financially strong reinsurers with which it has long-standing relationships. In addition, in certain circumstances, the Company holds collateral, including letters of credit, under reinsurance agreements.

The Company’s material reinsurance treaties are as follows:

 

Property Catastrophe Excess of Loss – The Company’s current property writings create exposure to catastrophic events. To protect against these exposures, the Company purchases a property catastrophe treaty. Effective June 1, 2022, the Company purchased three layers of occurrence coverage for losses of $115 million in excess of $10 million. The first layer provides coverage of 40% of $10 million in excess of $10 million and can be reinstated once at no additional charge. The second layer provides coverage of $30 million in excess of $20 million and can be reinstated once for an additional charge. The third layer provides coverage of $75 million in excess of $50 million and can be reinstated once for an additional charge.

 

This replaced the treaty which expired on May 31, 2022 and provided three layers of occurrence coverage for losses of $185 million in excess of $15 million. The first layer provided coverage of 100% of $10 million in excess of $15 million and could be reinstated twice at no additional charge. The second layer provided coverage of $25 million in excess of $25 million and could be reinstated once at no additional charge. The third layer provided coverage of $150 million in excess of $50 million and could be reinstated once at no additional charge.

 

Property Per Risk Excess of Loss – Effective January 1, 2023, the Company renewed its property per risk excess of loss treaty. This treaty provides coverage of 50% of $7.5 million per risk in excess of $2.5 million per risk for the entire Company. This replaced the treaty which expired December 31, 2022 and provided coverage of $8 million per risk in excess of $2 million per risk for property lines of business.

 

Casualty Excess of Loss – Effective January 1, 2023, the Company amended the casualty excess of loss treaty, that was in effect, to provide coverage of 80% of $10 million per occurrence in excess of $2.5 million per occurrence for casualty lines of business. The original treaty provided coverage of $10 million per occurrence in excess of $2.5 million per occurrence for all casualty lines of business. The treaty was subject to an aggregate limit of $20 million.

 

Amended & Restated Reinsurance Agreement – Effective October 26, 2021, the company entered into an agreement to cede 100% of its underwriting results related to certain specialty property business.

 

Reinsurance Agreement – Effective August 8th, 2022, the company entered into an agreement to cede 100% of its underwriting results related to certain agricultural business.

To the extent that there may be an increase or decrease in catastrophe or casualty clash exposure in the future, the Company may increase or decrease its reinsurance protection for these exposures commensurately. There were no other significant changes to any of the Company’s reinsurance treaties during 2022.

10


 

The following table sets forth the ten reinsurers for which the Company has the largest reinsurance receivables as of December 31, 2022. Also shown are the amounts of premiums ceded by the Company to these reinsurers during the year ended December 31, 2022.

 

(Dollars in millions)

 

AM
Best
Rating

 

Gross
Reinsurance
Receivables

 

 

Percent
of Total

 

 

Ceded
Premiums
Written

 

 

Percent
of Total

 

Munich Re America Corp.

 

A+

 

$

45.3

 

 

 

47.9

%

 

$

5.3

 

 

 

3.9

%

General Reinsurance Corp.

 

A++

 

 

10.4

 

 

 

11.0

 

 

 

3.9

 

 

 

2.9

 

Swiss Reinsurance America Corp.

 

A+

 

 

7.0

 

 

 

7.4

 

 

 

5.4

 

 

 

3.9

 

Factory Mutual Insurance Company

 

A+

 

 

4.4

 

 

 

4.6

 

 

 

2.1

 

 

 

1.5

 

Allianz Risk Transfer

 

A+

 

 

3.9

 

 

 

4.1

 

 

 

 

 

 

 

Westport Insurance Corporation

 

A+

 

 

3.0

 

 

 

3.2

 

 

 

 

 

 

 

Clearwater Insurance Company

 

NR

 

 

2.9

 

 

 

3.1

 

 

 

 

 

 

 

Scor Reinsurance Company

 

A+

 

 

2.3

 

 

 

2.4

 

 

 

2.0

 

 

 

1.5

 

Argo Re, Ltd

 

A

 

 

2.3

 

 

 

2.4

 

 

 

0.1

 

 

 

0.1

 

American Agricultural Insurance

 

A

 

 

1.7

 

 

 

1.8

 

 

 

0.3

 

 

 

0.2

 

Subtotal

 

 

 

$

83.2

 

 

 

87.9

%

 

$

19.1

 

 

 

14.0

%

All other reinsurers

 

 

 

 

11.5

 

 

 

12.1

 

 

 

117.2

 

 

 

86.0

 

Total reinsurance receivables before allowance for expected credit losses

 

 

 

$

94.7

 

 

 

100.0

%

 

$

136.3

 

 

 

100.0

%

Allowance for expected credit losses

 

 

 

 

(9.0

)