OREANDA-NEWS.  United Fire Group, Inc. (the “Company” or "UFG") (Nasdaq:UFCS) today reported consolidated net income, including net realized investment gains and losses, of $3.1 million ($0.12 per diluted share) for the three-month period ended June 30, 2016 (the "second quarter"), compared to consolidated net income of $15.0 million ($0.59 per diluted share) for the same period in 2015. For the six-month period ended June 30, 2016 ("year-to-date"), consolidated net income, including net realized investment gains and losses was $25.5 million ($1.00 per diluted share), compared to $38.7 million ($1.54 per diluted share) for the same period in 2015.

The Company reported consolidated operating income(2) of $0.08 per diluted share for the second quarter, compared to consolidated operating income of $0.57 per diluted share for the same period in 2015. Year-to-date, consolidated operating income was $0.91, compared to consolidated operating income of $1.50 per diluted share for the same period in 2015.

"Our second quarter 2016 results were impacted by the increase in catastrophe losses," stated Randy Ramlo, President and Chief Executive Officer. "During second quarter 2016, we were affected by over a dozen catastrophe-designated storms dominated by hail and wind storms. A majority of these storms occurred in Texas and the Midwest."

"On a positive note, our book of business continues to grow organically," continued Ramlo. "Consolidated net premiums earned increased 10.6 percent and 11.8 percent, respectively, in the three- and six-month periods ended June 30, 2016 as compared to the same periods of 2015. Total revenues increased 9.3 percent and 10.3 percent, respectively, in the three- and six-month periods ended June 30, 2016 as compared to the same periods of 2015."

The Company recognized consolidated net realized investment gains of $1.6 million during the second quarter, compared to consolidated net realized investment gains of $0.8 million for the same period in 2015.

__________________________
(1) Per share amounts are after tax.
(2) Operating income (loss) is a commonly used non-GAAP financial measure of net income (loss) excluding realized investment gains and losses and related federal income taxes. Management evaluates this measure and ratios derived from this measure and the Company provides this information to investors because we believe it better represents the normal, ongoing performance of our business. See Definitions of Non-GAAP Information and Reconciliations to Comparable GAAP Measures for a reconciliation of operating income to net income.
(3) Return on equity is calculated by dividing annualized net income by average year-to-date equity.

Consolidated net investment income was $24.5 million for the second quarter, a decrease of 5.0 percent, as compared to net investment income of $25.8 million for the same period in 2015. Year-to-date, consolidated net investment income was $46.7 million, compared to net investment income of $50.2 million for the same period in 2015. The decrease in net investment income for the quarter was primarily driven by the change in value of our investments in limited liability partnerships as compared to the same periods in 2015 and declining interest rates. The valuation of these investments in limited liability partnerships varies from period to period due to current equity market conditions, specifically related to financial institutions.

Consolidated net unrealized investment gains, net of tax, totaled $187.4 million as of June 30, 2016, an increase of $59.1 million or 46.0 percent from December 31, 2015. The increase in net unrealized investment gains is primarily the result of a decrease in interest rates, which positively impacted the valuation of our fixed maturity security portfolio during 2016 and to a lesser extent an increase in the fair value of our equity security portfolio.

Total consolidated assets as of June 30, 2016 were $4.1 billion, which included $3.3 billion of invested assets. The Company's book value per share was $37.85, which is an increase of $2.91 per share or 8.3 percent from December 31, 2015 and is primarily attributed to net income of $25.5 million and an increase in net unrealized investment gains of $59.1 million, net of tax, during the first six-months of 2016, partially offset by shareholder dividends of $11.9 million.

The annualized return on equity was 5.6 percent for the six-months ended June 30, 2016. 

P&C Segment

Net income for the property and casualty insurance segment, including net realized investment gains and losses, totaled $3.4 million ($0.13 per diluted share) for the second quarter, compared to net income of $13.3 million ($0.52 per diluted share) in the same period in 2015. Year-to-date, net income for the property and casualty insurance segment, including realized investment gains and losses, totaled $25.5 million ($1.00 per diluted share), compared to net income of $36.4 million ($1.45 per diluted share) in the same period of 2015.

Net premiums earned increased 11.0 percent to $232.3 million in the second quarter, compared to $209.3 million in the same period of 2015.  Year-to-date, net premiums earned increased 10.5 percent to $452.5 million, compared to $409.4 million in the same period of 2015. The increases in both the three- and six-month periods ended June 30, 2016, were due to organic growth from new business writings and geographical expansion.

Catastrophes losses driven by hail and wind storms during the second quarter

Catastrophe losses totaled $35.5 million ($0.90 per diluted share) for the second quarter, compared to $20.2 million ($0.52 per diluted share) for the same period in 2015. Year-to-date, catastrophe losses totaled $39.9 million ($1.01 per share after tax), compared to $20.4 million ($0.53 per share) for the same period in 2015.

"Our 10-year historical average catastrophe load for the second quarter adds an average of 10.3 percentage points to the combined ratio," stated Ramlo. "However, in the second quarter of 2016 catastrophe losses added 15.3 percentage points to the combined ratio. The increase in catastrophe losses in the second quarter was driven by hail and wind storms primarily in Texas and the Midwest, impacting our commercial property, commercial auto, personal homeowners and personal auto lines of business. As a reminder, second and third quarters are typically the most significant quarters with storms and catastrophe events in geographic areas where we conduct much of our business due to spring and summer convective storms and hurricanes."

Rate increases on both commercial and personal lines in the low-single digits

"We continued to see rate increases on both commercial and personal lines renewal pricing during the second quarter," stated Ramlo. "For the commercial lines of business, the rate increases were primarily in commercial auto and commercial property."

The property and casualty insurance segment experienced $2.5 million of favorable development in our net reserves for prior accident years during the second quarter, compared to $6.7 million of favorable reserve development in the same period in 2015. Year-to-date, favorable development in our net reserves for prior accident years was $26.4 million, compared to $23.4 million in the same period in 2015. Development amounts can vary significantly from quarter-to-quarter and year-to-year depending on a number of factors, including the number of claims settled and the settlement terms. At June 30, 2016, our total reserves were within our actuarial estimates.

The GAAP combined ratio increased by 7.1 percentage points to 104.8 percent for the second quarter, compared to 97.7 percent for the same period in 2015. We attribute the majority of this increase to higher catastrophe losses in the second quarter of 2016 compared to the same period in 2015.

Expense Levels

The expense ratio for the second quarter was 30.3 percentage points, compared to 29.3 percentage points for the second quarter of 2015.

"Our expense ratio, albeit higher than prior year second quarter, was within our expectations. The expense ratio was impacted by an increase in deferred acquisition cost amortization from continued organic growth, partially offset by a decrease in post-retirement benefit expenses," stated Ramlo. "We continue to look for efficiencies to manage our expenses."

Life Segment

The life insurance segment had a net loss of $0.3 million ($0.01 per diluted share) for the second quarter, compared to net income of $1.7 million ($0.07 per diluted share) for the second quarter of 2015. Year-to-date, net income for the life insurance segment totaled $0.1 million ($0.00 per share) compared to $2.3 million ($0.09 per share).

Net premiums earned increased 6.2 percent to $21.2 million for the second quarter, compared to $20.0 million for the second quarter of 2015. Year-to-date, net premiums earned increased to $42.3 million, compared to $33.0 million for the same period in 2015. The increase was primarily due to an increase in sales of single premium whole life policies.

Net investment income decreased 5.7 percent to $12.9 million for the second quarter, compared to $13.7 million for the second quarter of 2015. Year-to-date, net investment income decreased 5.7 percent to $25.7 million, compared to $27.3 million for the same period in 2015. The decrease is primarily due to lower invested assets from declining annuity deposits and from declining interest rates.

Losses and loss settlement expenses were flat and increased $1.9 million for the three- and six-month periods ended June 30, 2016, respectively, compared to the same periods in 2015. The increase in the six-month period ended June 30, 2016 was due to an increase in death benefits paid. Fluctuations in the timing of death benefits occur from quarter-to-quarter and year-to-year.

The increase in liability for future policy benefits increased by $3.9 million and $8.8 million during the three- and six-month periods ended June 30, 2016, respectively, compared to the same periods in 2015, due to an increase in sales of single premium whole life policies.

Deferred annuity deposits decreased 2.4 percent and 26.8 percent, respectively, for the three- and six-month periods ended June 30, 2016, compared to the same period of 2015. We continue to execute our strategy to maintain profitability rather than market share, as spreads increased 42 basis points in 2016 as compared to the same period of 2015.

Net cash outflow related to our annuity business was $20.1 million for the second quarter compared to a net cash outflow of $44.2 million in the same period in 2015. We attribute this to our strategy to maintain profitability on annuity products as previously described.

Capital Management

During the second quarter, we declared and paid a $0.25 per share cash dividend to shareholders of record on June 1, 2016. We have paid a quarterly dividend every quarter since March 1968.

Under our share repurchase program, we may purchase the Company's common stock from time to time on the open market or through privately negotiated transactions. The amount and timing of any purchases will be at management's discretion and will depend upon a number of factors, including the share price, general economic and market conditions, and corporate and regulatory requirements. As of the date of this release, we are authorized by the Board of Directors to purchase an additional 1,528,886 shares of common stock under our share repurchase program, which expires in August 2016. During the second quarter, we did not repurchase any shares.

 

About United Fire Group, Inc.

Founded in 1946 as United Fire & Casualty Company, United Fire Group, Inc., through its insurance company subsidiaries, is engaged in the business of writing property and casualty insurance and life insurance and selling annuities.

Through our subsidiaries, we are licensed as a property and casualty insurer in 46 states, plus the District of Columbia, and we are represented by approximately 1,200 independent agencies. A.M. Best Company assigns a rating of “A” (Excellent) for the members of United Fire & Casualty Group.

Our subsidiary, United Life Insurance Company, is licensed in 37 states, represented by approximately 1,300 independent life agencies and rated "A-" (Excellent) by A.M. Best Company.

Definitions of Non-GAAP Information and Reconciliations to Comparable GAAP Measures

The Company prepares its public financial statements in conformity with accounting principles generally accepted in the Unites States of America ("GAAP"). Management also uses certain non-GAAP measures to evaluate its operations and profitability. As further explained below, management believes that disclosure of certain non-GAAP financial measures enhances investor understanding of our financial performance. Non-GAAP financial measures disclosed in this report include: operating income and net written premiums. The company has also disclosed certain data according to statutory accounting rules as defined by the National Association of Insurance Commissioners' ("NAIC") Accounting Practices and Procedures Manual. The Company has provided the following definitions and reconciliations of the non-GAAP financial measures:

Operating income: Operating income is calculated by excluding net realized investment gains and losses after applicable federal and state income taxes from net income. Management believes operating income is a meaningful measure for evaluating insurance company performance. Investors and equity analysts who invest and report on the insurance industry and the Company generally focus on this metric in their analyses because it represents the results of the Company's normal, ongoing performance. The Company recognizes that operating income is not a substitute for measuring GAAP net income, but believes it is a useful supplement to GAAP information.

Net Income Reconciliation
  Three Months Ended June 30,   Six Months Ended June 30,
(In Thousands, Except Per Share Data and Ratios) 2016   2015 Change
%		   2016   2015 Change
%
Income Statement Data                  
Operating income $ 2,077     $ 14,519   (85.7 )%   $ 23,168     $ 37,621   (38.4 )%
After-tax net realized investment gains 1,037     499   107.8 %   2,373     1,076   120.5 %
Net income $ 3,114     $ 15,018   (79.3 )%   $ 25,541     $ 38,697   (34.0 )%
Diluted Earnings Per Share Data                  
Operating income $ 0.08     $ 0.57   (86.0 )%   $ 0.91     $ 1.50   (39.3 )%
After-tax net realized investment gains 0.04     0.02   100.0 %   0.09     0.04   125.0 %
Net income $ 0.12     $ 0.59   (79.7 )%   $ 1.00     $ 1.54   (35.1 )%


Net Written premium: State laws require us to calculate and report certain data according to statutory accounting rules as defined by the NAIC Accounting Practices and Procedures Manual. While not a substitute for any GAAP measure of performance, statutory data is publicly available and is frequently used by industry analysts and other recognized reporting sources to facilitate comparisons of the performance of insurance companies. Under statutory accounting rules, written premiums are the amount charged for insurance policy contracts issued and recognized on an annualized basis at the effective date of the policy. Management believes net written premiums are a meaningful measure for evaluating insurance company sales performance and geographical expansion efforts. Net written premium for an insurance company consists of direct premiums written and reinsurance assumed, less reinsurance ceded. Net earned premium is calculated on a pro rata basis over the terms of the respective policies. Unearned premium reserves are established for the portion of premium written applicable to the unexpired term of insurance policy in force. The difference between net written premium and net earned premium is the change in unearned premiums.

Net Earned Premium Reconciliation
  Three Months Ended June 30,   Six Months Ended June 30,
(In Thousands, Except Per Share Data and Ratios) 2016   2015 Change
%		   2016   2015 Change
%
Premiums:                  
Net written premium $ 293,296     $ 262,692   11.7 %   $ 555,274     $ 495,103   12.2 %
Change in unearned premiums (39,809 )   (33,467 ) (19.0 )%   (60,489 )   (52,707 ) (14.8 )%
Net earned premiums $ 253,487     $ 229,225   10.6 %   $ 494,785     $ 442,396   11.8 %


Supplemental Tables

Financial Highlights
  Three Months Ended June 30,   Six Months Ended June 30,
(In Thousands, Except Per Share Data and Ratios) 2016   2015 Change
%		   2016   2015 Change
%
Revenue Highlights                  
Net premiums earned $ 253,487     $ 229,225   10.6 %   $ 494,785     $ 442,396   11.8 %
Net investment income 24,507     25,792   (5.0 )%   46,731     50,155   (6.8 )%
Total revenues 279,773     255,918   9.3 %   545,458     494,402   10.3 %
Income Statement Data                  
Operating income(1) 2,077     14,519   (85.7 )%   23,168     37,621   (38.4 )%
After-tax net realized investment gains 1,037     499   107.8 %   2,373     1,076   120.5 %
Net income $ 3,114     $ 15,018   (79.3 )%   $ 25,541     $ 38,697   (34.0 )%
Diluted Earnings Per Share Data                  
Operating income(1) $ 0.08     $ 0.57   (86.0 )%   $ 0.91     $ 1.50   (39.3 )%
After-tax net realized investment gains 0.04     0.02   100.0 %   0.09     0.04   125.0 %
Net income $ 0.12     $ 0.59   (79.7 )%   $ 1.00     $ 1.54   (35.1 )%
Catastrophe Data                  
Pre-tax catastrophe losses $ 35,524     $ 20,170   76.1 %   $ 39,866     $ 20,381   95.6 %
Effect on after-tax earnings per share 0.90     0.52   73.1 %   1.01     0.53   90.6 %
Effect on combined ratio 15.3 %   9.6 % 59.4 %   8.8 %   5.0 % 76.0 %
                   
Favorable reserve development experienced on prior accident years $ 2,460     $ 6,701   (63.3 )%   $ 26,362     $ 23,443   12.5 %
                   
Combined ratio 104.8 %   97.7 % 7.3 %   98.7 %   93.8 % 5.2 %
Return on equity           5.6 %   9.4 % (40.8 )%
Cash dividends declared per share $ 0.25     $ 0.22   13.6 %   $ 0.47     $ 0.42   11.9 %
Diluted weighted average shares outstanding 25,795,476     25,287,630   2.0 %   25,629,577     25,132,339   2.0 %
(1) Operating income is a non-GAAP Financial measure of net income. See Definitions of Non-GAAP Information and Reconciliations
to Comparable GAAP Measures for a reconciliation of operating income to net income.
Consolidated Income Statement
  Three Months Ended June 30,   Six Months Ended June 30,
(In Thousands) 2016   2015   2016   2015
Revenues              
Net premiums written(1) $ 293,296     $ 262,692     $ 555,274     $ 495,103  
Net premiums earned $ 253,487     $ 229,225     $ 494,785     $ 442,396  
Investment income, net of investment expenses 24,507     25,792     46,731     50,155  
Net realized investment gains 1,596     769     3,651     1,656  
Other income 183     132     291     195  
Total Revenues $ 279,773     $ 255,918     $ 545,458     $ 494,402  
               
Benefits, Losses and Expenses              
Losses and loss settlement expenses $ 180,412     $ 150,362     $ 322,540     $ 276,771  
Increase in liability for future policy benefits 16,002     12,096     28,554     19,719  
Amortization of deferred policy acquisition costs 52,585     44,357     102,816     86,829  
Other underwriting expenses 24,772     23,546     51,525     47,080  
Interest on policyholders’ accounts 5,138     6,024     10,385     12,639  
Total Benefits, Losses and Expenses $ 278,909     $ 236,385     $ 515,820     $ 443,038  
               
Income before income taxes 864     19,533     29,638     51,364  
Federal income tax expense (benefit) (2,250 )   4,515     4,097     12,667  
Net income $ 3,114     $ 15,018     $ 25,541     $ 38,697  
(1) Data prepared in accordance with statutory accounting principles, which is a comprehensive basis of accounting
other than U.S. GAAP.
Consolidated Balance Sheet
  June 30, 2016   December 31, 2015
(In Thousands)  
Total invested assets:      
Property and casualty segment $ 1,723,641     $ 1,647,666  
Life insurance segment 1,547,765     1,495,094  
Total cash and investments 3,391,106     3,249,209  
Total assets 4,105,838     3,890,376  
Future policy benefits and losses, claims and loss settlement expenses               $ 2,418,855     $ 2,376,253  
Total liabilities 3,144,807     3,011,479  
Net unrealized investment gains, after-tax $ 187,428     $ 128,369  
Total stockholders’ equity 961,031     878,897  
Property & Casualty Insurance Financial Results
  Three Months Ended June 30,   Six Months Ended June 30,
(In Thousands, Except Ratios) 2016   2015   2016   2015
Revenues              
Net premiums written(1) $ 272,094     $ 242,740     $ 513,003     $ 462,118  
Net premiums earned $ 232,282     $ 209,266     $ 452,507     $ 409,403  
Investment income, net of investment expenses 11,618     12,119     20,990     22,866  
Net realized investment gains (losses) 966     (177 )   2,703     (416 )
Total Revenues $ 244,866     $ 221,208     $ 476,200     $ 431,853  
               
Benefits, Losses and Expenses              
Losses and loss settlement expenses $ 173,128     $ 143,053     $ 306,265     $ 262,391  
Amortization of deferred policy acquisition costs 50,563     42,649     98,976     83,458  
Other underwriting expenses 19,803     18,716     41,422     38,120  
Total Benefits, Losses and Expenses $ 243,494     $ 204,418     $ 446,663     $ 383,969  
               
Income before income taxes $ 1,372     $ 16,790     $ 29,537     $ 47,884  
Federal income tax expense (benefit) (2,063 )   3,493     4,082     11,484  
Net income $ 3,435     $ 13,297     $ 25,455     $ 36,400  
               
GAAP combined ratio:              
Net loss ratio - excluding catastrophes 59.2 %   58.8 %   58.9 %   59.1 %
Catastrophes - effect on net loss ratio 15.3     9.6     8.8     5.0  
Net loss ratio 74.5 %   68.4 %   67.7 %   64.1 %
Expense ratio 30.3     29.3     31.0     29.7  
Combined ratio 104.8 %   97.7 %   98.7 %   93.8 %
(1) Data prepared in accordance with statutory accounting principles, which is a comprehensive basis of accounting
other than U.S. GAAP.
Life Insurance Financial Results
  Three Months Ended June 30,   Six Months Ended June 30,
(In Thousands) 2016   2015   2016   2015
Revenues              
Net premiums written(1) $ 21,202     $ 19,952     $ 42,271     $ 32,985  
Net premiums earned $ 21,205     $ 19,959     $ 42,278     $ 32,993  
Investment income, net of investment expenses 12,889     13,673     25,741     27,289  
Net realized investment gains 630     946     948     2,072  
Other income 183     132     291     195  
Total Revenues $ 34,907     $ 34,710     $ 69,258     $ 62,549  
               
Benefits, Losses and Expenses              
Losses and loss settlement expenses $ 7,284     $ 7,309     $ 16,275     $ 14,380  
Increase in liability for future policy benefits 16,002     12,096     28,554     19,719  
Amortization of deferred policy acquisition costs 2,022     1,708     3,840     3,371  
Other underwriting expenses 4,969     4,830     10,103     8,960  
Interest on policyholders’ accounts 5,138     6,024     10,385     12,639  
Total Benefits, Losses and Expenses $ 35,415     $ 31,967     $ 69,157     $ 59,069  
               
Income (loss) before income taxes $ (508 )   $ 2,743     $ 101     $ 3,480  
Federal income tax expense (benefit) (187 )   1,022     15     1,183  
Net income (loss) $ (321 )   $ 1,721     $ 86     $ 2,297  
(1) Net premiums written is a financial measure prepared in accordance with statutory principles, which is a comprehensive basis of accounting
other than U.S. GAAP.
Net Premiums Written by Line of Business
  Three Months Ended June 30,   Six Months Ended June 30,
  2016   2015   2016   2015
(In Thousands)      
Net Premiums Written              
Commercial lines:              
Other liability(1) $ 83,473     $ 75,775     $ 159,673     $ 144,282  
Fire and allied lines(2) 62,993     56,547     119,799     109,314  
Automobile 64,730     53,797     118,612     100,862  
Workers’ compensation 30,703     25,878     60,444     53,156  
Fidelity and surety 7,789     7,103     13,258     11,907  
Miscellaneous 509     726     966     1,451  
Total commercial lines $ 250,197     $ 219,826     $ 472,752     $ 420,972  
               
Personal lines:              
Fire and allied lines(3) $ 11,681     $ 11,551     $ 21,239     $ 21,321  
Automobile 6,622     6,213     13,021     12,280  
Miscellaneous 300     283     576     538  
Total personal lines $ 18,603     $ 18,047     $ 34,836     $ 34,139  
Reinsurance assumed 3,294     4,867     5,415     7,007  
Total $ 272,094     $ 242,740     $ 513,003     $ 462,118  
(1) Commercial lines “Other liability” is business insurance covering bodily injury and property damage arising from general business 
operations, accidents on the insured’s premises and products manufactured or sold.
(2) Commercial lines “Fire and allied lines” includes fire, allied lines, commercial multiple peril and inland marine.
(3) Personal lines “Fire and allied lines” includes fire, allied lines, homeowners and inland marine.
  Net Premiums Earned, Losses and Loss Settlement Expenses and Loss Ratio by Line of Business
Three Months Ended June 30, 2016   2015
      Net Losses           Net Losses    
      and Loss           and Loss    
  Net   Settlement   Net   Net   Settlement   Net
(In Thousands, Except Ratios) Premiums   Expenses   Loss   Premiums   Expenses   Loss
Unaudited Earned   Incurred   Ratio   Earned   Incurred   Ratio
Commercial lines                      
Other liability $ 71,454     $ 35,303     49.4 %   $ 63,466     $ 36,122     56.9 %
Fire and allied lines 56,012     52,758     94.2     49,708     40,366     81.2  
Automobile 52,544     44,848     85.4     45,447     37,928     83.5  
Workers' compensation 25,660     19,690     76.7     23,263     10,423     44.8  
Fidelity and surety 5,316     (423 )   (8.0 )   4,566     894     19.6  
Miscellaneous 450     113     25.1     675     123     18.2  
Total commercial lines $ 211,436     $ 152,289     72.0 %   $ 187,125     $ 125,856     67.3 %
                       
Personal lines                      
Fire and allied lines $ 11,090     $ 12,531     113.0 %   $ 10,996     $ 9,066     82.4 %
Automobile 6,216     6,335     101.9     5,967     4,658     78.1  
Miscellaneous 270     412     152.6     253     (99 )   (39.1 )
Total personal lines $ 17,576     $ 19,278     109.7 %   $ 17,216     $ 13,625     79.1 %
Reinsurance assumed $ 3,270     $ 1,561     47.7 %   $ 4,925     $ 3,572     72.5 %
Total $ 232,282     $ 173,128     74.5 %   $ 209,266     $ 143,053     68.4 %
  Net Premiums Earned, Losses and Loss Settlement Expenses and Loss Ratio by Line of Business
Six Months Ended June 30, 2016   2015
      Net Losses           Net Losses    
      and Loss           and Loss    
  Net   Settlement   Net   Net   Settlement   Net
(In Thousands, Except Ratios) Premiums   Expenses   Loss   Premiums   Expenses   Loss
Unaudited Earned   Incurred   Ratio   Earned   Incurred   Ratio
Commercial lines                      
Other liability $ 140,788     $ 68,664     48.8 %   $ 123,973     $ 68,679     55.4 %
Fire and allied lines 108,052     86,737     80.3     97,819     69,068     70.6  
Automobile 101,995     87,067     85.4     89,126     71,262     80.0  
Workers' compensation 50,243     31,334     62.4     46,503     21,810     46.9  
Fidelity and surety 10,510     (476 )   (4.5 )   9,321     2,625     28.2  
Miscellaneous 839     318     37.9     1,349     124     9.2  
Total commercial lines $ 412,427     $ 273,644     66.3 %   $ 368,091     $ 233,568     63.5 %
                       
Personal lines                      
Fire and allied lines $ 21,808     $ 18,836     86.4 %   $ 21,906     $ 15,069     68.8 %
Automobile 12,300     10,544     85.7     11,798     7,855     66.6  
Miscellaneous 531     595     112.1     499     112     22.4  
Total personal lines $ 34,639     $ 29,975     86.5 %   $ 34,203     $ 23,036     67.4 %
Reinsurance assumed $ 5,441     $ 2,646     48.6 %   $ 7,109     $ 5,787     81.4 %
Total $ 452,507     $ 306,265     67.7 %   $ 409,403     $ 262,391     64.1 %