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United Fire Group, Inc. Reports Fourth Quarter and Year End 2021 Results
المصدر: Nasdaq GlobeNewswire / 15 فبراير 2022 07:00:01 America/New_York
CEDAR RAPIDS, Iowa, Feb. 15, 2022 (GLOBE NEWSWIRE) -- United Fire Group, Inc. (Nasdaq: UFCS),
Consolidated Financial Results - Highlights(1):
Three Months Ended December 31, 2021 Year Ended December 31, 2021 Net income per diluted share $ 2.28 Net income per diluted share $ 3.16 Adjusted operating income(2) per diluted share $ 1.69 Adjusted operating income(2) per diluted share $ 1.69 Net investment gains per share $ 0.59 Net investment gains per share $ 1.47 GAAP combined ratio 83.1 % GAAP combined ratio 100.3 % Book value per share $ 35.05 Return on equity(3) 9.5 % United Fire Group, Inc. (the “Company” or "UFG") (Nasdaq: UFCS) today reported consolidated net income, including net investment gains, of $57.7 million ($2.28 per diluted share) for the three-month period ended December 31, 2021, compared to a consolidated net loss of $8.9 million ($0.36 per diluted share) for the same period in 2020. For the year ended December 31, 2021, consolidated net income, including net investment gains, was $80.6 million ($3.16 per diluted share) compared to a net loss of $112.7 million ($4.50 per diluted share) for the same period in 2020.
The Company reported consolidated adjusted operating income of $1.69 per diluted share for the fourth quarter 2021 compared to consolidated adjusted operating loss of $1.30 per diluted share for the same period in 2020. For the full year ended December 31, 2021, the Company reported consolidated adjusted operating income of $1.69 per diluted share compared to a consolidated adjusted operating loss of $2.88 per diluted share for 2020.
"I am extremely pleased to report strong fourth quarter results. The fourth quarter combined ratio at 83.1% is our lowest quarterly combined ratio in over 14 years, dating back to second quarter of 2007," stated Randy A. Ramlo, President and Chief Executive Officer. "This is the third consecutive quarter we reported improvement in our core loss ratio. Our core loss ratio, which removes the impact of catastrophe losses and favorable prior year reserve development, improved 24.5 percentage points and 8.0 percentages points, respectively, in the fourth quarter and full year of 2021 as compared to the same periods of 2020."
"The trend of quarterly core loss ratio improvement, which began in the second quarter of 2021, is the direct result of our strategic initiatives. We are very pleased with the progress we have made with our strategic initiatives to improve profitability."
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(1) Per share amounts are after tax.
(2) Adjusted operating income (loss) is a non-GAAP financial measure of net income excluding net investment gains and losses, changes in the fair value of equity securities and related federal income taxes, and goodwill impairment. 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 adjusted operating income (loss) to net income (loss).
(3) Return on equity is calculated by dividing annualized net income (loss) by average year-to-date stockholders' equity."The line of business with the most significant loss ratio improvement was commercial auto, which improved 68.1 percentage points in the fourth quarter and 25.1 percentage points for the full year of 2021 as compared to the same periods of 2020. The improvement in profitability in our commercial auto line of business was from a combination of a decrease in frequency and severity of losses and an increase in favorable prior accident year reserve development."
Financial Highlights
Net income including net investment gains and losses, totaled $57.7 million ($2.28 per diluted share) for the fourth quarter of 2021, compared to a net loss of $8.9 million ($0.36 per diluted share) for the fourth quarter of 2020. Net income reported in fourth quarter of 2021, as compared to a net loss in fourth quarter of 2020, was due to lower losses and loss settlement expenses partially offset by a decrease in net investment gains and net premiums earned.
For the full year of 2021, net income totaled $80.6 million ($3.16 per diluted share), compared to a net loss of $112.7 million ($4.50 per diluted share) for the full year 2020. The change was primarily due to a decrease in losses and loss settlement expenses, a decrease in other underwriting expenses, an increase in investment income and net investment gains from an increase in the fair value of equity securities. These were partially offset by a decrease in net premiums earned.
Net premiums earned decreased 8.9 percent to $240.0 million for the fourth quarter of 2021, compared to $263.6 million in the fourth quarter of 2020. For the full year 2021, net premiums earned decreased 8.7 percent to $962.8 million, compared to $1,055.1 million in 2020. The decrease in both the three- and twelve-month periods ended December 31, 2021 was primarily due to our strategic focus on improving profitability through non-renewal of underperforming accounts in our commercial auto line of business and our exit of the personal lines business, which began in September 2020.
For the full year of 2021, the overall average renewal pricing increase was 6.4 percent. Excluding the workers' compensation line of business, the overall average renewal pricing increase was 7.7 percent. The increase in pricing was driven by our commercial auto and commercial property lines of business. For the full year of 2021, the commercial auto average renewal rate increase was 9.5 percent. The commercial property average renewal rate increase was 8.7 percent.
Net investment income was $13.3 million and $55.8 million, respectively, for the fourth quarter and full year 2021 compared to net investment income of $17.4 million and $39.7 million, respectively, for the fourth quarter and full year 2020. The change in net investment income for the fourth quarter and full year was primarily due to the change in the fair value of our investments in limited liability partnerships. The valuation of these investments in limited liability partnerships varies from period to period due to the current equity market conditions, specifically related to financial institutions.
The Company recognized net investment gains of $19.1 million and $47.4 million, respectively, for the fourth quarter and full year 2021 compared to net investment gains of $30.0 million and net investment losses of $32.4 million, respectively, for the fourth quarter and full year 2020. The change in the three- and twelve-month periods ended December 31, 2021 as compared to the same periods in 2020 was primarily due to the change in the fair value and sales of equity securities.
Losses and loss settlement expenses decreased by 51.4 percentage points and by 25.0 percentage points during the three- and twelve-month periods ended December 31, 2021, respectively, compared to the same periods of 2020. The decrease in losses and loss settlement expenses was primarily due to comparatively lower catastrophe losses and a decrease in frequency and severity of commercial auto liability losses.
Consolidated net unrealized investment gains, net of tax, totaled $49.8 million as of December 31, 2021 compared to net unrealized investment gains of $83.1 million at December 31, 2020, a decrease of $33.3 million. The decrease in net unrealized investment gains was primarily the result of a decrease in invested assets and an increase in interest rates in 2021.
Total consolidated assets as of December 31, 2021 were $3.0 billion, which included $2.1 billion of invested assets. The Company's book value was $35.05 per share, which is an increase of $2.12 per share, or 6.4 percent, from December 31, 2020. This increase is primarily attributable to net income of $80.6 million and the change in benefits and the valuation of our post-retirement benefit obligations of $20.7 million partially offset by a decrease in net unrealized investment gains on fixed maturity securities of $33.3 million, net of tax, and shareholder dividends of $15.1 million.
Reserve Development
We experienced favorable reserve development of $22.8 million and $48.9 million in net reserves for prior accident years during the three- and twelve-month periods ended December 31, 2021, respectively, compared to unfavorable reserve development of $12.4 million and favorable reserve development of $17.7 million in the same periods of 2020. The favorable reserve development during the three- and twelve-month periods ended December 31, 2021 was primarily driven by our commercial auto line of business. 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 December 31, 2021, our total reserves were within our actuarial estimates.
GAAP Combined Ratio
The GAAP combined ratio decreased 40.0 percentage points to 83.1 percent for the fourth quarter 2021, compared to 123.1 percent for the fourth quarter of 2020. For the year ended December 31, 2021, the combined ratio decreased 15.6 percentage points to 100.3 percent as compared to 2020. The decrease in both the three- and twelve-month periods ended December 31, 2021, respectively, as compared to the same periods of 2020 was primarily due to comparatively lower catastrophe losses and a decrease in the frequency and severity of commercial auto liability losses.
Pre-tax catastrophe losses totaled $8.3 million ($0.26 per share after tax) and $98.6 million ($3.05 per share after tax) for the three- and twelve-month periods ended December 31, 2021, respectively, compared to $20.7 million ($0.65 per share after tax) and $142.0 million ($4.48 per share after tax), respectively, for the same periods in 2020.
Underwriting Expense Ratio
The expense ratio for the fourth quarter of 2021 was 33.9 percent, compared to 30.8 percent for the fourth quarter of 2020. For the full year of 2021, the expense ratio was 32.6 percent, compared to 33.5 percent for 2020. For the fourth quarter of 2021, we did see an increase in the expense ratio of 3.1 points as compared to the fourth quarter of 2020 primarily due to improved performance in our book of business resulting in additions to profit sharing for our agents, employees, and program business. The decrease in the underwriting expense ratio for the full year of 2021 as compared to 2020 was primarily due to the change in the design of our employee post-retirement benefit plans and a decrease in the acceleration of the amortization of our deferred acquisition costs due to improved profitability in our commercial auto line of business.
Capital Management
During the fourth quarter, we declared and paid a $0.15 per share cash dividend to stockholders of record as of December 3, 2021. We have paid a quarterly dividend every quarter since March 1968.
During the fourth quarter, we did not repurchase any shares of our common stock. In the year ended December 31, 2021, we purchased 67,651 shares of our common stock for $2.0 million, at an average cost of $29.66 per share. As of December 31, 2021, we were authorized by our Board of Directors to purchase an additional 1,719,326 shares of common stock under our share repurchase program, which expires in August 2022.
Earnings Call Access Information
An earnings call will be held at 9:00 a.m. Central Time on February 15, 2022 to allow securities analysts, shareholders and other interested parties the opportunity to hear management discuss the Company's fourth quarter and full year 2021 results.
Teleconference: Dial-in information for the call is toll-free 1-844-492-3723. The event will be archived and available for digital replay through March 1, 2022. The replay access information is toll-free 1-877-344-7529; conference ID no. 3405159.
Webcast: An audio webcast of the teleconference can be accessed at the Company's investor relations page at http://ir.ufginsurance.com/event or https://services.choruscall.com/links/ufcs220215. The archived audio webcast will be available until March 1, 2022.
Transcript: A transcript of the teleconference will be available on the Company's website soon after the completion of the teleconference.
About UFG
Founded in 1946 as United Fire & Casualty Company, UFG, through its insurance company subsidiaries, is engaged in the business of writing property and casualty insurance.
Through our subsidiaries, we are licensed as a property and casualty insurer in 50 states, plus the District of Columbia, and we are represented by approximately 1,000 independent agencies. A.M. Best Company assigns a rating of "A" (Excellent) for members of the United Fire & Casualty Group.
For more information about United Fire Group, Inc. visit www.ufginsurance.com or contact:
Randy Patten, AVP and Interim Co-Chief Financial Officer, 319-286-2537 or IR@unitedfiregroup.com
Disclosure of Forward-Looking Statements
This release may contain forward-looking statements about our operations, anticipated performance and other similar matters. The Private Securities Litigation Reform Act of 1995 provides a safe harbor under the Securities Act of 1933 and the Securities Exchange Act of 1934 for forward-looking statements. The forward-looking statements are not historical facts and involve risks and uncertainties that could cause actual results to differ from those expected and/or projected. Such forward-looking statements are based on current expectations, estimates, forecasts and projections about the Company, the industry in which we operate, and beliefs and assumptions made by management. Words such as "expect(s)," "anticipate(s)," "intend(s)," "plan(s)," "believe(s)," "continue(s)," "seek(s)," "estimate(s)," "goal(s)," "remain(s) optimistic," "target(s)," "forecast(s)," "project(s)," "predict(s)," "should," "could," "may," "will," "might," "hope," "can" and other words and terms of similar meaning or expression in connection with a discussion of future operations, financial performance or financial condition, are intended to identify forward-looking statements. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed in such forward-looking statements. Information concerning factors that could cause actual outcomes and results to differ materially from those expressed in the forward-looking statements is contained in Part I, Item 1A "Risk Factors" of our Annual Report on Form 10-K for the year ended December 31, 2020, filed with the Securities and Exchange Commission ("SEC") on February 26, 2021. The risks identified in our Annual Report on Form 10-K (as updated) and in our other SEC filings are representative of the risks, uncertainties, and assumptions that could cause actual outcomes and results to differ materially from what is expressed in the forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release or as of the date they are made. Except as required under the federal securities laws and the rules and regulations of the SEC, we do not have any intention or obligation to update publicly any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.
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 United 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: adjusted operating income (loss) and net premiums written. The Company has provided the following definitions and reconciliations of the non-GAAP financial measures:
Adjusted operating income (loss): Adjusted operating income (loss) is a non-GAAP measure of net income excluding net investment gains and losses, changes in the fair value of equity securities and related federal income taxes, and goodwill impairment. Management believes adjusted operating income (loss) is a meaningful measure for evaluating insurance company performance and a useful supplement to GAAP information because it better represents the normal, ongoing performance of our business. Investors and equity analysts who invest and report on the insurance industry and the Company generally focus on this metric in their analyses.
Net Income Reconciliation Three Months Ended December 31, Twelve Months Ended December 31, (In Thousands, Except Per Share Data) 2021 2020 Change % 2021 2020 Change % Income Statement Data Net income (loss) $ 57,735 $ (8,891 ) NM $ 80,594 $ (112,706 ) 171.5 % Less: after-tax net investment gains (losses) 15,121 23,717 (36.2 )% 37,433 (25,592 ) 246.3 % Less: goodwill impairment — — — % — (15,091 ) 100.0 % Adjusted operating income (loss) $ 42,614 $ (32,608 ) 230.7 % $ 43,161 $ (72,023 ) 159.9 % Diluted Earnings Per Share Data Net income (loss) $ 2.28 $ (0.36 ) NM $ 3.16 $ (4.50 ) 170.2 % Less: after-tax net investment gains (losses) 0.59 0.94 (37.2 )% 1.47 (1.02 ) 244.1 % Less: goodwill impairment — — — % — (0.60 ) 100.0 % Adjusted operating income (loss) $ 1.69 $ (1.30 ) 230.0 % $ 1.69 $ (2.88 ) 158.7 % NM=Not meaningful
Net premiums written: While not a substitute for any GAAP measure of performance, net premiums written is frequently used by industry analysts and other recognized reporting sources to facilitate comparisons of the performance of insurance companies. Net premiums written 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 premiums written are a meaningful measure for evaluating insurance company sales performance and geographical expansion efforts. Net premiums written for an insurance company consists of direct premiums written and reinsurance assumed, less reinsurance ceded. Net premiums earned is calculated on a pro rata basis over the terms of the respective policies. Unearned premium reserves are established for the portion of premiums written applicable to the unexpired term of insurance policy in force. The difference between net premiums earned and net premiums written is the change in unearned premiums and change in prepaid reinsurance premiums.
Net Premiums Earned Reconciliation Three Months Ended December 31, Twelve Months Ended December 31, (In Thousands) 2021 2020 Change % 2021 2020 Change % Premiums: Net premiums earned $ 239,986 $ 263,563 (8.9) % $ 962,823 $ 1,055,082 (8.7) % Less: change in unearned premiums 19,198 34,884 (45.0) % 25,112 40,317 (37.7) % Less: change in prepaid reinsurance premiums 15 681 (97.8) % (3,637 ) 3,415 (206.5) % Net premiums written $ 220,773 $ 227,998 (3.2) % $ 941,348 $ 1,011,350 (6.9) % Supplemental Tables
Consolidated Financial Highlights Three Months Ended December 31, Years Ended December 31, (In Thousands Except Shares and Per Share Data and Ratios) 2021 2020 Change % 2021 2020 Change % Revenue Highlights Net premiums earned $ 239,986 $ 263,563 (8.9 )% $ 962,823 $ 1,055,082 (8.7 )% Net investment income 13,331 17,367 (23.2 )% 55,778 39,670 40.6 % Net investment gains (losses) 19,140 30,021 (36.2 )% 47,383 (32,395 ) 246.3 % Other income (loss) 44 (53 ) 183.0 % 207 6,270 (96.7 )% Total revenues 272,501 310,898 (12.4 )% 1,066,191 1,068,627 (0.2 )% Income Statement Data Net income (loss) $ 57,735 $ (8,891 ) NM $ 80,594 $ (112,706 ) 171.5 % After-tax net investment gains (losses) 15,121 23,717 (36.2 )% 37,433 (25,592 ) 246.3 % Goodwill impairment — — — % — (15,091 ) 100.0 % Adjusted operating income (loss)(1) $ 42,614 $ (32,608 ) 230.7 % $ 43,161 $ (72,023 ) 159.9 % Diluted Earnings Per Share Data Net income (loss) $ 2.28 $ (0.36 ) NM $ 3.16 $ (4.50 ) 170.2 % After-tax net investment gains (losses) 0.59 0.94 (37.2 )% 1.47 (1.02 ) 244.1 % Goodwill impairment — — — % — (0.60 ) 100.0 % Adjusted operating income (loss)(1) $ 1.69 $ (1.30 ) 230.0 % $ 1.69 $ (2.88 ) 158.7 % Catastrophe Data Pre-tax catastrophe losses $ 8,291 $ 20,743 (60.0 )% $ 98,617 $ 142,004 (30.6 )% Effect on after-tax earnings per share 0.26 0.65 (60.0 )% 3.05 4.48 (31.9 )% Effect on combined ratio 3.5 % 7.9 % (55.7 )% 10.2 % 13.5 % (24.4 )% Favorable (unfavorable) reserve development experienced on prior accident years 22,810 (12,386 ) 284.2 % 48,909 17,652 177.1 % GAAP combined ratio 83.1 % 123.1 % (32.5 )% 100.3 % 115.9 % (13.5 )% Return on equity 9.5 % (13.0 )% 173.1 % Cash dividends declared per share $ 0.15 $ 0.33 (54.5 )% $ 0.60 $ 1.14 (47.4 )% Diluted weighted average shares
outstanding25,285,680 25,039,143 1.0 % 25,519,726 25,027,358 2.0 % NM=Not meaningful
(1) Adjusted 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 adjusted operating income to net income.Income Statement Three Months Ended December 31, Years Ended December 31, (In Thousands) 2021 2020 2021 2020 Revenues Net premiums earned $ 239,986 $ 263,563 $ 962,823 $ 1,055,082 Investment income, net of investment expenses 13,331 17,367 55,778 39,670 Net investment gains (losses) 19,140 30,021 47,383 (32,395 ) Other income (loss) 44 (53 ) 207 6,270 Total Revenues $ 272,501 $ 310,898 $ 1,066,191 $ 1,068,627 Benefits, Losses and Expenses Losses and loss settlement expenses $ 118,174 $ 243,298 $ 652,155 $ 869,467 Amortization of deferred policy acquisition costs 52,899 51,812 203,432 210,252 Other underwriting expenses 28,338 29,312 110,574 143,332 Interest expense 796 — 3,187 — Goodwill impairment — — — 15,091 Total Benefits, Losses and Expenses $ 200,207 $ 324,422 $ 969,348 $ 1,238,142 Income (loss) before income taxes 72,294 (13,524 ) 96,843 (169,515 ) Federal income tax expense ( benefit) 14,559 (4,633 ) 16,249 (56,809 ) Net income (loss) $ 57,735 $ (8,891 ) $ 80,594 $ (112,706 ) GAAP combined ratio: Net loss ratio - excluding catastrophes 45.7 % 84.4 % 57.5 % 68.9 % Catastrophes - effect on net loss ratio 3.5 7.9 10.2 13.5 Net loss ratio 49.2 % 92.3 % 67.7 % 82.4 % Expense ratio 33.9 30.8 32.6 33.5 Combined ratio 83.1 % 123.1 % 100.3 % 115.9 % Balance Sheet December 31, 2021 December 31, 2020 (In Thousands) Invested assets $ 2,064,686 $ 2,149,217 Cash 132,104 87,948 Total assets 3,012,721 3,069,678 Loss and loss settlement expenses 1,514,265 1,578,131 Total liabilities 2,133,600 2,244,529 Net unrealized investment gains, after-tax 49,769 83,070 Total stockholders’ equity 879,121 825,149 Net Premiums Written by Line of Business Three Months Ended December 31, Years Ended December 31, 2021 2020 2021 2020 (In Thousands) Net Premiums Written(1) Commercial lines: Other liability(2) $ 63,282 $ 76,725 $ 286,547 $ 315,055 Fire and allied lines(3) 60,634 55,663 241,491 241,432 Automobile 47,259 61,889 224,657 276,336 Workers’ compensation 10,487 12,854 56,055 70,335 Fidelity and surety 8,822 7,306 36,704 30,452 Miscellaneous 240 322 1,195 1,449 Total commercial lines $ 190,724 $ 214,759 $ 846,649 $ 935,059 Personal lines: Fire and allied lines(4) $ 65 $ 1,971 $ 3,065 $ 23,176 Automobile (5 ) 1,587 272 21,135 Miscellaneous 7 41 55 854 Total personal lines $ 67 $ 3,599 $ 3,392 $ 45,165 Reinsurance assumed 29,982 9,640 91,307 31,126 Total $ 220,773 $ 227,998 $ 941,348 $ 1,011,350 (1) Net premiums written is a non-GAAP financial measure of net premiums earned. See Definitions of Non-GAAP Information and Reconciliations to Comparable GAAP Measures for a reconciliation of net premiums written to net premiums earned.
(2) 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.
(3) Commercial lines “Fire and allied lines” includes fire, allied lines, commercial multiple peril and inland marine.
(4) 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 December 31, 2021 2020 Net Losses Net Losses and Loss and Loss Net Settlement Net Net Settlement Net (In Thousands) Premiums Expenses Loss Premiums Expenses Loss Unaudited Earned Incurred Ratio Earned Incurred Ratio Commercial lines Other liability $ 74,389 $ 50,508 67.9 % $ 81,080 $ 64,532 79.6 % Fire and allied lines 61,815 27,104 43.8 61,926 56,889 91.9 Automobile 57,897 29,487 50.9 71,341 84,897 119.0 Workers' compensation 14,430 10,189 70.6 18,080 5,258 29.1 Fidelity and surety 8,553 (87 ) (1.0 ) 7,895 693 8.8 Miscellaneous 306 77 25.2 372 (5 ) (1.3 ) Total commercial lines $ 217,390 $ 117,278 53.9 % $ 240,694 $ 212,264 88.2 % Personal lines Fire and allied lines $ 1,484 $ (2,185 ) NM $ 7,128 $ 11,443 160.5 % Automobile 75 (120 ) NM 5,773 5,600 97.0 Miscellaneous 24 1,153 NM 243 1,180 NM Total personal lines $ 1,583 $ (1,152 ) NM $ 13,144 $ 18,223 138.6 % Reinsurance assumed 21,013 2,048 9.7 % $ 9,725 $ 12,811 131.7 % Total $ 239,986 $ 118,174 49.2 % $ 263,563 $ 243,298 92.3 % NM=Not meaningful
Net Premiums Earned, Losses and Loss Settlement Expenses and Loss Ratio by Line of Business Years Ended December 31, 2021 2020 Net Losses Net Losses and Loss and Loss Net Settlement Net Net Settlement Net (In Thousands) Premiums Expenses Loss Premiums Expenses Loss Unaudited Earned Incurred Ratio Earned Incurred Ratio Commercial lines Other liability $ 299,961 $ 184,794 61.6 % $ 316,098 $ 200,280 63.4 % Fire and allied lines 238,881 177,136 74.2 245,454 228,305 93.0 Automobile 248,135 181,119 73.0 296,444 290,891 98.1 Workers' compensation 61,690 43,790 71.0 75,953 29,463 38.8 Fidelity and surety 30,989 2,913 9.4 28,001 707 2.5 Miscellaneous 1,313 251 19.1 1,530 261 17.1 Total commercial lines $ 880,969 $ 590,003 67.0 % $ 963,480 $ 749,907 77.8 % Personal lines Fire and allied lines 14,604 20,215 138.4 % $ 32,061 $ 66,815 208.4 % Automobile 7,144 5,784 81.0 27,976 21,535 77.0 Miscellaneous 361 (216 ) NM 1,148 3,741 NM Total personal lines $ 22,109 $ 25,783 116.6 % $ 61,185 $ 92,091 150.5 % Reinsurance assumed $ 59,745 $ 36,369 60.9 % $ 30,417 $ 27,469 90.3 % Total $ 962,823 $ 652,155 67.7 % $ 1,055,082 $ 869,467 82.4 % NM=Not meaningful
