Segment Information The Company is engaged in the sale of property and casualty insurance products and has organized its business model around three classes of insurance businesses: commercial lines, personal lines, and wholesale agency business. Within these three businesses, the Company offers various insurance products and insurance agency services. Such insurance businesses are engaged in underwriting and marketing insurance coverages, and administering claims processing for such policies. The Company views the commercial and personal lines segments as underwriting business (business that takes on insurance underwriting risk). The wholesale agency business provides non-risk bearing revenue through commissions and policy fees. The wholesale agency business increases the product options to the Companys independent retail agents by offering both insurance products from the Insurance Company Subsidiaries as well as products offered by other insurers. This segment has expanded in 2019, resulting in its separate disclosure. Prior periods have been recast to reflect the separate disclosure of the wholesale agency segment. The Company defines its operating segments as components of the business where separate financial information is available and used by the chief operating decision maker in deciding how to allocate resources to its segments and in assessing its performance. In assessing performance of its operating segments, the Companys chief operating decision maker, the Chief Executive Officer, reviews a number of financial measures including gross written premiums, net earned premiums, losses and LAE, net of reinsurance recoveries, and other revenue and expenses. The primary measure used for making decisions about resources to be allocated to an operating segment and assessing its performance is segment underwriting gain or loss which is defined as segment revenues, consisting of net earned premiums and other income, less segment expenses, consisting of losses and LAE, policy acquisition costs and operating expenses of the operating segments. Operating expenses primarily include compensation and related benefits for personnel, policy issuance and claims systems, rent and utilities. The Company markets, distributes and sells its insurance products through its own insurance agencies and a network of independent agents. All of the Companys insurance activities are conducted in the United States with a concentration of activity in Florida, Michigan, Texas and Pennsylvania. For the nine months ended September 30, 2019 and 2018 , gross written premiums attributable to these four states were 49% and 54% , respectively, of the Companys total gross written premiums. The Agency business sells insurance products on behalf of the Companys commercial and personal lines businesses as well as to third-party insurers. Certain acquisition costs incurred by the commercial and personal lines businesses are reflected as commission revenue for the Agency business and are eliminated in the Eliminations category. In addition to the reportable operating segments, the Company maintains a Corporate category to reconcile segment results to the consolidated totals. The Corporate category includes: (i) corporate operating expenses such as salaries and related benefits of the Companys executive management team and finance and information technology personnel, and other corporate headquarters expenses, (ii) interest expense on the Companys debt obligations; (iii) depreciation and amortization on property and equipment, and (iv) all investment income activity. All investment income activity is reported within net investment income, net realized investment gains, and change in fair value of equity securities on the consolidated statements of operations. The Companys assets on the consolidated balance sheet are not allocated to the reportable segments. The following tables present information by reportable operating segment (dollars in thousands): Three Months Ended September 30, 2019 Commercial Lines Personal Lines Total Underwriting Wholesale Agency Corporate Eliminations Total Gross written premiums $ 25,018 $ 2,059 $ 27,077 $  $  $  $ 27,077 Net written premiums $ 22,095 $ 1,711 $ 23,806 $  $  $  $ 23,806 Net earned premiums $ 21,439 $ 1,336 $ 22,775 $  $  $  $ 22,775 Other income 70 33 103 2,619 47 (2,205 ) 564 Total revenue 21,509 1,369 22,878 2,619 47 (2,205 ) 23,339 Losses and loss adjustment expenses, net 13,517 1,340 14,857    14,857 Policy acquisition costs 6,114 447 6,561 1,825  (2,233 ) 6,153 Operating expenses 3,239 327 3,566 434 297  4,297 Total expenses 22,870 2,114 24,984 2,259 297 (2,233 ) 25,307 Underwriting gain (loss) $ (1,361 ) $ (745 ) $ (2,106 ) $ 360 $ (250 ) $ 28 $ (1,968 ) Net investment income   1,210  1,210 Net realized investment gains   390  390 Change in fair value of equity securities   (1,065 )  (1,065 ) Interest expense   (720 )  (720 ) Income (loss) before equity earnings of affiliates and income taxes $ (2,106 ) $ 360 $ (435 ) $ 28 $ (2,153 ) Three Months Ended September 30, 2018 Commercial Lines Personal Lines Total Underwriting Wholesale Agency Corporate Eliminations Total Gross written premiums $ 24,806 $ 1,823 $ 26,629 $  $  $  $ 26,629 Net written premiums $ 22,160 $ 686 $ 22,846 $  $  $  $ 22,846 Net earned premiums $ 21,270 $ 2,180 $ 23,450 $  $  $  $ 23,450 Other income 19 49 68 2,708 34 (2,405 ) 405 Total revenue 21,289 2,229 23,518 2,708 34 (2,405 ) 23,855 Losses and loss adjustment expenses, net 14,445 2,109 16,554    16,554 Policy acquisition costs 6,088 961 7,049 1,808  (2,405 ) 6,452 Operating expenses 3,871 325 4,196 389 201 4,786 Total expenses 24,404 3,395 27,799 2,197 201 (2,405 ) 27,792 Underwriting gain (loss) $ (3,115 ) $ (1,166 ) (4,281 ) 511 (167 )  (3,937 ) Net investment income   786  786 Net realized investment gains   (21 )  (21 ) Change in fair value of equity securities   151  151 Interest expense   (598 )  (598 ) Income (loss) before equity earnings of affiliates and income taxes $ (4,281 ) $ 511 $ 151 $  $ (3,619 ) Nine Months Ended September 30, 2019 Commercial Lines Personal Lines Total Underwriting Wholesale Agency Corporate Eliminations Total Gross written premiums $ 71,061 $ 5,401 $ 76,462 $  $  $  $ 76,462 Net written premiums $ 61,579 $ 3,983 $ 65,562 $  $  $  $ 65,562 Net earned premiums $ 62,291 $ 3,520 $ 65,811 $  $  $  $ 65,811 Other income 144 108 252 7,099 179 (5,963 ) 1,567 Total revenue 62,435 3,628 66,063 7,099 179 (5,963 ) 67,378 Losses and loss adjustment expenses, net 38,611 5,084 43,695    43,695 Policy acquisition costs 17,335 1,202 18,537 4,787  (5,372 ) 17,952 Operating expenses 9,614 867 10,481 1,572 907  12,960 Total expenses 65,560 7,153 72,713 6,359 907 (5,372 ) 74,607 Underwriting gain (loss) $ (3,125 ) $ (3,525 ) $ (6,650 ) $ 740 $ (728 ) $ (591 ) $ (7,229 ) Net investment income   3,171  3,171 Net realized investment gains   1,124  1,124 Change in fair value of equity securities   (715 )  (715 ) Interest expense   (2,155 )  (2,155 ) Income (loss) before equity earnings of affiliates and income taxes $ (6,650 ) $ 740 $ 697 $ (591 ) $ (5,804 ) Nine Months Ended September 30, 2018 Commercial Lines Personal Lines Total Underwriting Wholesale Agency Corporate Eliminations Total Gross written premiums $ 71,602 $ 5,326 $ 76,928 $  $  $  $ 76,928 Net written premiums $ 63,866 $ 1,420 $ 65,286 $  $  $  $ 65,286 Net earned premiums $ 62,270 $ 8,918 $ 71,188 $  $  $  $ 71,188 Other income 76 181 257 7,018 99 (6,162 ) 1,212 Total revenue 62,346 9,099 71,445 7,018 99 (6,162 ) 72,400 Losses and loss adjustment expenses, net 36,979 7,971 44,950    44,950 Policy acquisition costs 17,722 3,260 20,982 4,617 (6,162 ) 19,437 Operating expenses 10,906 779 11,685 1,340 251 13,276 Total expenses 65,607 12,010 77,617 5,957 251 (6,162 ) 77,663 Underwriting gain (loss) $ (3,261 ) $ (2,911 ) $ (6,172 ) $ 1,061 $ (152 ) $  $ (5,263 ) Net investment income 2,425  2,425 Net realized investment gains 152  152 Change in fair value of equity securities (116 )  (116 ) Interest expense (1,834 )  (1,834 ) Income (loss) before equity earnings of affiliates and income taxes $ (6,172 ) $ 1,061 $ 475 $  $ (4,636 )