Segment Information The Company currently operates two business segments, Property and Casualty and Accident and Health. The Corporate and Other column represents the activities of the holding company, as well as income from the Companys investment portfolio. The Company evaluates segment profits attributable to the performance of activities within the segment separately from the results of the Companys investment portfolio. Other operating expenses allocated to the segments are called General and administrative expenses which are allocated on an actual basis except corporate salaries and benefits where managements judgment is applied. In determining total assets by segment, the Company identifies those assets that are attributable to a particular segment such as premiums, deferred acquisition costs, reinsurance recoverable, prepaid reinsurance premiums, intangible assets and goodwill, while the remaining assets are allocated to Corporate and Other. The Property and Casualty segment, which includes the Reciprocal Exchanges and the management companies, reports the management fees earned by the Company from the Reciprocal Exchanges for underwriting, investment management and other services as service and fee income. The effects of these transactions between the Company and the Reciprocal Exchanges are eliminated in consolidation to derive consolidated net income. However, the management fee income is reported in net income attributable to NGHC and included in the basic and diluted earnings per share. The following tables summarize the results of operations of the operating segments: Year Ended December 31, 2018 Property and Casualty Accident and Health Corporate and Other Total Underwriting revenues: Gross premium written $ 4,718,730 $ 698,109 $  $ 5,416,839 Ceded premiums (1,517,556 ) (71,570 )  (1,589,126 ) Net premium written 3,201,174 626,539  3,827,713 Change in unearned premium (85,385 ) (10,126 )  (95,511 ) Net earned premium 3,115,789 616,413  3,732,202 Ceding commission income 217,694 7,003  224,697 Service and fee income 375,603 185,980  561,583 Total underwriting revenues 3,709,086 809,396  4,518,482 Underwriting expenses: Loss and loss adjustment expense 2,340,881 321,345  2,662,226 Acquisition costs and other underwriting expenses 550,540 184,726  735,266 General and administrative expenses 726,238 201,808 10,000 938,046 Total underwriting expenses 3,617,659 707,879 10,000 4,335,538 Underwriting income 91,427 101,517 (10,000 ) 182,944 Net investment income   119,034 119,034 Net loss on investments   (29,545 ) (29,545 ) Interest expense   (51,425 ) (51,425 ) Provision for income taxes   (53,484 ) (53,484 ) Net (income) loss attributable to non-controlling interest   39,830 39,830 Net income attributable to NGHC $ 91,427 $ 101,517 $ 14,410 $ 207,354 Year Ended December 31, 2017 Property and Casualty Accident and Health Corporate and Other Total Underwriting revenues: Gross premium written $ 4,174,583 $ 581,402 $  $ 4,755,985 Ceded premiums (1,132,284 ) (46,106 )  (1,178,390 ) Net premium written 3,042,299 535,296  3,577,595 Change in unearned premium 78,594 (2,013 )  76,581 Net earned premium 3,120,893 533,283  3,654,176 Ceding commission income 115,443 1,013  116,456 Service and fee income 348,313 154,614  502,927 Total underwriting revenues 3,584,649 688,910  4,273,559 Underwriting expenses: Loss and loss adjustment expense 2,307,619 318,463  2,626,082 Acquisition costs and other underwriting expenses 517,550 154,879  672,429 General and administrative expenses 741,499 171,497  912,996 Total underwriting expenses 3,566,668 644,839  4,211,507 Underwriting income 17,981 44,071  62,052 Net investment income   101,950 101,950 Net gain on investments   46,763 46,763 Other income (expense)   (198 ) (198 ) Interest expense   (47,086 ) (47,086 ) Provision for income taxes   (61,273 ) (61,273 ) Net (income) loss attributable to non-controlling interest   3,637 3,637 Net income attributable to NGHC $ 17,981 $ 44,071 $ 43,793 $ 105,845 Year Ended December 31, 2016 Property and Casualty Accident and Health Corporate and Other Total Underwriting revenues: Gross premium written $ 3,036,888 $ 464,010 $  $ 3,500,898 Ceded premiums (382,860 ) (45,342 )  (428,202 ) Net premium written 2,654,028 418,668  3,072,696 Change in unearned premium (73,284 ) (4,241 )  (77,525 ) Net earned premium 2,580,744 414,427  2,995,171 Ceding commission income 44,269 1,331  45,600 Service and fee income 241,881 138,936  380,817 Total underwriting revenues 2,866,894 554,694  3,421,588 Underwriting expenses: Loss and loss adjustment expense 1,791,070 301,210  2,092,280 Acquisition costs and other underwriting expenses 394,277 102,730  497,007 General and administrative expenses 580,815 128,333  709,148 Total underwriting expenses 2,766,162 532,273  3,298,435 Underwriting income 100,732 22,421  123,153 Net investment income   115,187 115,187 Net gain on investments   7,904 7,904 Other income   24,308 24,308 Interest expense   (40,180 ) (40,180 ) Provision for income taxes   (33,998 ) (33,998 ) Net (income) attributable to non-controlling interest   (20,668 ) (20,668 ) Net income attributable to NGHC $ 100,732 $ 22,421 $ 52,553 $ 175,706 The following tables summarize the financial position of the operating segments: December 31, 2018 Property and Casualty Accident and Health Corporate and Other Total Premiums and other receivables, net $ 1,245,530 $ 153,896 $ 386 $ 1,399,812 Deferred acquisition costs 226,188 25,220  251,408 Reinsurance recoverable 1,585,008 26,730  1,611,738 Prepaid reinsurance premiums 665,660 14  665,674 Intangible assets, net and Goodwill 443,163 116,957  560,120 Prepaid and other assets 20,941 22,472 111,545 154,958 Corporate and other assets   4,795,570 4,795,570 Total assets $ 4,186,490 $ 345,289 $ 4,907,501 $ 9,439,280 December 31, 2017 Property and Casualty Accident and Health Corporate and Other Total Premiums and other receivables, net $ 1,177,350 $ 117,000 $ 29,971 $ 1,324,321 Deferred acquisition costs 198,283 18,106  216,389 Reinsurance recoverable 1,284,325 9,840  1,294,165 Prepaid reinsurance premiums 517,122   517,122 Intangible assets, net and Goodwill 464,153 114,070  578,223 Prepaid and other assets 21,141 35,608 99,081 155,830 Corporate and other assets   4,353,693 4,353,693 Total assets $ 3,662,374 $ 294,624 $ 4,482,745 $ 8,439,743 The following table shows an analysis of the premiums by geographical location: Year Ended December 31, 2018 2017 2016 NGHC Reciprocal Exchanges Total NGHC Reciprocal Exchanges Total NGHC Reciprocal Exchanges Total Gross premium written - North America $ 4,817,658 $ 448,923 $ 5,266,581 $ 4,252,691 $ 383,773 $ 4,636,464 $ 3,156,393 $ 241,540 $ 3,397,933 Gross premium written - Europe 150,258  150,258 119,521  119,521 102,965  102,965 Total $ 4,967,916 $ 448,923 $ 5,416,839 $ 4,372,212 $ 383,773 $ 4,755,985 $ 3,259,358 $ 241,540 $ 3,500,898 Net premium written - North America $ 3,523,060 $ 183,565 $ 3,706,625 $ 3,282,425 $ 175,649 $ 3,458,074 $ 2,849,183 $ 120,548 $ 2,969,731 Net premium written - Europe 121,088  121,088 119,521  119,521 102,965  102,965 Total $ 3,644,148 $ 183,565 $ 3,827,713 $ 3,401,946 $ 175,649 $ 3,577,595 $ 2,952,148 $ 120,548 $ 3,072,696 Net earned premium - North America $ 3,434,386 $ 186,761 $ 3,621,147 $ 3,367,695 $ 169,871 $ 3,537,566 $ 2,787,244 $ 110,395 $ 2,897,639 Net earned premium - Europe 111,055  111,055 116,610  116,610 97,532  97,532 Total $ 3,545,441 $ 186,761 $ 3,732,202 $ 3,484,305 $ 169,871 $ 3,654,176 $ 2,884,776 $ 110,395 $ 2,995,171 The following tables show an analysis of premiums by product type: Year Ended December 31, Gross Premium Written 2018 2017 2016 Property and Casualty Personal Auto $ 2,637,176 $ 2,334,838 $ 1,548,365 Homeowners 688,006 558,827 410,565 RV/Packaged 208,394 187,475 165,919 Small Business Auto 319,299 316,958 257,075 Lender-placed insurance 363,056 345,354 376,058 Other 53,876 47,358 37,366 Property and Casualty $ 4,269,807 $ 3,790,810 $ 2,795,348 Accident and Health 698,109 581,402 464,010 NGHC Total $ 4,967,916 $ 4,372,212 $ 3,259,358 Reciprocal Exchanges Personal Auto $ 153,129 $ 132,844 $ 73,680 Homeowners 291,907 247,460 161,510 Other 3,887 3,469 6,350 Reciprocal Exchanges Total $ 448,923 $ 383,773 $ 241,540 Total $ 5,416,839 $ 4,755,985 $ 3,500,898 Year Ended December 31, Net Premium Written 2018 2017 2016 Property and Casualty Personal Auto $ 2,016,858 $ 1,824,932 $ 1,380,125 Homeowners 331,120 275,013 369,810 RV/Packaged 206,740 185,993 165,025 Small Business Auto 233,456 246,072 234,101 Lender-placed insurance 202,069 313,124 363,896 Other 27,366 21,516 20,523 Property and Casualty $ 3,017,609 $ 2,866,650 $ 2,533,480 Accident and Health 626,539 535,296 418,668 NGHC Total $ 3,644,148 $ 3,401,946 $ 2,952,148 Reciprocal Exchanges Personal Auto $ 61,759 $ 68,292 $ 44,661 Homeowners 120,875 105,536 71,367 Other 931 1,821 4,520 Reciprocal Exchanges Total $ 183,565 $ 175,649 $ 120,548 Total $ 3,827,713 $ 3,577,595 $ 3,072,696 Year Ended December 31, Net Earned Premium 2018 2017 2016 Property and Casualty Personal Auto $ 1,927,667 $ 1,828,304 $ 1,292,563 Homeowners 329,850 349,709 353,228 RV/Packaged 197,258 175,888 158,256 Small Business Auto 237,587 251,576 217,919 Lender-placed insurance 215,811 321,995 422,645 Other 20,855 23,550 25,738 Property and Casualty $ 2,929,028 $ 2,951,022 $ 2,470,349 Accident and Health 616,413 533,283 414,427 NGHC Total $ 3,545,441 $ 3,484,305 $ 2,884,776 Reciprocal Exchanges Personal Auto $ 59,923 $ 66,565 $ 42,225 Homeowners 125,806 101,648 61,748 Other 1,032 1,658 6,422 Reciprocal Exchanges Total $ 186,761 $ 169,871 $ 110,395 Total $ 3,732,202 $ 3,654,176 $ 2,995,171