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Table of Contents
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2020
OR
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ___________ to ___________

Commission file number: 001-39392

TREAN INSURANCE GROUP, INC.
(Exact name of registrant as specified in its charter)
Delaware 84-4512647
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)
150 Lake Street West
Wayzata, MN 55391
(Address of principal executive offices and zip code)
 (952) 974-2200
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 par value per shareTIGThe Nasdaq Global Select Market

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 an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," a "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filerNon-accelerated filerSmaller 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 is a shell company (as defined in Rule 12b-2 of the Act).    Yes     No  
As of November 11, 2020, there were 51,148,782 shares of the registrant's common stock outstanding.


Table of Contents
TREAN INSURANCE GROUP, INC.
TABLE OF CONTENTS

2


Table of Contents
PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

Trean Insurance Group, Inc. and Subsidiaries
Condensed Consolidated and Condensed Combined Balance Sheets
(in thousands, except share and per share data)
September 30, 2020December 31, 2019
Assets(unaudited)
Fixed maturities, at fair value (amortized cost of $358,506 and $329,640, respectively)
$375,286 $337,865 
Preferred stock, at fair value (amortized cost of $243 and $337, respectively)
240 343 
Common stock, at fair value (cost $1,554 and $492, respectively)
3,458 492 
Equity method investments232 12,173 
Total investments379,216 350,873 
Cash and cash equivalents165,255 74,268 
Restricted cash21,175 1,800 
Accrued investment income2,418 2,468 
Premiums and other receivables99,635 62,460 
Income taxes refundable797  
Related party receivables33 22,221 
Reinsurance recoverable350,425 307,338 
Prepaid reinsurance premiums103,929 80,088 
Deferred policy acquisition cost, net3,777 2,115 
Property and equipment, net8,439 7,937 
Right of use asset6,558 — 
Deferred tax asset 1,367 
Goodwill139,575 2,822 
Intangible assets, net73,436 154 
Other assets9,721 3,123 
Total assets$1,364,389 $919,034 
Liabilities
Unpaid loss and loss adjustment expenses$465,502 $406,716 
Unearned premiums143,390 103,789 
Funds held under reinsurance agreements160,614 163,445 
Reinsurance premiums payable59,756 53,620 
Accounts payable and accrued expenses73,865 14,995 
Lease liability7,054 — 
Income taxes payable 714 
Deferred tax liability12,597  
Debt39,858 29,040 
Total liabilities962,636 772,319 
Commitments and contingencies
Redeemable preferred stock (0 and 1,000,000 authorized, respectively; 0 and 51 outstanding, respectively)
— 5,100 
Shareholders' equity
Common stock, $0.01 par value per share (600,000,000 and 0 authorized, respectively; 51,148,782 and 0 issued and outstanding, respectively)
511 — 
Members' equity— 78,438 
Additional paid-in capital287,234 17,995 
Retained earnings104,853 40,361 
Accumulated other comprehensive income9,155 4,821 
Total shareholders' equity401,753 141,615 
Total liabilities and shareholders' equity$1,364,389 $919,034 
See accompanying notes to the condensed consolidated financial statements.
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Trean Insurance Group, Inc. and Subsidiaries
Condensed Consolidated and Condensed Combined Statements of Operations
(in thousands, except share and per share data)
(unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
2020201920202019
Revenues
Gross written premiums$132,284 $107,534 $349,755 $313,488 
Increase in gross unearned premiums(22,963)(5,612)(39,601)(18,099)
Gross earned premiums109,321 101,922 310,154 295,389 
Ceded earned premiums(81,465)(79,761)(238,460)(230,227)
Net earned premiums27,856 22,161 71,694 65,162 
Net investment income1,857 1,721 6,653 4,578 
Gain on revaluation of Compstar investment69,846  69,846  
Net realized capital gains (losses)115 (34)3,345 689 
Other revenue5,401 2,561 11,323 8,049 
Total revenue105,075 26,409 162,861 78,478 
Expenses
Losses and loss adjustment expenses15,564 13,976 40,681 38,446 
General and administrative expenses6,995 5,756 23,437 15,894 
IPO bonuses and contract buyout fee11,054  11,054  
Intangible asset amortization1,120 11 1,154 35 
Noncash share-based compensation307  307  
Interest expense520 498 1,482 1,683 
Total expenses35,560 20,241 78,115 56,058 
Other income (expense)209 (8)263 118 
Income before taxes69,724 6,160 85,009 22,538 
Income tax expense788 1,395 4,679 4,404 
Equity earnings in affiliates, net of tax401 1,021 2,333 2,494 
Net income$69,337 $5,786 $82,663 $20,628 
Earnings per share:
Basic$1.41 $0.15 $2.00 $0.55 
Diluted$1.41 $0.15 $2.00 $0.55 
Weighted average shares outstanding:
Basic49,054,441 37,386,394 41,304,132 37,386,394 
Diluted49,056,001 37,386,394 41,304,652 37,386,394 
See accompanying notes to the condensed consolidated financial statements.
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Trean Insurance Group, Inc. and Subsidiaries
Condensed Consolidated and Condensed Combined Statements of Comprehensive Income
(in thousands)
(unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
2020201920202019
Net income$69,337 $5,786 $82,663 $20,628 
Other comprehensive income, net of tax:
Unrealized investment gains:
Unrealized investment gains arising during the period686 1,189 5,715 8,942 
Income tax expense144 249 1,198 1,878 
Unrealized investment gains, net of tax542 940 4,517 7,064 
Less reclassification adjustments to:
Net realized investment gains (losses) included in net realized capital gains (losses)114 (34)232 55 
Income tax expense (benefit)24 (8)49 11 
Total reclassifications included in net income, net of tax90 (26)183 44 
Other comprehensive income452 966 4,334 7,020 
Total comprehensive income$69,789 $6,752 $86,997 $27,648 
See accompanying notes to the condensed consolidated financial statements.
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Trean Insurance Group, Inc. and Subsidiaries
Condensed Consolidated and Condensed Combined Statements of Shareholders’ Equity and Redeemable Preferred Stock
For the Three and Nine Months Ended September 30, 2020 and 2019
(in thousands, except share and unit data)
(unaudited)
Members' Equity
Redeemable Preferred StockPreferred StockClass A - Non VotingClass B - VotingClass B - Non VotingClass C - Non VotingCommon StockAdditional Paid in CapitalAccumulated Other Comprehensive Income Retained EarningsTotal Shareholders' Equity
SharesAmountSharesAmountUnitsAmountUnitsAmountUnitsAmountUnitsAmountSharesAmount
Balance at June 30, 202051 $5,100  $ 65,036,780 $65,037 5,045,215 $5,045 8,159,775 $8,160 235,905 $236  $ $16,542 $8,703 $35,561 $139,284 
Issuance of Class C units— — — — — — — — — — 157,270 157 — — — — — 157 
Dividends on Series B preferred stock— — — — — — — — — — — — — — — — (45)(45)
Redemption of Series B redeemable preferred stock(51)(5,100)— — — — — — — — — — — — — — — — 
Corporate recapitalization— — — — (65,036,780)(65,037)(5,045,215)(5,045)(8,159,775)(8,160)(393,175)(393)37,386,394 374 78,261 — —  
Issuance of common shares for acquisition of Compstar— — — — — — — — — — — — 6,613,606 66 99,138 — — 99,204 
Proceeds from common stock sold in initial public offering, net of offering costs— — — — — — — — — — — — 7,142,857 71 93,068 — — 93,139 
Common stock issuances pursuant to equity compensation awards— — — — — — — — — — — — 5,925 — (82)— — (82)
Stock-based compensation expense— — — — — — — — — — — — — — 307 — — 307 
Other comprehensive income— — — — — — — — — — — — — — — 452 — 452 
Net income— — — — — — — — — — — — — — — — 69,337 69,337 
Balance at September 30, 2020 $  $  $  $  $  $ 51,148,782 $511 $287,234 $9,155 $104,853 $401,753 

See accompanying notes to the condensed consolidated financial statements.
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Members' Equity
Redeemable Preferred StockPreferred StockClass A - Non VotingClass B - VotingClass B - Non VotingClass C - Non VotingCommon StockAdditional Paid in CapitalAccumulated Other Comprehensive IncomeRetained EarningsTotal Shareholders' Equity
SharesAmountSharesAmountUnitsAmountUnitsAmountUnitsAmountUnitsAmountSharesAmount
Balance at June 30, 201960 $6,000 10 $1,000 65,036,780 $65,037 5,045,215 $5,045 8,159,775 $8,160 157,270 $157  $ $17,995 $4,051 $24,907 $126,352 
Issuance of Class C units— — — — — — — — — — 19,659 20 — — — — 20 
Distributions to members— — — — — — — — — — — — — — — — (831)(831)
Dividends on Series A preferred stock— — — — — — — — — — — — — — — — (12)(12)
Dividends on Series B preferred stock— — — — — — — — — — — — — — — — (36)(36)
Other comprehensive income— — — — — — — — — — — — — — — 966 — 966 
Net income— — — — — — — — — — — — — — — — 5,786 5,786 
Balance at September 30, 201960 $6,000 10 $1,000 65,036,780 $65,037 5,045,215 $5,045 8,159,775 $8,160 176,929 $177  $ $17,995 $5,017 $29,814 $132,245 

Members' Equity
Redeemable Preferred StockPreferred StockClass A - Non VotingClass B - VotingClass B - Non VotingClass C - Non VotingCommon StockAdditional Paid in CapitalAccumulated Other Comprehensive Income Retained EarningsTotal Shareholders' Equity
SharesAmountSharesAmountUnitsAmountUnitsAmountUnitsAmountUnitsAmountSharesAmount
Balance at December 31, 201951 $5,100  $ 65,036,780 $65,037 5,045,215 $5,045 8,159,775 $8,160 196,588 $196  $ $17,995 $4,821 $40,361 $141,615 
Issuance of Class C units— — — — — — — — — — 196,587 197 — — — — — 197 
Distributions to members— — — — — — — — — — — — — — (1,453)— (18,043)(19,496)
Dividends on Series B preferred stock— — — — — — — — — — — — — — — — (128)(128)
Redemption of Series B redeemable preferred stock(51)(5,100)— — — — — — — — — — — — — — — — 
Corporate recapitalization— — — — (65,036,780)(65,037)(5,045,215)(5,045)(8,159,775)(8,160)(393,175)(393)37,386,394 374 78,261 — —  
Issuance of common shares for acquisition of Compstar— — — — — — — — — — — — 6,613,606 66 99,138 — — 99,204 
Proceeds from common stock sold in initial public offering, net of offering costs— — — — — — — — — — — — 7,142,857 71 93,068 — — 93,139 
Common stock issuances pursuant to equity compensation awards— — — — — — — — — — — — 5,925 — (82)— — (82)
Stock-based compensation expense— — — — — — — — — — — — — — 307 — — 307 
Other comprehensive income— — — — — — — — — — — — — — — 4,334 — 4,334 
Net income— — — — — — — — — — — — — — — — 82,663 82,663 
Balance at September 30, 2020 $  $  $  $  $  $ 51,148,782 $511 $287,234 $9,155 $104,853 $401,753 

See accompanying notes to the condensed consolidated financial statements.
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Table of Contents
Members' Equity
Redeemable Preferred StockPreferred StockClass A - Non VotingClass B - VotingClass B - Non VotingClass C - Non VotingCommon StockAdditional Paid in CapitalAccumulated Other Comprehensive Income (Loss)Retained EarningsTotal Shareholders' Equity
SharesAmountSharesAmountUnitsAmountUnitsAmountUnitsAmountUnitsAmountSharesAmount
Balance at December 31, 201860 $6,000 10 $1,000 65,036,780 $65,037 5,045,215 $5,045 8,159,775 $8,160 117,953 $118  $ $17,995 $(2,003)$9,779 $105,131 
Cumulative effect of adopting ASC Topic 606 — — — — — — — — — — — — — — — — 695 695 
Issuance of Class C units— — — — — — — — — — 58,976 59 — — — — — 59 
Distributions to members— — — — — — — — — — — — — — — — (1,144)(1,144)
Dividends on Series A preferred stock — — — — — — — — — — — — — — — — (34)(34)
Dividends on Series B preferred stock— — — — — — — — — — — — — — — — (110)(110)
Other comprehensive income— — — — — — — — — — — — — — — 7,020 — 7,020 
Net income— — — — — — — — — — — — — — — — 20,628 20,628 
Balance at September 30, 201960 $6,000 10 $1,000 65,036,780 $65,037 5,045,215 $5,045