BEDFORD, Texas, Oct. 23, 2017 /PRNewswire/ -- State
National Companies, Inc. (NASDAQ: SNC), a leading specialty
provider of property and casualty insurance services, today
reported its financial results for the third quarter ended
September 30, 2017.
Commenting on the results, State National's Chairman and Chief
Executive Officer, Terry Ledbetter,
said, "Our third quarter revenue increase was driven by continued
growth in Lender and Program Services with premiums earned and
ceding fees both up sequentially and year over year. We believe
that the favorable industry trends in both business segments
position the company well for future growth and profitability.
As we have previously announced, the definitive agreement under
which Markel will acquire all of the outstanding shares of State
National remains on track to close in the fourth quarter of
2017."
Total revenues in the third quarter of 2017 were $61.4 million, up 6% from $57.9 million in the third quarter of 2016.
Net income was $14.7 million, or
$0.34 per diluted share, in the third
quarter of 2017, compared to net income of $15.3 million, or $0.37 per diluted share, for the same period in
2016. Realized investment gains were $1.0
million in the third quarter of 2017, down from $2.0 million in the third quarter of 2016. The
impact of the decrease in realized net investment gains and losses
(net of tax) for the third quarter of 2017 was $0.02 per diluted share. The impact of the
additional weighted-average shares outstanding for the current
quarter accounts for the additional $0.01 of decrease in the earnings per share
compared to the same period last year.
Program Services Segment
The Program Services segment provides fronting to general agents
and insurance carriers to leverage State National's "A" (Excellent)
A.M. Best rating, expansive licenses and trusted reputation to
provide access to the U.S. property and casualty insurance market
in exchange for ceding fees. State National issues the
policy, and the reinsurer assumes the risk.
In the third quarter of 2017, total revenues from the Program
Services segment were $21.7 million,
an increase of $2.4 million, or 13%,
from the third quarter of 2016. The growth in revenues was
driven by increased ceding fees from both new and existing client
programs.
Lender Services Segment
In Lender Services, the collateral protection business is fully
vertically integrated as State National manages all aspects of
these product offerings for its clients, including policy issuance
and administration, underwriting and claims, which we believe is a
competitive advantage in the marketplace. Additionally, the Company
differentiates itself from competitors by establishing long-term
relationships with clients and providing high-quality service and
advanced technology.
In the third quarter of 2017, net premiums written from the
Lender Services segment were $42.5
million, an increase of $5.0
million, or 13%, from the third quarter of 2016. Net
premiums earned were $35.5 million in
the third quarter of 2017, an increase of $1.8 million, or 5%, from the third quarter of
2016. Contributing to this increase in Lender Services premiums are
sales of new accounts and loan portfolio growth from existing
accounts driven by continued high levels of automobile sales and
rising average automobile loan sizes.
Losses and loss adjustment expenses were $15.7 million in the third quarter of 2017,
compared to $13.7 million in the
same period last year. The loss ratio increased to 44% in the
third quarter from 40% in the third quarter last year, primarily
due to increased claim severity. The net expense ratio decreased to
approximately 37% in the third quarter 2017 from 38% in the third
quarter 2016 due to our ability to effectively leverage fixed
costs. The overall result was a net combined ratio for the quarter
of 81% compared to 78% in the same period of 2016.
General and Administrative Expenses
General and administrative expenses in the third quarter of 2017
increased to $19.7 million from
$17.2 million in the third quarter of
2016, reflecting investment in strategic growth and increased
professional fees primarily related to the transaction with
Markel.
Balance Sheet
State National's balance sheet reflects low financial leverage
with only $43.8 million of
debt. This debt has limited covenant requirements and is
interest-only until the early to mid-2030s.
State National's investment portfolio has a short duration and
consists primarily of fixed income securities, the majority of
which have investment grade ratings. The portfolio is laddered to
allow for reinvestment of funds as rates change.
Approximately $2.9 billion of
State National's assets are comprised of reinsurance recoverables
that are primarily related to the Program Services segment.
Offsetting these recoverables are unpaid losses, loss adjustment
expenses and unearned premium liabilities for the same segment.
Recoverables of approximately $1.8
billion are secured by collateral held in trust funds for
our benefit or letters of credit. The remainder is ceded to
highly rated, well capitalized reinsurers.
Recent Developments
On July 26, 2017, State National
and Markel Corporation entered into a definitive agreement under
which Markel Corporation will acquire State National. The
transaction, which is subject to the approval of a majority of
State National shareholders, approvals by relevant state insurance
regulators and other customary closing conditions, is expected to
close in the fourth quarter of 2017. State National will not be
updating its outlook for fiscal 2017 and will not be holding a
conference call to discuss its third quarter 2017 results.
About State National Companies, Inc.
State National Companies, Inc. (NASDAQ: SNC) is a leading
specialty provider of property and casualty insurance services
operating in two niche markets across the
United States. In its Lender Services segment, the
Company specializes in providing portfolio protection solutions
which insures personal automobiles and other vehicles held as
collateral for loans made by credit unions, banks and specialty
finance companies. In its Program Services segment, the
Company leverages its "A" (Excellent) A.M. Best rating, expansive
licenses and trusted reputation to provide access to the U.S.
property and casualty insurance market in exchange for ceding fees.
To learn more, please visit www.statenational.com.
State National routinely posts important Company information
on its website.
CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS
Various statements contained in this press release are
forward-looking statements made pursuant to the Safe Harbor
Provisions of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements may include projections and
estimates concerning the timing and success of specific projects
and our future production, revenues, income and capital spending.
Our forward-looking statements are generally, but not always,
accompanied by words such as "estimate," "believe," "expect,"
"will," "plan," "target," "could" or other words that convey the
uncertainty of future events or outcomes.
There can be no assurance that actual developments will be
those anticipated by us. Actual results may differ materially from
those expressed or implied in these statements as a result of
significant risks and uncertainties, including, but not limited
to, our ability to recover from our capacity providers, the cost
and availability of reinsurance coverage, challenges to our use of
issuing carrier or fronting arrangements by regulators or changes
in state or federal insurance or other statutes or regulations,
our dependence on a limited number of business partners, potential
regulatory scrutiny of collateral protection insurance, level of
new car sales, availability of credit for vehicle purchases and
other factors affecting automobile financing, our ability to
compete effectively, a downgrade in the financial strength ratings
of our insurance subsidiaries, our ability to accurately underwrite
and price our products and to maintain and establish accurate loss
reserves, changes in interest rates or other changes in the
financial markets, the effects of emerging claim and coverage
issues, changes in the demand for our products, the effect of
general economic conditions, breaches in data security or other
disruptions with our technology, and changes in pricing or
other competitive environments.
Forward-looking statements involve inherent risks and
uncertainties that are difficult to predict, many of which are
beyond our control. Additional information about these risks and
uncertainties is contained in our filings with the Securities and
Exchange Commission. The forward-looking statements in this press
release speak only as of the date of this release, and we
undertake no obligation to publicly update or revise any
forward-looking statement, whether as a result of new information,
future developments or otherwise, except as may be required by
law.
STATE NATIONAL
COMPANIES, INC.
|
CONSOLIDATED
BALANCE SHEETS
|
($ in
thousands, except for share and per share
information)
|
|
|
|
|
|
|
|
|
|
|
September 30,
|
|
December 31,
|
|
|
|
2017
|
|
2016
|
|
|
|
(Unaudited)
|
|
|
|
|
Assets:
|
|
|
|
|
|
|
|
Investments:
|
|
|
|
|
|
|
|
Fixed-maturity
securities – available-for-sale, at fair value (amortized cost
– $400,885, $329,994, respectively)
|
|
$
|
406,677
|
|
$
|
332,107
|
|
Equity
securities – available-for-sale, at fair value (cost –
$2,039, $3,271, respectively)
|
|
|
2,116
|
|
|
3,224
|
|
Total
investments
|
|
|
408,793
|
|
|
335,331
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
64,003
|
|
|
91,698
|
|
Restricted cash and
investments
|
|
|
25,192
|
|
|
2,958
|
|
Accounts receivable
from agents, net
|
|
|
145,867
|
|
|
35,964
|
|
Reinsurance
recoverable on paid losses
|
|
|
1,740
|
|
|
1,430
|
|
Deferred acquisition
costs
|
|
|
1,348
|
|
|
1,194
|
|
Reinsurance
recoverables
|
|
|
2,871,500
|
|
|
2,342,864
|
|
Property and
equipment, net (includes land held for sale – $1,034, $1,034,
respectively)
|
|
|
16,999
|
|
|
16,163
|
|
Interest
receivable
|
|
|
2,319
|
|
|
2,112
|
|
Income taxes
receivable
|
|
|
—
|
|
|
329
|
|
Deferred income
taxes, net
|
|
|
30,900
|
|
|
28,858
|
|
Goodwill and
intangible assets, net
|
|
|
14,364
|
|
|
12,588
|
|
Other
assets
|
|
|
7,680
|
|
|
5,248
|
|
Total
assets
|
|
$
|
3,590,705
|
|
$
|
2,876,737
|
|
|
|
|
|
|
|
|
|
Liabilities:
|
|
|
|
|
|
|
|
Unpaid losses and
loss adjustment expenses
|
|
$
|
2,087,941
|
|
$
|
1,703,706
|
|
Unearned
premiums
|
|
|
828,583
|
|
|
680,691
|
|
Allowance for policy
cancellations
|
|
|
68,568
|
|
|
66,418
|
|
Deferred ceding
fees
|
|
|
39,639
|
|
|
32,226
|
|
Accounts payable to
agents
|
|
|
2,467
|
|
|
2,639
|
|
Accounts payable to
insurance companies
|
|
|
118,791
|
|
|
14,871
|
|
Debt, net
|
|
|
43,815
|
|
|
43,783
|
|
Income taxes
payable
|
|
|
3,649
|
|
|
—
|
|
Other
liabilities
|
|
|
63,454
|
|
|
36,023
|
|
Total
liabilities
|
|
|
3,256,907
|
|
|
2,580,357
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity:
|
|
|
|
|
|
|
|
Common stock, $.001
par value (150,000,000 shares authorized; 42,173,561 and 41,924,440
shares issued at September 30, 2017 and December 31,
2016, respectively)
|
|
|
42
|
|
|
42
|
|
Preferred stock,
$.001 par value (10,000,000 shares authorized; no shares issued and
outstanding at September 30, 2017 and December 31,
2016)
|
|
|
—
|
|
|
—
|
|
Additional paid-in
capital
|
|
|
232,710
|
|
|
229,297
|
|
Retained
earnings
|
|
|
98,073
|
|
|
66,230
|
|
Accumulated other
comprehensive income
|
|
|
2,973
|
|
|
811
|
|
Total shareholders'
equity
|
|
|
333,798
|
|
|
296,380
|
|
Total liabilities and
shareholders' equity
|
|
$
|
3,590,705
|
|
$
|
2,876,737
|
|
STATE NATIONAL
COMPANIES, INC.
|
CONSOLIDATED
STATEMENTS OF INCOME
|
(Unaudited)
|
($ in thousands,
except for per share information)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
September 30,
|
|
September 30,
|
|
September 30,
|
|
September 30,
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
Premiums
earned
|
$
|
35,499
|
|
$
|
33,700
|
|
$
|
105,941
|
|
$
|
94,293
|
|
Commission
income
|
|
328
|
|
|
389
|
|
|
926
|
|
|
1,015
|
|
Ceding fees
|
|
21,697
|
|
|
19,263
|
|
|
60,340
|
|
|
52,424
|
|
Net investment
income
|
|
2,314
|
|
|
2,001
|
|
|
6,753
|
|
|
6,141
|
|
Realized net investment
gains (losses)
|
|
1,010
|
|
|
2,063
|
|
|
3,409
|
|
|
1,707
|
|
Other income
|
|
597
|
|
|
501
|
|
|
1,658
|
|
|
1,416
|
|
Total
revenues
|
|
61,445
|
|
|
57,917
|
|
|
179,027
|
|
|
156,996
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Losses and loss
adjustment expenses
|
|
15,883
|
|
|
13,755
|
|
|
50,849
|
|
|
42,587
|
|
Commissions
|
|
1,064
|
|
|
1,408
|
|
|
4,341
|
|
|
4,235
|
|
Taxes, licenses, and
fees
|
|
1,096
|
|
|
960
|
|
|
2,962
|
|
|
2,466
|
|
General and
administrative
|
|
19,666
|
|
|
17,235
|
|
|
57,412
|
|
|
51,377
|
|
Interest
expense
|
|
631
|
|
|
565
|
|
|
1,831
|
|
|
1,655
|
|
Total
expenses
|
|
38,340
|
|
|
33,923
|
|
|
117,395
|
|
|
102,320
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before
income taxes
|
|
23,105
|
|
|
23,994
|
|
|
61,632
|
|
|
54,676
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
taxes:
|
|
|
|
|
|
|
|
|
|
|
|
|
Current tax expense
(benefit)
|
|
11,160
|
|
|
10,801
|
|
|
25,420
|
|
|
21,292
|
|
Deferred tax expense
(benefit)
|
|
(2,749)
|
|
|
(2,130)
|
|
|
(3,207)
|
|
|
(1,597)
|
|
|
|
8,411
|
|
|
8,671
|
|
|
22,213
|
|
|
19,695
|
|
Net income
(loss)
|
$
|
14,694
|
|
$
|
15,323
|
|
$
|
39,419
|
|
$
|
34,981
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per
share attributable to common shareholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share
|
$
|
0.35
|
|
$
|
0.37
|
|
$
|
0.95
|
|
$
|
0.83
|
|
Diluted earnings per
share
|
|
0.34
|
|
|
0.37
|
|
|
0.92
|
|
|
0.83
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends, per
share
|
$
|
0.06
|
|
$
|
0.06
|
|
$
|
0.18
|
|
$
|
0.18
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average
common shares outstanding – basic
|
|
41,683,695
|
|
|
41,937,467
|
|
|
41,655,636
|
|
|
42,196,075
|
|
Weighted-average
common shares outstanding – diluted
|
|
43,412,902
|
|
|
41,940,918
|
|
|
42,967,302
|
|
|
42,215,846
|
|
Program Services
Segment — Results of Operations
|
Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
September 30,
|
|
September 30,
|
($ in thousands)
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
Premiums
earned
|
|
$
|
—
|
|
$
|
3
|
|
$
|
—
|
|
$
|
3
|
Ceding fees
|
|
|
21,697
|
|
|
19,263
|
|
|
60,340
|
|
|
52,424
|
Total
revenues
|
|
|
21,697
|
|
|
19,266
|
|
|
60,340
|
|
|
52,427
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Losses and loss
adjustment expenses
|
|
|
187
|
|
|
96
|
|
|
17
|
|
|
1,001
|
Commissions
|
|
|
4
|
|
|
2
|
|
|
8
|
|
|
5
|
Taxes, licenses, and
fees
|
|
|
17
|
|
|
2
|
|
|
62
|
|
|
13
|
General and
administrative
|
|
|
3,794
|
|
|
3,681
|
|
|
12,290
|
|
|
10,800
|
Total
expenses
|
|
|
4,002
|
|
|
3,781
|
|
|
12,377
|
|
|
11,819
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss)
before income taxes
|
|
$
|
17,695
|
|
$
|
15,485
|
|
$
|
47,963
|
|
$
|
40,608
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross premiums
written
|
|
$
|
426,098
|
|
$
|
350,541
|
|
$
|
1,253,939
|
|
$
|
957,962
|
Gross premiums
earned
|
|
$
|
393,303
|
|
$
|
311,463
|
|
$
|
1,110,189
|
|
$
|
872,090
|
Lender Services
Segment — Results of Operations
|
Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
September 30,
|
|
September 30,
|
|
($ in thousands)
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Premiums
earned
|
|
$
|
35,499
|
|
$
|
33,697
|
|
$
|
105,941
|
|
$
|
94,290
|
|
Commission
income
|
|
|
328
|
|
|
389
|
|
|
926
|
|
|
1,015
|
|
Other income
|
|
|
554
|
|
|
491
|
|
|
1,627
|
|
|
1,410
|
|
Total
revenues
|
|
|
36,381
|
|
|
34,577
|
|
|
108,494
|
|
|
96,715
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Losses and loss
adjustment expenses
|
|
|
15,696
|
|
|
13,659
|
|
|
50,832
|
|
|
41,586
|
|
Commissions
|
|
|
1,060
|
|
|
1,406
|
|
|
4,333
|
|
|
4,230
|
|
Taxes, licenses, and
fees
|
|
|
1,079
|
|
|
958
|
|
|
2,900
|
|
|
2,453
|
|
General and
administrative
|
|
|
10,878
|
|
|
10,262
|
|
|
33,577
|
|
|
31,397
|
|
Total
expenses
|
|
|
28,713
|
|
|
26,285
|
|
|
91,642
|
|
|
79,666
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss)
before income taxes
|
|
$
|
7,668
|
|
$
|
8,292
|
|
$
|
16,852
|
|
$
|
17,049
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
ratio
|
|
|
44.2
|
%
|
|
40.5
|
%
|
|
48.0
|
%
|
|
44.1
|
%
|
Net expense
ratio
|
|
|
36.7
|
%
|
|
37.5
|
%
|
|
38.5
|
%
|
|
40.4
|
%
|
Net combined
ratio
|
|
|
80.9
|
%
|
|
78.0
|
%
|
|
86.5
|
%
|
|
84.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross premiums
written
|
|
$
|
52,947
|
|
$
|
45,746
|
|
$
|
134,766
|
|
$
|
114,688
|
|
Net premiums
written
|
|
$
|
42,469
|
|
$
|
37,517
|
|
$
|
109,093
|
|
$
|
94,433
|
|
|
|
|
Corporate
Segment — Results of Operations
|
Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
September 30,
|
|
September 30,
|
|
($ in thousands)
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment
income
|
|
$
|
2,314
|
|
$
|
2,001
|
|
$
|
6,753
|
|
$
|
6,141
|
|
Realized net investment
gains (losses)
|
|
|
1,010
|
|
|
2,063
|
|
|
3,409
|
|
|
1,707
|
|
Other income
|
|
|
43
|
|
|
10
|
|
|
31
|
|
|
6
|
|
Total
revenues
|
|
|
3,367
|
|
|
4,074
|
|
|
10,193
|
|
|
7,854
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and
administrative
|
|
|
4,994
|
|
|
3,292
|
|
|
11,545
|
|
|
9,180
|
|
Interest
expense
|
|
|
631
|
|
|
565
|
|
|
1,831
|
|
|
1,655
|
|
Total
expenses
|
|
|
5,625
|
|
|
3,857
|
|
|
13,376
|
|
|
10,835
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss)
before income taxes
|
|
|
(2,258)
|
|
|
217
|
|
|
(3,183)
|
|
|
(2,981)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense
(benefit)
|
|
|
8,411
|
|
|
8,671
|
|
|
22,213
|
|
|
19,695
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
$
|
(10,669)
|
|
$
|
(8,454)
|
|
$
|
(25,396)
|
|
$
|
(22,676)
|
|
Non-GAAP Reconciliation
The accompanying information
provides a reconciliation of this non-GAAP financial measure to its
most directly comparable financial measure calculated and presented
in accordance with accounting principles generally accepted in
the United States of America
("GAAP"). This non-GAAP financial measure should not be
considered as an alternative to GAAP measures such as net income,
earnings per share, return on equity or any other GAAP measure of
liquidity or financial performance.
Earnings before interest, taxes, depreciation and amortization
or EBITDA, is considered a non-GAAP financial measure because it
reflects adjustments to net income for interest expense, income tax
expense, and depreciation and amortization. Management
believes this measure is helpful to investors because it provides a
supplemental measure of evaluating core financial performance
between periods.
State National
Companies, Inc.
|
Reconciliation of
Non-GAAP Financial Measures
|
(unaudited)
|
($ in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
September 30,
|
|
September 30,
|
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA
|
|
$
|
24,727
|
|
$
|
25,633
|
|
$
|
66,285
|
|
$
|
59,430
|
|
Reconciliation of
EBITDA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
14,694
|
|
$
|
15,323
|
|
$
|
39,419
|
|
$
|
34,981
|
|
Plus: Interest
expense
|
|
|
631
|
|
|
565
|
|
|
1,831
|
|
|
1,655
|
|
Plus: Income tax
expense
|
|
|
8,411
|
|
|
8,671
|
|
|
22,213
|
|
|
19,695
|
|
Plus: Depreciation and
amortization
|
|
|
991
|
|
|
1,074
|
|
|
2,822
|
|
|
3,099
|
|
EBITDA
|
|
$
|
24,727
|
|
$
|
25,633
|
|
$
|
66,285
|
|
$
|
59,430
|
|
CONTACTS:
|
State National
Companies, Inc.
|
|
David Hale, COO &
CFO
|
|
817-265-2000
|
|
|
|
Dennard ▪ Lascar
Associates
|
|
Rick Black
|
|
713-529-6600
|
View original
content:http://www.prnewswire.com/news-releases/state-national-companies-reports-third-quarter-2017-results-300541458.html
SOURCE State National Companies, Inc.