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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

☒    ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 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(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
Yes ☐    No ☒

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.
Yes ☐    No ☒

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, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

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 has filed a report on and attestation to its management's assessment of the effectiveness of its internal controls over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.    ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).    Yes ☐    No ☒ 

The registrant was not a public company as of the last business day of its most recently completed second fiscal quarter and, therefore, cannot calculate the aggregate market value of its voting and non-voting common equity held by non-affiliates as of such date.

As of March 19, 2021, there were 51,148,782 shares of the registrant's common stock outstanding.

DOCUMENTS INCORPORATED BY REFERENCE

Portions of the registrant's definitive Proxy Statement for its 2021 Annual Meeting of Stockholders are incorporated by reference in Items 10, 11, 12, 13 and 14 of Part III of this Annual Report on Form 10-K.

TREAN INSURANCE GROUP, INC.

TABLE OF CONTENTS

						Page
Forward-Looking Statements						3
PART I
Item 1			Business			6
Item 1A			Risk Factors			27
Item 1B			Unresolved Staff Comments			48
Item 2			Properties			48
Item 3			Legal Proceedings			48
Item 4			Mine Safety Disclosures			48
PART II
Item 5			Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities			49
Item 6			Selected Financial Data			50
Item 7			Management's Discussion and Analysis of Financial Condition and Results of Operations			51
Item 7A			Quantitative and Qualitative Disclosures About Market Risk			70
Item 8			Financial Statements and Supplementary Data			73
Item 9			Changes in and Disagreements with Accountants on Accounting and Financial Disclosure			127
Item 9A			Controls and Procedures			127
Item 9B			Other Information			127
Part III
Item 10			Directors, Executive Officers and Corporate Governance			128
Item 11			Executive Compensation			128
Item 12			Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters			128
Item 13			Certain Relationships and Related Transactions, and Director Independence			128
Item 14			Principal Accountant Fees and Services			128
PART IV
Item 15			Exhibits and Financial Statement Schedules			129
Item 16			Form 10-K Summary			130
Signatures						131

Forward-looking statements

This Annual Report on Form 10-K contains forward‑looking statements within the meaning of the federal securities laws, which statements involve substantial risks and uncertainties. Forward‑looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward‑looking statements because they contain words such as "may", "will", "should", "expects", "plans", "anticipates", "could", "intends", "target", "projects", "contemplates", "believes", "estimates", "predicts", "would", "potential" or "continue" or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans or intentions. These forward‑looking statements include, among others, statements relating to our future financial performance, our business prospects and strategy, anticipated financial position, liquidity and capital needs and other similar matters. These forward‑looking statements are based on management’s current expectations and assumptions about future events, which are inherently subject to uncertainties, risks and changes in circumstances that are difficult to predict.

The outcome of the events described in these forward‑looking statements is subject to risks, uncertainties, assumptions and other factors, which in many cases are beyond our control, as described "Item 1A — Risk Factors", and elsewhere in this Annual Report on Form 10-K. Our statements reflecting these risks and uncertainties are not exhaustive, and other risks and uncertainties may currently exist or may arise in future that could have material effects on our business, operations and financial condition. We cannot assure you that the results, events and circumstances reflected in the forward‑looking statements reflected in this Annual Report on Form 10-K and our other public statements and securities filings will be achieved or occur, and actual results, events or circumstances could differ materially from those described in the forward‑looking statements.

You should read this Annual Report on Form 10-K and the documents that we reference in this Annual Report on Form 10-K and have filed as exhibits to this Annual Report on Form 10-K with the understanding that our actual future results, levels of activity, performance and achievements may be materially different from what we currently expect. We qualify all of our forward‑looking statements by these cautionary statements.

The forward‑looking statements made in this Annual Report on Form 10-K speak only as of the date on which such statements are made. We undertake no obligation, and do not intend, to update any forward‑looking statements after the date of this Annual Report on Form 10-K or to conform such statements to actual results or revised expectations, except as required by applicable law.

Summary risk factors

Our actual results may differ materially from those expressed in, or implied by, the forward‑looking statements included in this Annual Report on Form 10-K as a result of various factors. Our business is subject to numerous risks and uncertainties, including those highlighted in "Item 1A — Risk Factors". These risks include the following:

Risks related to COVID-19:

•We may experience disruptions related to COVID-19, including economic impacts of the COVID-19-related governmental actions;

Risks related to our business and industry:

•Our Program Partners or our Owned MGAs may fail to properly market, underwrite or administer policies;

•We depend on a limited number of Program Partners for a substantial portion of our gross written premiums;

•Our business is subject to significant geographic concentration;

•We may suffer a downgrade in the A.M. Best financial strength ratings of our insurance company subsidiaries;

•We may be unable to accurately underwrite risks and charge competitive yet profitable rates to our clients and policyholders;

•Renewals of our existing contracts may not meet expectations;

•We may change our underwriting guidelines or our strategy without stockholder approval;

•We may act based on inaccurate or incomplete information regarding the accounts we underwrite;

•Our employees could take excessive risks;

•We may be unable to access the capital markets when needed;

•Adverse economic factors, including recession, inflation, periods of high unemployment or lower economic activity could result in the sale of fewer policies than expected or an increase in frequency or severity of claims and premium;

•Negative developments in the workers’ compensation insurance industry could adversely affect our results;

•The insurance industry is cyclical in nature;

•Our failure to accurately and timely pay claims could harm our business;

•The effects of emerging claim and coverage issues on our business are uncertain;

•Our risk management policies and procedures may prove to be ineffective;

•If we are unable to obtain reinsurance coverage at reasonable prices or on terms that adequately protect us, we may be required to bear increased risks or reduce the level of our underwriting commitments;

•We are subject to reinsurance counterparty credit risk. Our reinsurers may not pay on losses in a timely fashion, or at all;

•Some of our issuing carrier arrangements contain limits on the reinsurer's obligations to us;

•Retention of business written by our Program Partners could expose us to potential losses;

•Our loss reserves may be inadequate to cover our actual losses;

•We may not be able to manage our growth effectively;

•Our ability to grow our business will depend in part on the addition of new Program Partners, which may be unavailable;

•We could be harmed by the loss of one or more key executives or by an inability to attract and retain qualified personnel;

•Performance of our investment portfolio is subject to a variety of investment risks;

•Any shift in our investment strategy could increase the risk exposure of our investment portfolio;

•We could be forced to sell investments to meet our liquidity requirements;

•We may face increased competition in our programs market;

•We compete with a large number of companies in the insurance industry for underwriting premium;

•Our results of operations, liquidity, financial condition and FSRs are subject to the effects of natural and man-made catastrophic events;

•Global climate change may in the future increase the frequency and severity of weather events and resulting losses;

•Because our business depends on insurance brokers, we are exposed to certain risks arising out of our reliance on these distribution channels;

•Our operating results have in the past varied from quarter to quarter and may not be indicative of our long-term prospects;

•Any failure to protect our intellectual property rights could impair our ability to protect our intellectual property; proprietary technology platform and brand, or we may be sued by third parties for alleged infringement of their proprietary rights;

Technology risks:

•Technology breaches, failures or service interruptions of our or our business partners’ systems could harm our business and/or reputation;

•We may be unable to maintain third-party software licenses or errors in the software;

Legal and regulatory risks:

•We are subject to extensive regulation;

•Regulators may challenge our use of fronting arrangements in states in which our Program Partners are not licensed.

•Regulation may become more extensive in the future;

•Increasing regulatory focus on privacy issues and expanding laws may impair our operations;

•Our ability to receive dividends and permitted payments from our subsidiaries is subject to regulatory constraints;

•We may have exposure to losses from acts of terrorism;

•Assessments and premium surcharges may reduce our profitability;

•Changes in federal, state or foreign tax laws could adversely affect our financial results or market conditions;

•The discontinuance of LIBOR may adversely affect the value of certain investments we hold, assets and liabilities;

Risks related to our common stock:

•Our stock price may be volatile or may decline regardless of our operating performance;

•Our principal stockholders are able to exert significant influence over us and our corporate decisions;

•As long as our principal stockholders own a majority of our common stock, we may rely on certain exemptions from the corporate governance requirements of the Nasdaq available for "controlled companies;"

•Our principal stockholders could sell their interests in us to a third party in a private transaction;

•Sales or issuances of a substantial amount of shares of our common stock may cause the market price of our common stock to decline and make it more difficult for investors to sell;

•We will incur significant increased costs as a result of operating as a public company;

•We currently do not anticipate declaring or paying regular dividends on our common stock;

•Provisions in our organizational documents, Delaware corporate law, state insurance laws and certain of our contractual agreements and compensation arrangements may prevent or delay an acquisition of us;

•Our principal stockholders have no obligation to offer us corporate opportunities;

Risks related to our status as an emerging growth company:

•We have elected to take advantage of reduced disclosure requirements and other exemptions;

•We have elected to use the extended transition period for complying with new or revised accounting standards;

General risk factors:

•Changes in accounting practices and future pronouncements may materially affect our reported financial results;

•If we are unable to achieve and maintain effective internal controls, our financial reporting could suffer;

•The effects of litigation on our business are uncertain;

•The Court of Chancery of the State of Delaware is the exclusive forum for certain disputes which could limit our stockholders' ability to obtain a favorable judicial forum for disputes with us or our directors, officers or employees.