OPERATING SEGMENT INFORMATION (Tables)

12 Months Ended

Dec. 31, 2016

OPERATING SEGMENT INFORMATION

Schedule of revenues and net earnings by segment

REVENUES
(in thousands)	2016		2015		2014
Casualty	$	454,843	$	412,248	$	382,105
Property		152,167		170,924		197,776
Surety		121,598		116,989		107,494
Net premiums earned	$	728,608	$	700,161	$	687,375
Net investment income		53,075		54,644		55,608
Net realized gains		34,645		39,829		32,182
Total	$	816,328	$	794,634	$	775,165

INSURANCE EXPENSES
(in thousands)	2016		2015		2014
Loss and settlement expenses:
Casualty	$	259,907	$	218,414	$	199,133
Property		71,350		69,851		89,589
Surety		18,521		10,780		7,887
Total net loss and settlement expenses	$	349,778	$	299,045	$	296,609
Policy acquisition costs:
Casualty	$	128,566	$	119,529	$	108,747
Property		54,167		57,214		58,646
Surety		66,879		64,335		61,890
Total policy acquisition costs	$	249,612	$	241,078	$	229,283
Other insurance expenses:
Casualty	$	30,040	$	28,042	$	28,284
Property		13,819		14,834		16,623
Surety		9,234		8,604		9,557
Total other insurance expenses	$	53,093	$	51,480	$	54,464
Total	$	652,483	$	591,603	$	580,356

NET EARNINGS (LOSSES)
(in thousands)	2016		2015		2014
Casualty	$	36,329	$	46,263	$	45,941
Property		12,832		29,025		32,918
Surety		26,964		33,270		28,160
Net underwriting income	$	76,125	$	108,558	$	107,019
Net investment income		53,075		54,644		55,608
Net realized gains		34,645		39,829		32,182
General corporate expense and interest on debt		(17,596)		(17,263)		(17,660)
Equity in earnings of unconsolidated investees		10,833		10,914		12,338
Total earnings before incomes taxes	$	157,082	$	196,682	$	189,487
Income taxes	$	42,162	$	59,138	$	54,042
Total	$	114,920	$	137,544	$	135,445

Schedule of net premiums earned by major product type

NET PREMIUMS EARNED	Year ended December 31,
(in thousands)	2016		2015		2014
CASUALTY
Commercial and personal umbrella	$	111,079	$	104,598	$	100,420
General liability		83,958		81,213		80,820
Commercial transportation		81,402		65,564		58,911
Professional services		75,872		71,034		58,327
Small commercial		45,660		40,410		35,371
Executive products		18,755		17,892		18,915
Medical professional liability		17,449		12,292		15,943
Other casualty		20,668		19,245		13,398
Total	$	454,843	$	412,248	$	382,105
PROPERTY
Commercial property	$	68,165	$	75,749	$	80,719
Marine		48,301		47,016		49,235
Specialty personal		24,981		26,395		26,627
Property reinsurance		10,953		12,330		12,756
Crop reinsurance		(233)		9,358		28,293
Other property		—		76		146
Total	$	152,167	$	170,924	$	197,776
SURETY
Miscellaneous	$	46,235	$	42,372	$	39,026
Commercial		29,105		29,529		25,778
Contract		28,240		28,269		26,592
Energy		18,018		16,819		16,098
Total	$	121,598	$	116,989	$	107,494
Grand total	$	728,608	$	700,161	$	687,375