OPERATING SEGMENT INFORMATION

9 Months Ended

Sep. 30, 2017

OPERATING SEGMENT INFORMATION

OPERATING SEGMENT INFORMATION

7.  OPERATING SEGMENT INFORMATION

Selected information by operating segment is presented in the table below. Additionally, the table reconciles segment totals to total earnings and total revenues.

	For the Three-Month Periods				For the Nine-Month Periods
REVENUES	Ended September 30,				Ended September 30,
(in thousands)	2017		2016		2017		2016
Casualty	$	118,393	$	115,619	$	354,636	$	336,572
Property		33,559		37,532		103,849		114,011
Surety		30,073		30,444		91,156		90,156
Net premiums earned	$	182,025	$	183,595	$	549,641	$	540,739
Net investment income		14,187		13,504		40,430		39,922
Net realized gains (losses)		35		9,252		(700)		23,362
Total consolidated revenue	$	196,247	$	206,351	$	589,371	$	604,023
NET EARNINGS
(in thousands)	2017		2016		2017		2016
Casualty	$	3,554	$	259	$	5,321	$	20,490
Property		(27,519)		468		(15,852)		13,911
Surety		9,033		9,877		28,399		23,523
Net underwriting income (loss)	$	(14,932)	$	10,604	$	17,868	$	57,924
Net investment income		14,187		13,504		40,430		39,922
Net realized gains (losses)		35		9,252		(700)		23,362
General corporate expense and interest on debt		(3,812)		(4,099)		(13,385)		(12,955)
Equity in earnings of unconsolidated investees		3,660		1,881		15,404		10,823
Total earnings (loss) before income taxes	$	(862)	$	31,142	$	59,617	$	119,076
Income tax expense (benefit)		(2,596)		8,879		11,847		36,343
Total net earnings	$	1,734	$	22,263	$	47,770	$	82,733

The following table further summarizes revenues by major product type within each operating segment:

	For the Three-Month Periods				For the Nine-Month Periods
NET PREMIUMS EARNED	Ended September 30,				Ended September 30,
(in thousands)	2017		2016		2017		2016
Casualty
Commercial and personal umbrella	$	28,848	$	27,844	$	86,286	$	82,510
General liability		22,138		21,563		66,572		63,735
Commercial transportation		18,047		21,557		59,543		60,037
Professional services		19,584		19,318		58,826		56,748
Small commercial		12,419		11,706		36,471		33,973
Executive products		4,439		4,716		13,289		14,126
Medical professional liability		4,169		4,512		12,725		12,509
Other casualty		8,749		4,403		20,924		12,934
Total	$	118,393	$	115,619	$	354,636	$	336,572
Property
Commercial property	$	15,600	$	16,819	$	47,191	$	51,528
Marine		13,112		11,964		37,005		36,070
Specialty personal		4,844		6,186		16,370		18,731
Property reinsurance		(62)		2,544		3,200		7,925
Crop reinsurance		(11)		19		(6)		(243)
Other property		76		-		89		-
Total	$	33,559	$	37,532	$	103,849	$	114,011
Surety
Miscellaneous	$	11,780	$	11,714	$	35,491	$	34,304
Contract		7,130		7,221		21,361		22,030
Commercial		6,861		6,906		20,942		20,332
Energy		4,302		4,603		13,362		13,490
Total	$	30,073	$	30,444	$	91,156	$	90,156
Grand Total	$	182,025	$	183,595	$	549,641	$	540,739