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)	2018		2017		2018		2017
Casualty	$	131,605	$	118,393	$	387,068	$	354,636
Property		39,067		33,559		111,439		103,849
Surety		30,143		30,073		88,857		91,156
Net premiums earned	$	200,815	$	182,025	$	587,364	$	549,641
Net investment income		16,314		14,187		45,123		40,430
Net realized gains (losses)		18,647		35		47,900		(700)
Net unrealized gains (losses) on equity securities		4,848		-		(34,535)		-
Total consolidated revenue	$	240,624	$	196,247	$	645,852	$	589,371

NET EARNINGS
(in thousands)	2018		2017		2018		2017
Casualty	$	(1,974)	$	3,554	$	2,441	$	5,321
Property		2,621		(27,519)		12,150		(15,852)
Surety		7,115		9,033		24,804		28,399
Net underwriting income	$	7,762	$	(14,932)	$	39,395	$	17,868
Net investment income		16,314		14,187		45,123		40,430
Net realized gains (losses)		18,647		35		47,900		(700)
Net unrealized gains (losses) on equity securities		4,848		-		(34,535)		-
General corporate expense and interest on debt		(4,809)		(3,812)		(13,447)		(13,385)
Equity in earnings of unconsolidated investees		3,587		3,660		15,853		15,404
Total earnings (loss) before income taxes	$	46,349	$	(862)	$	100,289	$	59,617
Income tax expense (benefit)		6,977		(2,596)		15,450		11,847
Total net earnings	$	39,372	$	1,734	$	84,839	$	47,770

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)	2018		2017		2018		2017
Casualty
Commercial and personal umbrella	$	31,244	$	28,848	$	91,845	$	86,286
General liability		22,485		22,138		68,988		66,572
Commercial transportation		20,747		18,047		60,570		59,543
Professional services		19,890		19,584		59,559		58,826
Small commercial		12,883		12,419		38,674		36,471
Executive products		5,352		4,439		15,548		13,289
Medical professional liability		3,988		4,169		12,822		12,725
Other casualty		15,016		8,749		39,062		20,924
Total	$	131,605	$	118,393	$	387,068	$	354,636

Property
Commercial property	$	18,489	$	15,600	$	53,296	$	47,191
Marine		16,068		13,112		44,866		37,005
Specialty personal		4,228		4,844		12,499		16,370
Property reinsurance		13		(62)		39		3,200
Other property		269		65		739		83
Total	$	39,067	$	33,559	$	111,439	$	103,849

Surety
Miscellaneous	$	11,822	$	11,780	$	35,183	$	35,491
Contract		7,474		7,130		20,832		21,361
Commercial		6,863		6,861		20,337		20,942
Energy		3,984		4,302		12,505		13,362
Total	$	30,143	$	30,073	$	88,857	$	91,156

Grand Total	$	200,815	$	182,025	$	587,364	$	549,641