OPERATING SEGMENT INFORMATION (Tables)

12 Months Ended

Dec. 31, 2018

OPERATING SEGMENT INFORMATION

Schedule of revenues and net earnings by segment

REVENUES
(in thousands)	2018		2017		2016
Casualty	$	523,472	$	478,603	$	454,843
Property		149,261		138,346		152,167
Surety		118,633		120,988		121,598
Net premiums earned	$	791,366	$	737,937	$	728,608
Net investment income		62,085		54,876		53,075
Net realized gains		63,407		4,411		34,645
Net unrealized losses on equity securities		(98,735)		—		—
Total	$	818,123	$	797,224	$	816,328

INSURANCE EXPENSES
(in thousands)	2018		2017		2016
Loss and settlement expenses:
Casualty	$	329,763	$	305,679	$	259,907
Property		83,822		85,027		71,350
Surety		14,608		10,878		18,521
Total net loss and settlement expenses	$	428,193	$	401,584	$	349,778
Policy acquisition costs:
Casualty	$	151,007	$	136,135	$	128,566
Property		51,830		51,070		54,167
Surety		64,901		65,310		66,879
Total policy acquisition costs	$	267,738	$	252,515	$	249,612
Other insurance expenses:
Casualty	$	31,562	$	32,885	$	30,040
Property		12,725		14,108		13,819
Surety		9,516		10,001		9,234
Total other insurance expenses	$	53,803	$	56,994	$	53,093
Total	$	749,734	$	711,093	$	652,483

NET EARNINGS (LOSSES)
(in thousands)	2018		2017		2016
Casualty	$	11,140	$	3,904	$	36,329
Property		884		(11,859)		12,832
Surety		29,608		34,799		26,964
Net underwriting income	$	41,632	$	26,844	$	76,125
Net investment income		62,085		54,876		53,075
Net realized gains		63,407		4,411		34,645
Net unrealized losses on equity securities		(98,735)		—		—
General corporate expense and interest on debt		(16,864)		(18,766)		(17,596)
Equity in earnings of unconsolidated investees		16,056		17,224		10,833
Total earnings before incomes taxes	$	67,581	$	84,589	$	157,082
Income tax expense (benefit)	$	3,402	$	(20,439)	$	42,162
Total	$	64,179	$	105,028	$	114,920

Schedule of net premiums earned by major product type

NET PREMIUMS EARNED	Year ended December 31,
(in thousands)	2018		2017		2016
CASUALTY
Commercial excess and personal umbrella	$	124,350	$	115,543	$	111,079
General liability		93,928		90,283		86,853
Commercial transportation		81,053		78,061		81,402
Professional services		79,951		78,508		75,872
Small commercial		51,519		49,601		45,660
Executive products		21,326		18,086		18,755
Medical professional liability		16,042		17,072		17,449
Other casualty		55,303		31,449		17,773
Total	$	523,472	$	478,603	$	454,843
PROPERTY
Commercial property	$	71,501	$	63,117	$	68,165
Marine		59,795		50,931		48,301
Specialty personal		16,901		20,793		24,981
Other property		1,064		3,505		10,720
Total	$	149,261	$	138,346	$	152,167
SURETY
Miscellaneous	$	46,968	$	47,237	$	46,235
Contract		28,196		28,573		28,240
Commercial		26,751		27,625		29,105
Energy		16,718		17,553		18,018
Total	$	118,633	$	120,988	$	121,598
Grand total	$	791,366	$	737,937	$	728,608