OPERATING SEGMENT INFORMATION

3 Months Ended

Mar. 31, 2019

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
REVENUES	Ended March 31,
(in thousands)	2019		2018
Casualty	$	136,900	$	125,850
Property		38,746		35,182
Surety		29,043		28,995
Net premiums earned	$	204,689	$	190,027
Net investment income		16,565		14,232
Net realized gains		9,068		8,404
Net unrealized gains (losses) on equity securities		33,498		(26,772)
Total consolidated revenue	$	263,820	$	185,891

NET EARNINGS
(in thousands)	2019		2018
Casualty	$	5,343	$	1,561
Property		8,246		5,882
Surety		8,844		10,044
Net underwriting income	$	22,433	$	17,487
Net investment income		16,565		14,232
Net realized gains		9,068		8,404
Net unrealized gains (losses) on equity securities		33,498		(26,772)
General corporate expense and interest on debt		(5,137)		(4,139)
Equity in earnings of unconsolidated investees		5,314		5,166
Total earnings before income taxes	$	81,741	$	14,378
Income tax expense		16,268		2,162
Total net earnings	$	65,473	$	12,216

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


	For the Three-Month Periods
NET PREMIUMS EARNED	Ended March 31,
(in thousands)	2019		2018
Casualty
Commercial excess and personal umbrella	$	32,281	$	29,952
General liability		23,888		23,165
Commercial transportation		20,404		19,175
Professional services		20,299		19,823
Small commercial		13,188		12,890
Executive products		6,069		5,052
Medical professional liability		3,106		4,472
Other casualty		17,665		11,321
Total	$	136,900	$	125,850

Property
Marine	$	17,021	$	13,857
Commercial property		16,875		16,951
Specialty personal		4,584		4,142
Other property		266		232
Total	$	38,746	$	35,182

Surety
Miscellaneous	$	11,602	$	11,642
Commercial		6,734		6,713
Contract		6,629		6,346
Energy		4,078		4,294
Total	$	29,043	$	28,995

Grand Total	$	204,689	$	190,027