OPERATING SEGMENT INFORMATION (Tables)

12 Months Ended

Dec. 31, 2019

OPERATING SEGMENT INFORMATION

Schedule of revenues and net earnings by segment

REVENUES
(in thousands)	2019		2018		2017
Casualty	$	558,458	$	523,472	$	478,603
Property		164,022		149,261		138,346
Surety		116,631		118,633		120,988
Net premiums earned	$	839,111	$	791,366	$	737,937
Net investment income		68,870		62,085		54,876
Net realized gains		17,520		63,407		4,411
Net unrealized gains (losses) on equity securities		78,090		(98,735)		—
Total	$	1,003,591	$	818,123	$	797,224

INSURANCE EXPENSES
(in thousands)	2019		2018		2017
Loss and settlement expenses:
Casualty	$	330,156	$	329,763	$	305,679
Property		73,614		83,822		85,027
Surety		9,646		14,608		10,878
Total loss and settlement expenses	$	413,416	$	428,193	$	401,584
Policy acquisition costs:
Casualty	$	166,499	$	151,007	$	136,135
Property		55,986		51,830		51,070
Surety		66,212		64,901		65,310
Total policy acquisition costs	$	288,697	$	267,738	$	252,515
Other insurance expenses:
Casualty	$	41,202	$	31,562	$	32,885
Property		16,279		12,725		14,108
Surety		11,949		9,516		10,001
Total other insurance expenses	$	69,430	$	53,803	$	56,994
Total	$	771,543	$	749,734	$	711,093

NET EARNINGS (LOSSES)
(in thousands)	2019		2018		2017
Casualty	$	20,601	$	11,140	$	3,904
Property		18,143		884		(11,859)
Surety		28,824		29,608		34,799
Net underwriting income	$	67,568	$	41,632	$	26,844
Net investment income		68,870		62,085		54,876
Net realized gains		17,520		63,407		4,411
Net unrealized gains (losses) on equity securities		78,090		(98,735)		—
General corporate expense and interest on debt		(20,274)		(16,864)		(18,766)
Equity in earnings of unconsolidated investees		20,960		16,056		17,224
Total earnings before incomes taxes	$	232,734	$	67,581	$	84,589
Income tax expense (benefit)	$	41,092	$	3,402	$	(20,439)
Total	$	191,642	$	64,179	$	105,028

Schedule of net premiums earned by major product type

NET PREMIUMS EARNED	Year ended December 31,
(in thousands)	2019		2018		2017
CASUALTY
Commercial excess and personal umbrella	$	140,483	$	124,350	$	115,543
General liability		98,880		93,928		90,283
Commercial transportation		83,213		81,053		78,061
Professional services		81,329		79,951		78,508
Small commercial		55,701		51,519		49,601
Executive products		27,088		21,326		18,086
Other casualty		71,764		71,345		48,521
Total	$	558,458	$	523,472	$	478,603
PROPERTY
Marine	$	74,887	$	59,795	$	50,931
Commercial property		68,310		71,501		63,117
Specialty personal		19,316		16,901		20,793
Other property		1,509		1,064		3,505
Total	$	164,022	$	149,261	$	138,346
SURETY
Miscellaneous	$	44,721	$	46,968	$	47,237
Commercial		43,553		43,469		45,178
Contract		28,357		28,196		28,573
Total	$	116,631	$	118,633	$	120,988
Grand total	$	839,111	$	791,366	$	737,937