OPERATING SEGMENT INFORMATION

3 Months Ended

Mar. 31, 2020

OPERATING SEGMENT INFORMATION

OPERATING SEGMENT INFORMATION

6. 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)	2020		2019
Casualty	$	143,420	$	136,900
Property		44,348		38,746
Surety		27,814		29,043
Net premiums earned	$	215,582	$	204,689
Net investment income		17,778		16,565
Net realized gains		15,152		9,068
Net unrealized gains (losses) on equity securities		(130,395)		33,498
Total consolidated revenue	$	118,117	$	263,820
NET EARNINGS (LOSS)
(in thousands)	2020		2019
Casualty	$	(1,323)	$	5,343
Property		9,908		8,246
Surety		8,654		8,844
Net underwriting income	$	17,239	$	22,433
Net investment income		17,778		16,565
Net realized gains		15,152		9,068
Net unrealized gains (losses) on equity securities		(130,395)		33,498
General corporate expense and interest on debt		(3,652)		(5,137)
Equity in earnings of unconsolidated investees		4,514		5,314
Earnings (loss) before income taxes	$	(79,364)	$	81,741
Income tax expense (benefit)		(18,097)		16,268
Net earnings (loss)	$	(61,267)	$	65,473

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)	2020		2019
Casualty
Commercial excess and personal umbrella	$	40,088	$	32,281
General liability		23,998		23,888
Commercial transportation		21,185		20,404
Professional services		20,695		20,299
Small commercial		15,633		13,188
Executive products		7,331		6,069
Other casualty		14,490		20,771
Total	$	143,420	$	136,900
Property
Marine	$	19,577	$	17,021
Commercial property		19,155		16,875
Specialty personal		5,000		4,584
Other property		616		266
Total	$	44,348	$	38,746
Surety
Commercial	$	10,938	$	10,812
Miscellaneous		10,516		11,602
Contract		6,360		6,629
Total	$	27,814	$	29,043
Grand Total	$	215,582	$	204,689