OPERATING SEGMENT INFORMATION

3 Months Ended

Jun. 30, 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				For the Six-Month Periods
REVENUES	Ended June 30,				Ended June 30,
(in thousands)	2020		2019		2020		2019
Casualty	$	135,215	$	138,344	$	278,635	$	275,244
Property		45,387		39,972		89,735		78,718
Surety		28,132		29,225		55,946		58,268
Net premiums earned	$	208,734	$	207,541	$	424,316	$	412,230
Net investment income		16,917		16,998		34,695		33,563
Net realized gains (losses)		(2,109)		4,764		13,043		13,832
Net unrealized gains (losses) on equity securities		74,705		8,810		(55,690)		42,308
Total consolidated revenue	$	298,247	$	238,113	$	416,364	$	501,933
NET EARNINGS (LOSS)
(in thousands)	2020		2019		2020		2019
Casualty	$	9,733	$	6,939	$	8,410	$	12,282
Property		6,167		(436)		16,075		7,810
Surety		8,263		8,429		16,917		17,273
Net underwriting income	$	24,163	$	14,932	$	41,402	$	37,365
Net investment income		16,917		16,998		34,695		33,563
Net realized gains (losses)		(2,109)		4,764		13,043		13,832
Net unrealized gains (losses) on equity securities		74,705		8,810		(55,690)		42,308
General corporate expense and interest on debt		(3,897)		(5,144)		(7,549)		(10,281)
Equity in earnings of unconsolidated investees		5,100		8,468		9,614		13,782
Earnings before income taxes	$	114,879	$	48,828	$	35,515	$	130,569
Income tax expense		22,713		8,361		4,616		24,629
Net earnings	$	92,166	$	40,467	$	30,899	$	105,940

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

	For the Three-Month Periods				For the Six-Month Periods
NET PREMIUMS EARNED	Ended June 30,				Ended June 30,
(in thousands)	2020		2019		2020		2019
Casualty
Commercial excess and personal umbrella	$	42,321	$	34,340	$	82,409	$	66,621
General liability		22,651		25,347		46,649		49,235
Professional services		21,384		19,275		42,079		39,574
Commercial transportation		11,139		20,508		32,324		40,912
Small commercial		15,791		13,315		31,424		26,503
Executive products		6,975		6,381		14,306		12,450
Other casualty		14,954		19,178		29,444		39,949
Total	$	135,215	$	138,344	$	278,635	$	275,244
Property
Marine	$	20,712	$	18,579	$	40,289	$	35,600
Commercial property		19,048		16,275		38,203		33,150
Specialty personal		4,936		4,792		9,936		9,376
Other property		691		326		1,307		592
Total	$	45,387	$	39,972	$	89,735	$	78,718
Surety
Commercial	$	10,806	$	10,975	$	21,744	$	21,787
Miscellaneous		10,499		11,280		21,015		22,882
Contract		6,827		6,970		13,187		13,599
Total	$	28,132	$	29,225	$	55,946	$	58,268
Grand Total	$	208,734	$	207,541	$	424,316	$	412,230