OPERATING SEGMENT INFORMATION

3 Months Ended

Mar. 31, 2012

OPERATING SEGMENT INFORMATION

OPERATING SEGMENT INFORMATION

5. 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.

SEGMENT DATA (in thousands)

	For the Three-Month Periods
	Ended March 31,
	REVENUES
	2012		2011
Casualty	$	63,510	$	54,979
Property	46,992		40,826
Surety	26,778		20,246
Net premiums earned	$	137,280	$	116,051
Net investment income	15,293		16,303
Net realized gains (losses)	11,416		4,472
Total consolidated revenue	$	163,989	$	136,826

	NET EARNINGS
	2012			2011
Casualty	$	552		$	5,537
Property	11,917			10,033
Surety	2,472			5,377
Net underwriting income	$	14,941		$	20,947
Net investment income	15,293			16,303
Net realized gains (losses)	11,416			4,472
General corporate expense and interest on debt	(3,487		)	(3,517		)
Equity in earnings of unconsolidated investee	2,946			2,616
Total earnings before income taxes	$	41,109		$	40,821
Income tax expense	13,071			13,115
Total net earnings	$	28,038		$	27,706

The following table further summarizes revenues (net premiums earned) by major product type within each operating segment:

	For the Three-Month Periods
	Ended March 31,
(in thousands)	2012		2011
Casualty
General liability	$	20,757	$	21,964
Commercial and personal umbrella	16,160		15,572
Commercial transportation	8,307		8,913
P&C package business	6,899		—
Executive products	3,810		3,522
Professional services	5,668		2,189
Specialty programs	705		1,340
Other	1,204		1,479
Total	$	63,510	$	54,979
Property
Commercial property	$	18,552	$	20,213
Marine	15,214		12,472
Crop reinsurance	1,050		1,072
Property reinsurance	7,387		3,789
Other property	4,789		3,280
Total	$	46,992	$	40,826
Surety
Miscellaneous	$	9,786	$	6,366
Contract	6,550		4,378
Commercial	5,405		5,062
Oil and Gas	5,037		4,440
Total	$	26,778	$	20,246
Grand Total	$	137,280	$	116,051

Reclassifications have been made between specific product types in our casualty segment.  Effective December 2011, revenues from our Miscellaneous Professional Liability and Cyber Liability lines of business were reclassified to be reported within our Professional Services products.  Prior to the reclassification the revenues from these products were reported in Executive Products.  All comparative periods have been adjusted to reflect these changes.