OPERATING SEGMENT INFORMATION (Tables)

9 Months Ended

Sep. 30, 2012

OPERATING SEGMENT INFORMATION

Schedule of revenues and net earnings by segment

SEGMENT DATA (in thousands)

	For the Three-Month Periods					For the Nine-Month Periods
	Ended September 30,					Ended September 30,
	REVENUES					REVENUES
	2012		2011			2012		2011
Casualty	$	68,194	$	60,626		$	197,409	$	173,937
Property	54,741		59,226			151,581		148,015
Surety	27,008		26,700			79,817		71,477
Net premiums earned	$	149,943	$	146,552		$	428,807	$	393,429
Net investment income	14,221		15,954			44,340		47,437
Net realized gains (losses)	5,481		(177		)	16,233		14,345
Total consolidated revenue	$	169,645	$	162,329		$	489,380	$	455,211

	NET EARNINGS						NET EARNINGS
	2012			2011			2012			2011
Casualty	$	10,806		$	22,265		$	22,409		$	53,645
Property	(310		)	(1,813		)	11,317			15,653
Surety	8,034			1,072			21,368			15,263
Net underwriting income	$	18,530		$	21,524		$	55,094		$	84,561
Net investment income	14,221			15,954			44,340			47,437
Net realized gains (losses)	5,481			(177		)	16,233			14,345
General corporate expense and interest on debt	(3,611		)	(3,107		)	(10,438		)	(10,100		)
Equity in earnings of unconsolidated investee	1,859			713			8,928			7,215
Total earnings before income taxes	$	36,480		$	34,907		$	114,157		$	143,458
Income tax expense	11,017			10,938			35,908			46,791
Total net earnings	$	25,463		$	23,969		$	78,249		$	96,667

Schedule of net premiums earned by major product type

	For the Three-Month Periods				For the Nine-Month Periods
	Ended September 30,				Ended September 30,
(in thousands)	2012		2011		2012		2011
Casualty
General liability	$	21,556	$	20,693	$	63,449	$	63,817
Commercial and personal umbrella	17,430		15,825		50,337		47,110
Commercial transportation	8,583		8,326		25,252		25,843
P&C package business	7,479		6,126		21,334		10,235
Executive products	3,914		3,716		11,666		10,901
Professional services	7,386		3,655		19,704		8,416
Specialty programs	540		948		1,878		3,377
Other	1,306		1,337		3,789		4,238
Total	$	68,194	$	60,626	$	197,409	$	173,937
Property
Commercial property	$	18,640	$	20,295	$	55,285	$	60,894
Marine	14,026		13,544		44,591		38,865
Crop reinsurance	9,876		14,873		15,992		22,207
Property reinsurance	6,826		6,087		20,193		14,456
Other property	5,373		4,427		15,520		11,593
Total	$	54,741	$	59,226	$	151,581	$	148,015
Surety
Miscellaneous	$	10,026	$	9,923	$	29,600	$	24,947
Contract	6,835		6,901		19,507		17,274
Commercial	5,574		5,387		16,536		15,770
Oil and Gas	4,573		4,489		14,174		13,486
Total	$	27,008	$	26,700	$	79,817	$	71,477
Grand Total	$	149,943	$	146,552	$	428,807	$	393,429