OPERATING SEGMENT INFORMATION (Tables)

12 Months Ended

Dec. 31, 2011

OPERATING SEGMENT INFORMATION

Schedule of revenues, insurance expenses, and net earnings by segment

REVENUES

(in thousands)	2011		2010		2009
Casualty	$	236,198	$	232,047	$	265,957
Property	203,660		181,645		155,303
Surety	98,594		79,690		70,701
Segment totals before income taxes	$	538,452	$	493,382	$	491,961
Net investment income	63,681		66,799		67,346
Net realized gains (losses)	17,036		23,243		(12,755		)
Total	$	619,169	$	583,424	$	546,552

INSURANCE EXPENSES

(in thousands)	2011		2010		2009
Loss and settlement expenses:
Casualty	$	85,091	$	114,861	$	123,366
Property	101,969		82,463		68,606
Surety	13,024		4,008		11,416
Segment totals before income taxes	$	200,084	$	201,332	$	203,388
Policy acquisition costs:
Casualty	$	67,495	$	59,628	$	69,956
Property	57,878		52,847		51,958
Surety	58,495		44,419		42,281
Segment totals before income taxes	$	183,868	$	156,894	$	164,195
Other insurance expenses:
Casualty	$	22,215	$	20,474	$	21,934
Property	13,481		12,042		11,550
Surety	8,616		6,068		6,284
Segment totals before income taxes	$	44,312	$	38,584	$	39,768
Total	$	428,264	$	396,810	$	407,351

NET EARNINGS (LOSSES)

(in thousands)	2011			2010			2009
Casualty	$	61,397		$	37,084		$	50,701
Property	30,332			34,293			23,189
Surety	18,459			25,195			10,720
Net underwriting income	$	110,188		$	96,572		$	84,610
Net investment income	63,681			66,799			67,346
Realized gains (losses)	17,036			23,243			(12,755		)
General corporate expense and interest on debt	(13,816		)	(14,048		)	(13,991		)
Equity in earnings of unconsolidated investees	6,497			7,101			5,052
Total earnings before income taxes	$	183,586		$	179,667		$	130,262
Income taxes	$	56,988		$	51,470		$	37,831
Total	$	126,598		$	128,197		$	92,431

Schedule of net premiums earned by major product type

	Year ended December 31,
(in thousands)	2011		2010		2009
CASUALTY
General liability	$	85,020	$	96,659	$	115,439
Commercial and personal umbrella	63,020		61,370		62,388
Commercial transportation	34,106		40,262		42,185
P&C package business	16,379		—		—
Executive products	14,665		13,624		13,936
Professional services	13,151		6,202		2,487
Specialty programs	4,325		7,188		21,577
Other casualty	5,532		6,742		7,945
Total	$	236,198	$	232,047	$	265,957
PROPERTY
Commercial property	$	80,743	$	80,471	$	81,828
Marine	51,654		47,981		52,470
Crop reinsurance	34,935		27,082		—
Property reinsurance	19,925		14,664		9,402
Other property	16,403		11,447		11,603
Total	$	203,660	$	181,645	$	155,303
SURETY
Miscellaneous	$	34,837	$	24,855	$	23,406
Contract	24,354		18,970		14,129
Commercial	21,317		18,869		16,550
Oil and gas	18,086		16,996		16,616
Total	$	98,594	$	79,690	$	70,701
Grand total	$	538,452	$	493,382	$	491,961