OPERATING SEGMENT INFORMATION (Tables)

12 Months Ended

Dec. 31, 2012

OPERATING SEGMENT INFORMATION

Schedule of revenues and net earnings by segment

REVENUES

(in thousands)	2012		2011		2010
Casualty	$	267,697	$	236,198	$	232,047
Property	202,402		203,660		181,645
Surety	106,472		98,594		79,690
Segment totals before income taxes	$	576,571	$	538,452	$	493,382
Net investment income	58,831		63,681		66,799
Net realized gains	25,372		17,036		23,243
Total	$	660,774	$	619,169	$	583,424

INSURANCE EXPENSES

(in thousands)	2012		2011		2010
Loss and settlement expenses:
Casualty	$	144,106	$	85,091	$	114,861
Property	115,707		101,969		82,463
Surety	11,832		13,024		4,008
Segment totals before income taxes	$	271,645	$	200,084	$	201,332
Policy acquisition costs:
Casualty	$	76,765	$	67,495	$	59,628
Property	60,070		57,878		52,847
Surety	59,527		58,495		44,419
Segment totals before income taxes	$	196,362	$	183,868	$	156,894
Other insurance expenses:
Casualty	$	21,387	$	22,215	$	20,474
Property	14,933		13,481		12,042
Surety	8,651		8,616		6,068
Segment totals before income taxes	$	44,971	$	44,312	$	38,584
Total	$	512,978	$	428,264	$	396,810

NET EARNINGS (LOSSES)

(in thousands)	2012			2011			2010
Casualty	$	25,439		$	61,397		$	37,084
Property	11,692			30,332			34,293
Surety	26,462			18,459			25,195
Net underwriting income	$	63,593		$	110,188		$	96,572
Net investment income	58,831			63,681			66,799
Realized gains	25,372			17,036			23,243
General corporate expense and interest on debt	(13,917		)	(13,816		)	(14,048		)
Equity in earnings of unconsolidated investees	8,853			6,497			7,101
Total earnings before income taxes	$	142,732		$	183,586		$	179,667
Income taxes	$	39,386		$	56,988		$	51,470
Total	$	103,346		$	126,598		$	128,197

Schedule of net premiums earned by major product type

	Year ended December 31,
(in thousands)	2012		2011		2010
CASUALTY
General liability	$	84,985	$	85,020	$	96,659
Commercial and personal umbrella	68,287		63,020		61,370
Commercial transportation	34,701		34,106		40,262
P&C package business	28,497		16,379		—
Professional services	28,018		13,151		6,202
Executive products	15,764		14,665		13,624
Specialty programs	2,331		4,325		7,188
Other casualty	5,114		5,532		6,742
Total	$	267,697	$	236,198	$	232,047
PROPERTY
Commercial property	$	74,197	$	80,743	$	80,471
Marine	56,367		51,654		47,981
Property reinsurance	27,021		19,925		14,664
Crop reinsurance	24,506		34,935		27,082
Other property	20,311		16,403		11,447
Total	$	202,402	$	203,660	$	181,645
SURETY
Miscellaneous	$	39,299	$	34,837	$	24,855
Contract	26,329		24,354		18,970
Commercial	22,107		21,317		18,869
Oil and gas	18,737		18,086		16,996
Total	$	106,472	$	98,594	$	79,690
Grand total	$	576,571	$	538,452	$	493,382