OPERATING SEGMENT INFORMATION

6 Months Ended

Jun. 30, 2013

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					For the Six-Month Periods
	Ended June 30,					Ended June 30,
	REVENUES					REVENUES
	2013		2012			2013		2012
Casualty	$	78,372	$	65,705		$	151,341	$	129,215
Property	49,619		49,848			94,600		96,840
Surety	26,562		26,031			52,763		52,809
Segment totals before income taxes	$	154,553	$	141,584		$	298,704	$	278,864
Net investment income	12,847		14,826			25,733		30,119
Net realized gains (losses)	3,742		(664		)	7,426		10,752
Total consolidated revenue	$	171,142	$	155,746		$	331,863	$	319,735

	NET EARNINGS						NET EARNINGS
	2013			2012			2013			2012
Casualty	$	14,614		$	11,051		$	18,718		$	11,603
Property	2,222			(290		)	13,146			11,627
Surety	8,723			10,862			13,493			13,334
Net underwriting income	$	25,559		$	21,623		$	45,357		$	36,564
Net investment income	12,847			14,826			25,733			30,119
Net realized gains (losses)	3,742			(664		)	7,426			10,752
General corporate expense and interest on debt	(3,205		)	(3,340		)	(7,103		)	(6,827		)
Equity in earnings of unconsolidated investee	4,633			4,123			8,132			7,069
Total earnings before income taxes	$	43,576		$	36,568		$	79,545		$	77,677
Income tax expense	13,674			11,820			24,796			24,891
Total net earnings	$	29,902		$	24,748		$	54,749		$	52,786

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

	For the Three-Month Periods				For the Six-Month Periods
	Ended June 30,				Ended June 30,
(in thousands)	2013		2012		2013		2012
Casualty
General liability	$	20,020	$	21,136	$	40,797	$	41,893
Commercial and personal umbrella	20,606		16,747		39,556		32,907
Commercial transportation	12,197		8,362		22,131		16,669
P&C package business	7,607		6,956		15,028		13,855
Executive products	4,279		3,942		8,625		7,752
Professional services	10,062		6,650		19,071		12,318
Medical professional liability	1,712		—		2,462		—
Other	1,889		1,912		3,671		3,821
Total	$	78,372	$	65,705	$	151,341	$	129,215
Property
Commercial property	$	19,259	$	18,093	$	38,875	$	36,645
Marine	15,042		15,351		29,656		30,565
Crop reinsurance	6,388		5,066		7,655		6,116
Property reinsurance	4,383		5,980		9,655		13,367
Other property	4,547		5,358		8,759		10,147
Total	$	49,619	$	49,848	$	94,600	$	96,840
Surety
Miscellaneous	$	9,488	$	9,788	$	18,969	$	19,574
Contract	6,653		6,122		13,112		12,672
Commercial	5,717		5,557		11,428		10,962
Oil and Gas	4,704		4,564		9,254		9,601
Total	$	26,562	$	26,031	$	52,763	$	52,809
Grand Total	$	154,553	$	141,584	$	298,704	$	278,864