OPERATING SEGMENT INFORMATION (Tables)

12 Months Ended

Dec. 31, 2013

Schedule of revenues and net earnings by segment

REVENUES

(in thousands)	2013		2012		2011
Casualty	$	324,022	$	267,697	$	236,198
Property	200,141		202,402		203,660
Surety	106,639		106,472		98,594
Segment totals before income taxes	630,802		576,571		538,452
Net investment income	52,763		58,831		63,681
Net realized gains	22,036		25,372		17,036
Total	$	705,601	$	660,774	$	619,169

INSURANCE EXPENSES

(in thousands)	2013		2012		2011
Loss and settlement expenses:
Casualty	$	148,860	$	144,106	$	85,091
Property	96,271		115,707		101,969
Surety	14,670		11,832		13,024
Segment totals before income taxes	$	259,801	$	271,645	$	200,084

Policy acquisition costs:
Casualty	$	93,463	$	76,765	$	67,495
Property	58,650		60,070		57,878
Surety	58,538		59,527		58,495
Segment totals before income taxes	$	210,651	$	196,362	$	183,868

Other insurance expenses:
Casualty	$	26,107	$	21,387	$	22,215
Property	17,616		14,933		13,481
Surety	9,834		8,651		8,616
Segment totals before income taxes	$	53,557	$	44,971	$	44,312
Total	$	524,009	$	512,978	$	428,264

NET EARNINGS (LOSSES)

(in thousands)	2013			2012			2011
Casualty	$	55,592		$	25,439		$	61,397
Property	27,604			11,692			30,332
Surety	23,597			26,462			18,459
Net underwriting income	$	106,793		$	63,593		$	110,188
Net investment income	52,763			58,831			63,681
Net realized gains	22,036			25,372			17,036
General corporate expense and interest on debt	(16,841		)	(13,917		)	(13,816		)
Equity in earnings of unconsolidated investees	10,915			8,853			6,497
Total earnings before incomes taxes	$	175,666		$	142,732		$	183,586
Income taxes	$	49,411		$	39,386		$	56,988
Total	$	126,255		$	103,346		$	126,598

Schedule of net premiums earned by major product type

	Year ended December 31,
(in thousands)	2013		2012		2011
CASUALTY
Commercial and personal umbrella	$	85,532	$	68,287	$	63,020
General liability	81,427		84,985		85,020
Commercial transportation	50,287		34,701		34,106
Professional services	42,063		28,018		13,151
P&C package business	30,603		28,497		16,379
Executive products	19,123		17,198		15,472
Medical professional liability	8,626		25		—
Other casualty	6,361		5,986		9,050
Total	$	324,022	$	267,697	$	236,198

PROPERTY
Commercial property	$	76,939	$	74,197	$	80,743
Marine	57,122		56,367		51,654
Crop reinsurance	31,421		24,506		34,935
Property reinsurance	15,770		27,021		19,925
Other property	18,889		20,311		16,403
Total	$	200,141	$	202,402	$	203,660

SURETY
Miscellaneous	$	38,131	$	39,299	$	34,837
Contract	27,176		26,329		24,354
Commercial	23,133		22,107		21,317
Oil and gas	18,199		18,737		18,086
Total	$	106,639	$	106,472	$	98,594
Grand total	$	630,802	$	576,571	$	538,452

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

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