OPERATING SEGMENT INFORMATION

3 Months Ended

Mar. 31, 2014

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
	Ended March 31,
	REVENUES
	2014		2013
Net premiums earned:
Casualty	$	90,977	$	72,969
Property	43,318		44,981
Surety	26,837		26,201
Segment totals before income taxes	$	161,132	$	144,151
Net investment income	13,582		12,886
Net realized gains	6,501		3,684
Total consolidated revenue	$	181,215	$	160,721

	NET EARNINGS
	2014			2013
Casualty	$	6,078		$	4,104
Property	9,678			10,924
Surety	6,776			4,770
Net underwriting income	$	22,532		$	19,798
Net investment income	13,582			12,886
Net realized gains	6,501			3,684
General corporate expense and interest on debt	(4,049		)	(3,898		)
Equity in earnings of unconsolidated investees	3,425			3,499
Total earnings before income taxes	$	41,991		$	35,969
Income tax expense	13,022			11,122
Total net earnings	$	28,969		$	24,847

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

	For the Three-Month Periods
	Ended March 31,
(in thousands)	2014		2013
Casualty
Commercial and personal umbrella	$	24,756	$	18,950
General liability	19,932		20,777
Commercial transportation	14,511		9,934
Professional services	12,861		9,009
P&C package business	8,283		7,421
Executive products	4,684		4,716
Medical professional liability	3,700		750
Other casualty	2,250		1,412
Total	$	90,977	$	72,969
Property
Commercial property	$	20,433	$	19,616
Marine	12,201		14,614
Property reinsurance	3,361		5,272
Crop reinsurance	1,186		1,267
Other property	6,137		4,212
Total	$	43,318	$	44,981
Surety
Miscellaneous	$	9,482	$	9,481
Contract	6,761		6,459
Commercial	6,134		5,711
Oil and Gas	4,460		4,550
Total	$	26,837	$	26,201
Grand Total	$	161,132	$	144,151