OPERATING SEGMENT INFORMATION

6 Months Ended

Jun. 30, 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				For the Six-Month Periods
	Ended June 30,				Ended June 30,
	REVENUES				REVENUES
	2014		2013		2014		2013
Net premiums earned:
Casualty	$	94,360	$	78,372	$	185,337	$	151,341
Property	48,791		49,619		92,109		94,600
Surety	25,453		26,562		52,290		52,763
Segment totals before income taxes	$	168,604	$	154,553	$	329,736	$	298,704
Net investment income	13,982		12,847		27,564		25,733
Net realized gains	10,431		3,742		16,932		7,426
Total consolidated revenue	$	193,017	$	171,142	$	374,232	$	331,863

	NET EARNINGS						NET EARNINGS
	2014			2013			2014			2013
Casualty	$	16,467		$	14,614		$	22,545		$	18,718
Property	2,293			2,222			11,971			13,146
Surety	7,809			8,723			14,585			13,493
Net underwriting income	$	26,569		$	25,559		$	49,101		$	45,357
Net investment income	13,982			12,847			27,564			25,733
Net realized gains	10,431			3,742			16,932			7,426
General corporate expense and interest on debt	(4,423		)	(3,205		)	(8,472		)	(7,103		)
Equity in earnings of unconsolidated investees	5,864			4,633			9,289			8,132
Total earnings before income taxes	$	52,423		$	43,576		$	94,414		$	79,545
Income tax expense	16,698			13,674			29,720			24,796
Total net earnings	$	35,725		$	29,902		$	64,694		$	54,749

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)	2014		2013		2014		2013
Casualty
Commercial and personal umbrella	$	25,024	$	20,606	$	49,780	$	39,556
General liability	20,523		20,020		40,455		40,797
Commercial transportation	15,005		12,197		29,516		22,131
Professional services	13,839		10,062		26,700		19,071
P&C package business	8,495		7,607		16,778		15,028
Executive products	4,721		4,651		9,405		9,367
Medical professional liability	3,724		1,712		7,424		2,462
Other casualty	3,029		1,517		5,279		2,929
Total	$	94,360	$	78,372	$	185,337	$	151,341
Property
Commercial property	$	20,054	$	19,259	$	40,487	$	38,875
Marine	12,962		15,042		25,163		29,656
Crop reinsurance	5,683		6,388		6,869		7,655
Property reinsurance	3,387		4,383		6,748		9,655
Other property	6,705		4,547		12,842		8,759
Total	$	48,791	$	49,619	$	92,109	$	94,600
Surety
Miscellaneous	$	9,598	$	9,488	$	19,080	$	18,969
Contract	6,256		6,653		13,017		13,112
Commercial	6,313		5,717		12,447		11,428
Oil and Gas	3,286		4,704		7,746		9,254
Total	$	25,453	$	26,562	$	52,290	$	52,763
Grand Total	$	168,604	$	154,553	$	329,736	$	298,704