OPERATING SEGMENT INFORMATION (Tables) - 10K

12 Months Ended

Dec. 31, 2014

OPERATING SEGMENT INFORMATION

Schedule of revenues and net earnings by segment

REVENUES
(in thousands)	2014		2013		2012
Casualty	$	382,105	$	324,022	$	267,697
Property		197,776		200,141		202,402
Surety		107,494		106,639		106,472
Segment totals before income taxes	$	687,375	$	630,802	$	576,571
Net investment income		55,608		52,763		58,831
Net realized gains		32,182		22,036		25,372
Total	$	775,165	$	705,601	$	660,774

INSURANCE EXPENSES
(in thousands)	2014		2013		2012
Loss and settlement expenses:
Casualty	$	199,133	$	148,860	$	144,106
Property		89,589		96,271		115,707
Surety		7,887		14,670		11,832
Segment totals before income taxes	$	296,609	$	259,801	$	271,645
Policy acquisition costs:
Casualty	$	108,747	$	93,463	$	76,765
Property		58,646		58,650		60,070
Surety		61,890		58,538		59,527
Segment totals before income taxes	$	229,283	$	210,651	$	196,362
Other insurance expenses:
Casualty	$	28,284	$	26,107	$	21,387
Property		16,623		17,616		14,933
Surety		9,557		9,834		8,651
Segment totals before income taxes	$	54,464	$	53,557	$	44,971
Total	$	580,356	$	524,009	$	512,978

NET EARNINGS (LOSSES)
(in thousands)	2014		2013		2012
Casualty	$	45,941	$	55,592	$	25,439
Property		32,918		27,604		11,692
Surety		28,160		23,597		26,462
Net underwriting income	$	107,019	$	106,793	$	63,593
Net investment income		55,608		52,763		58,831
Net realized gains		32,182		22,036		25,372
General corporate expense and interest on debt		(17,660)		(16,841)		(13,917)
Equity in earnings of unconsolidated investees		12,338		10,915		8,853
Total earnings before incomes taxes	$	189,487	$	175,666	$	142,732
Income taxes	$	54,042	$	49,411	$	39,386
Total	$	135,445	$	126,255	$	103,346

Schedule of net premiums earned by major product type

NET PREMIUMS EARNED	Year ended December 31,
(in thousands)	2014		2013		2012
CASUALTY
Commercial and personal umbrella	$	100,420	$	85,532	$	68,287
General liability		80,820		81,427		84,985
Commercial transportation		58,911		50,287		34,701
Professional services		58,327		42,063		28,018
P&C package business		35,371		30,603		28,497
Executive products		18,915		19,123		17,198
Medical professional liability		15,943		8,626		25
Other casualty		13,398		6,361		5,986
Total	$	382,105	$	324,022	$	267,697
PROPERTY
Commercial property	$	80,719	$	76,939	$	74,197
Marine		49,235		57,122		56,367
Crop reinsurance		28,293		31,421		24,506
Specialty personal		26,627		16,308		12,022
Property reinsurance		12,756		15,770		27,021
Other property		146		2,581		8,289
Total	$	197,776	$	200,141	$	202,402
SURETY
Miscellaneous	$	39,026	$	38,131	$	39,299
Contract		26,592		27,176		26,329
Commercial		25,778		23,133		22,107
Oil and gas		16,098		18,199		18,737
Total	$	107,494	$	106,639	$	106,472
Grand total	$	687,375	$	630,802	$	576,571