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OPERATING SEGMENT INFORMATION
 3 Months Ended
Mar. 31, 2015
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.

 

 

 

 

 

 

 

 

 

 

 

For the Three-Month Periods

REVENUES

 

Ended March 31,

(in thousands)

    

2015

    

2014

Net premiums earned:

 

 

 

 

 

 

Casualty

 

$
98,768 

 

$
90,977 

Property

 

 
42,118 

 

 
43,318 

Surety

 

 
28,117 

 

 
26,837 

 

 

 

 

 

 

 

Segment totals before income taxes

 

$
169,003 

 

$
161,132 

 

 

 

 

 

 

 

Net investment income

 

 
13,495 

 

 
13,582 

Net realized gains

 

 
13,286 

 

 
6,501 

 

 

 

 

 

 

 

Total consolidated revenue

 

$
195,784 

 

$
181,215 

 

 

 

 

 

 

 

NET EARNINGS

 

 

(in thousands)

    

2015

    

2014

Casualty

 

$
5,272 

 

$
6,078 

Property

 

 
8,176 

 

 
9,678 

Surety

 

 
4,190 

 

 
6,776 

 

 

 

 

 

 

 

Net underwriting income

 

$
17,638 

 

$
22,532 

 

 

 

 

 

 

 

Net investment income

 

 
13,495 

 

 
13,582 

Net realized gains

 

 
13,286 

 

 
6,501 

General corporate expense and interest on debt

 

 
(4,100)

 

 
(4,049)

Equity in earnings of unconsolidated investees

 

 
4,194 

 

 
3,425 

 

 

 

 

 

 

 

Total earnings before income taxes

 

$
44,513 

 

$
41,991 

Income tax expense

 

 
13,915 

 

 
13,022 

 

 

 

 

 

 

 

Total net earnings

 

$
30,598 

 

$
28,969 

 

The following table further summarizes revenues by major product type within each operating segment:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three-Month Periods

NET PREMIUMS EARNED

 

Ended March 31,

(in thousands)

    

2015

    

2014

 

 

 

 

 

 

 

Casualty

 

 

 

 

 

 

Commercial and personal umbrella

 

$
25,297 

 

$
24,756 

General liability

 

 
19,972 

 

 
19,932 

Professional services

 

 
17,080 

 

 
12,861 

Commercial transportation

 

 
14,681 

 

 
14,511 

P&C package business

 

 
9,649 

 

 
8,283 

Executive products

 

 
4,685 

 

 
4,684 

Medical professional liability

 

 
3,104 

 

 
3,700 

Other casualty

 

 
4,300 

 

 
2,250 

Total

 

$
98,768 

 

$
90,977 

 

 

 

 

 

 

 

Property

 

 

 

 

 

 

Commercial property

 

$
19,903 

 

$
20,433 

Marine

 

 
11,917 

 

 
12,201 

Specialty personal

 

 
6,790 

 

 
6,108 

Property reinsurance

 

 
3,017 

 

 
3,361 

Crop reinsurance

 

 
465 

 

 
1,186 

Other property

 

 
26 

 

 
29 

Total

 

$
42,118 

 

$
43,318 

 

 

 

 

 

 

 

Surety

 

 

 

 

 

 

Miscellaneous

 

$
10,168 

 

$
9,482 

Commercial

 

 
6,901 

 

 
6,134 

Contract

 

 
6,830 

 

 
6,761 

Oil and Gas

 

 
4,218 

 

 
4,460 

Total

 

$
28,117 

 

$
26,837 

 

 

 

 

 

 

 

Grand Total

 

$
169,003 

 

$
161,132