OPERATING SEGMENT INFORMATION

6 Months Ended

Jun. 30, 2015

OPERATING SEGMENT INFORMATION

OPERATING SEGMENT INFORMATION

6.  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				For the Six-Month Periods
REVENUES	Ended June 30,				Ended June 30,
(in thousands)	2015		2014		2015		2014
Net premiums earned:
Casualty	$	101,914	$	94,360	$	200,682	$	185,337
Property		41,281		48,791		83,399		92,109
Surety		29,144		25,453		57,261		52,290
Segment totals before income taxes	$	172,339	$	168,604	$	341,342	$	329,736
Net investment income		13,431		13,982		26,926		27,564
Net realized gains		4,802		10,431		18,088		16,932
Total consolidated revenue	$	190,572	$	193,017	$	386,356	$	374,232
NET EARNINGS
(in thousands)	2015		2014		2015		2014
Casualty	$	19,201	$	16,467	$	24,473	$	22,545
Property		4,828		2,293		13,004		11,971
Surety		10,807		7,809		14,997		14,585
Net underwriting income	$	34,836	$	26,569	$	52,474	$	49,101
Net investment income		13,431		13,982		26,926		27,564
Net realized gains		4,802		10,431		18,088		16,932
General corporate expense and interest on debt		(4,605)		(4,423)		(8,705)		(8,472)
Equity in earnings of unconsolidated investees		6,186		5,864		10,380		9,289
Total earnings before income taxes	$	54,650	$	52,423	$	99,163	$	94,414
Income tax expense		17,465		16,698		31,380		29,720
Total net earnings	$	37,185	$	35,725	$	67,783	$	64,694

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

	For the Three-Month Periods				For the Six-Month Periods
NET PREMIUMS EARNED	Ended June 30,				Ended June 30,
(in thousands)	2015		2014		2015		2014
Casualty
Commercial and personal umbrella	$	26,012	$	25,024	$	51,309	$	49,780
General liability		20,607		20,523		40,579		40,455
Professional services		17,641		13,839		34,721		26,700
Commercial transportation		15,117		15,005		29,798		29,516
P&C package business		9,909		8,495		19,558		16,778
Executive products		4,601		4,721		9,286		9,405
Medical professional liability		3,032		3,724		6,136		7,424
Other casualty		4,995		3,029		9,295		5,279
Total	$	101,914	$	94,360	$	200,682	$	185,337
Property
Commercial property	$	19,049	$	20,054	$	38,952	$	40,487
Marine		10,984		12,962		22,901		25,163
Specialty personal		6,657		6,709		13,447		12,817
Property reinsurance		3,342		3,387		6,359		6,748
Crop reinsurance		1,222		5,683		1,687		6,869
Other property		27		(4)		53		25
Total	$	41,281	$	48,791	$	83,399	$	92,109
Surety
Miscellaneous	$	10,489	$	9,598	$	20,657	$	19,080
Commercial		7,592		6,313		14,493		12,447
Contract		6,789		6,256		13,619		13,017
Oil and Gas		4,274		3,286		8,492		7,746
Total	$	29,144	$	25,453	$	57,261	$	52,290
Grand Total	$	172,339	$	168,604	$	341,342	$	329,736