OPERATING SEGMENT INFORMATION (Tables)

12 Months Ended

Dec. 31, 2015

OPERATING SEGMENT INFORMATION

Schedule of revenues and net earnings by segment

REVENUES
(in thousands)	2015		2014		2013
Casualty	$	412,248	$	382,105	$	324,022
Property		170,924		197,776		200,141
Surety		116,989		107,494		106,639
Net premiums earned	$	700,161	$	687,375	$	630,802
Net investment income		54,644		55,608		52,763
Net realized gains		39,829		32,182		22,036
Total	$	794,634	$	775,165	$	705,601

INSURANCE EXPENSES
(in thousands)	2015		2014		2013
Loss and settlement expenses:
Casualty	$	218,414	$	199,133	$	148,860
Property		69,851		89,589		96,271
Surety		10,780		7,887		14,670
Total net loss and settlement expenses	$	299,045	$	296,609	$	259,801
Policy acquisition costs:
Casualty	$	119,529	$	108,747	$	93,463
Property		57,214		58,646		58,650
Surety		64,335		61,890		58,538
Total policy acquisition costs	$	241,078	$	229,283	$	210,651
Other insurance expenses:
Casualty	$	28,042	$	28,284	$	26,107
Property		14,834		16,623		17,616
Surety		8,604		9,557		9,834
Total other insurance expenses	$	51,480	$	54,464	$	53,557
Total	$	591,603	$	580,356	$	524,009

NET EARNINGS (LOSSES)
(in thousands)	2015		2014		2013
Casualty	$	46,263	$	45,941	$	55,592
Property		29,025		32,918		27,604
Surety		33,270		28,160		23,597
Net underwriting income	$	108,558	$	107,019	$	106,793
Net investment income		54,644		55,608		52,763
Net realized gains		39,829		32,182		22,036
General corporate expense and interest on debt		(17,263)		(17,660)		(16,841)
Equity in earnings of unconsolidated investees		10,914		12,338		10,915
Total earnings before incomes taxes	$	196,682	$	189,487	$	175,666
Income taxes	$	59,138	$	54,042	$	49,411
Total	$	137,544	$	135,445	$	126,255

Schedule of net premiums earned by major product type

NET PREMIUMS EARNED	Year ended December 31,
(in thousands)	2015		2014		2013
CASUALTY
Commercial and personal umbrella	$	104,598	$	100,420	$	85,532
General liability		81,213		80,820		81,427
Professional services		71,034		58,327		42,063
Commercial transportation		65,564		58,911		50,287
P&C package business		40,410		35,371		30,603
Executive products		17,892		18,915		19,123
Medical professional liability		12,292		15,943		8,626
Other casualty		19,245		13,398		6,361
Total	$	412,248	$	382,105	$	324,022
PROPERTY
Commercial property	$	75,749	$	80,719	$	76,939
Marine		47,016		49,235		57,122
Specialty personal		26,395		26,627		16,308
Property reinsurance		12,330		12,756		15,770
Crop reinsurance		9,358		28,293		31,421
Other property		76		146		2,581
Total	$	170,924	$	197,776	$	200,141
SURETY
Miscellaneous	$	42,372	$	39,026	$	38,131
Commercial		29,529		25,778		23,133
Contract		28,269		26,592		27,176
Energy		16,819		16,098		18,199
Total	$	116,989	$	107,494	$	106,639
Grand total	$	700,161	$	687,375	$	630,802