Operating Segment Information

9 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

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 Months				For the Nine Months
Revenues	Ended September 30,				Ended September 30,
(in thousands)	2022		2021		2022		2021
Casualty	$	179,615	$	162,852	$	528,494	$	467,817
Property		80,844		60,886		222,974		168,393
Surety		31,009		29,651		91,962		86,774
Net premiums earned	$	291,468	$	253,389	$	843,430	$	722,984
Net investment income		21,270		17,844		57,625		50,929
Net realized gains		573,170		1,829		591,562		52,442
Net unrealized gains (losses) on equity securities		(26,414)		(2,592)		(155,218)		29,526
Total consolidated revenue	$	859,494	$	270,470	$	1,337,399	$	855,881
Net Earnings
(in thousands)	2022		2021		2022		2021
Casualty	$	11,329	$	22,949	$	60,418	$	74,254
Property		(8,308)		(16,558)		40,273		(8,684)
Surety		5,775		7,333		23,539		14,662
Net underwriting income	$	8,796	$	13,724	$	124,230	$	80,232
Net investment income		21,270		17,844		57,625		50,929
Net realized gains		573,170		1,829		591,562		52,442
Net unrealized gains (losses) on equity securities		(26,414)		(2,592)		(155,218)		29,526
General corporate expense and interest on debt		(4,768)		(4,411)		(14,587)		(15,244)
Equity in earnings (loss) of unconsolidated investees		(17,352)		9,043		3,061		29,407
Earnings before income taxes	$	554,702	$	35,437	$	606,673	$	227,292
Income tax expense		114,809		6,194		121,096		43,222
Net earnings	$	439,893	$	29,243	$	485,577	$	184,070

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

	For the Three Months				For the Nine Months
Net Premiums Earned	Ended September 30,				Ended September 30,
(in thousands)	2022		2021		2022		2021
Casualty
Commercial excess and personal umbrella	$	65,131	$	56,285	$	187,666	$	161,287
General liability		25,284		23,156		74,130		67,616
Commercial transportation		24,205		22,571		71,774		60,926
Professional services		24,174		22,401		71,590		66,095
Small commercial		17,005		16,301		50,463		48,302
Executive products		6,556		5,461		20,208		15,785
Other casualty		17,260		16,677		52,663		47,806
Total	$	179,615	$	162,852	$	528,494	$	467,817
Property
Commercial property	$	43,201	$	28,683	$	115,419	$	76,488
Marine		29,592		25,416		84,499		72,737
Specialty personal		6,409		5,462		18,405		15,761
Other property		1,642		1,325		4,651		3,407
Total	$	80,844	$	60,886	$	222,974	$	168,393
Surety
Commercial	$	12,057	$	11,541	$	35,423	$	33,594
Miscellaneous		10,751		11,124		33,691		32,604
Contract		8,201		6,986		22,848		20,576
Total	$	31,009	$	29,651	$	91,962	$	86,774
Grand Total	$	291,468	$	253,389	$	843,430	$	722,984