Operating Segment Information (Tables)

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Summary of Selected Information by Operating Segment

REVENUES

(in thousands)	2022		2021		2020
Casualty	$	711,832	$	633,639	$	569,521
Property		307,886		231,837		183,720
Surety		124,718		115,427		112,506
Net premiums earned	$	1,144,436	$	980,903	$	865,747
Net investment income		86,078		68,862		67,893
Net realized gains		588,515		64,222		17,885
Net unrealized gains (losses) on equity securities		(121,037)		65,258		32,101
Total	$	1,697,992	$	1,179,245	$	983,626

INSURANCE EXPENSES

(in thousands)	2022		2021		2020
Loss and settlement expenses:
Casualty	$	381,436	$	311,627	$	322,099
Property		120,745		129,924		111,356
Surety		12,195		15,051		9,429
Total loss and settlement expenses	$	514,376	$	456,602	$	442,884
Policy acquisition costs:
Casualty	$	204,397	$	179,354	$	162,058
Property		95,203		72,008		59,926
Surety		70,032		66,106		64,454
Total policy acquisition costs	$	369,632	$	317,468	$	286,438
Other insurance expenses:
Casualty	$	52,210	$	47,139	$	40,937
Property		19,416		18,605		15,620
Surety		10,586		11,163		10,271
Total other insurance expenses	$	82,212	$	76,907	$	66,828
Total	$	966,220	$	850,977	$	796,150

NET EARNINGS

(in thousands)	2022		2021		2020
Casualty	$	73,789	$	95,519	$	44,427
Property		72,522		11,300		(3,182)
Surety		31,905		23,107		28,352
Net underwriting income	$	178,216	$	129,926	$	69,597
Net investment income		86,078		68,862		67,893
Net realized gains		588,515		64,222		17,885
Net unrealized gains (losses) on equity securities		(121,037)		65,258		32,101
Interest on debt		(8,047)		(7,677)		(7,603)
General corporate expense		(12,900)		(13,330)		(10,265)
Equity in earnings of unconsolidated investees		9,853		37,060		20,233
Total earnings before incomes taxes	$	720,678	$	344,321	$	189,841
Income tax expense		137,267		64,967		32,750
Net earnings	$	583,411	$	279,354	$	157,091

Summary of Revenue by Major Product Type

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

NET PREMIUMS EARNED

	Year ended December 31,
(in thousands)	2022		2021		2020
CASUALTY
Commercial excess and personal umbrella	$	253,921	$	219,437	$	178,214
General liability		100,374		90,853		91,653
Commercial transportation		96,992		83,352		64,624
Professional services		95,187		88,855		85,196
Small commercial		67,673		64,660		63,357
Executive products		26,606		21,873		26,509
Other casualty		71,079		64,609		59,968
Total	$	711,832	$	633,639	$	569,521
PROPERTY
Commercial property	$	163,078	$	107,941	$	79,406
Marine		113,208		97,745		81,852
Other property		31,600		26,151		22,462
Total	$	307,886	$	231,837	$	183,720
SURETY
Commercial	$	47,652	$	43,738	$	42,872
Miscellaneous		45,826		43,982		42,292
Contract		31,240		27,707		27,342
Total	$	124,718	$	115,427	$	112,506
Grand total	$	1,144,436	$	980,903	$	865,747