Operating Segment Information

6 Months Ended

Jun. 30, 2023

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 Six Months
Revenues	Ended June 30,				Ended June 30,
(in thousands)	2023		2022		2023		2022
Casualty	$	187,048	$	177,123	$	373,079	$	348,879
Property		101,841		74,690		190,608		142,130
Surety		33,391		30,997		66,316		60,953
Net premiums earned	$	322,280	$	282,810	$	630,003	$	551,962
Net investment income		28,788		18,472		55,872		36,355
Net realized gains		5,580		12,804		20,200		18,392
Net unrealized gains (losses) on equity securities		25,214		(100,994)		40,710		(128,804)
Total consolidated revenue	$	381,862	$	213,092	$	746,785	$	477,905
Net Earnings
(in thousands)	2023		2022		2023		2022
Casualty	$	6,977	$	21,442	$	38,808	$	49,089
Property		25,877		26,105		54,260		48,581
Surety		8,347		8,409		16,023		17,764
Net underwriting income	$	41,201	$	55,956	$	109,091	$	115,434
Net investment income		28,788		18,472		55,872		36,355
Net realized gains		5,580		12,804		20,200		18,392
Net unrealized gains (losses) on equity securities		25,214		(100,994)		40,710		(128,804)
General corporate expense and interest on debt		(6,266)		(4,446)		(12,488)		(9,819)
Equity in earnings of unconsolidated investees		1,514		11,654		5,437		20,413
Earnings (loss) before income taxes	$	96,031	$	(6,554)	$	218,822	$	51,971
Income tax expense (benefit)		18,379		(4,315)		42,359		6,287
Net earnings (loss)	$	77,652	$	(2,239)	$	176,463	$	45,684

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

	For the Three Months				For the Six Months
Net Premiums Earned	Ended June 30,				Ended June 30,
(in thousands)	2023		2022		2023		2022
Casualty
Commercial excess and personal umbrella	$	69,261	$	62,463	$	136,843	$	122,535
General liability		26,016		25,106		51,916		48,846
Commercial transportation		25,398		23,941		50,630		47,569
Professional services		24,602		23,861		48,959		47,416
Small commercial		18,455		16,813		36,396		33,458
Executive products		6,153		7,075		12,506		13,652
Other casualty		17,163		17,864		35,829		35,403
Total	$	187,048	$	177,123	$	373,079	$	348,879
Property
Commercial property	$	60,219	$	38,929	$	109,481	$	72,218
Marine		32,412		28,178		63,048		54,907
Other property		9,210		7,583		18,079		15,005
Total	$	101,841	$	74,690	$	190,608	$	142,130
Surety
Commercial	$	12,505	$	11,663	$	24,923	$	23,366
Miscellaneous		11,887		11,587		23,934		22,940
Contract		8,999		7,747		17,459		14,647
Total	$	33,391	$	30,997	$	66,316	$	60,953
Grand Total	$	322,280	$	282,810	$	630,003	$	551,962