Operating Segment Information (Tables)

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Summary of Selected Information by Operating Segment

REVENUES

(in thousands)	2023		2022		2021
Casualty	$	758,346	$	711,832	$	633,639
Property		401,530		307,886		231,837
Surety		134,430		124,718		115,427
Net premiums earned	$	1,294,306	$	1,144,436	$	980,903
Net investment income		120,383		86,078		68,862
Net realized gains		32,518		588,515		64,222
Net unrealized gains (losses) on equity securities		64,787		(121,037)		65,258
Total	$	1,511,994	$	1,697,992	$	1,179,245

INSURANCE EXPENSES

(in thousands)	2023		2022		2021
Loss and settlement expenses:
Casualty	$	418,032	$	381,436	$	311,627
Property		172,062		120,745		129,924
Surety		14,319		12,195		15,051
Total loss and settlement expenses	$	604,413	$	514,376	$	456,602
Policy acquisition costs:
Casualty	$	221,589	$	204,397	$	179,354
Property		116,344		95,203		72,008
Surety		80,392		70,032		66,106
Total policy acquisition costs	$	418,325	$	369,632	$	317,468
Other insurance expenses:
Casualty	$	59,246	$	52,210	$	47,139
Property		26,808		19,416		18,605
Surety		12,329		10,586		11,163
Total other insurance expenses	$	98,383	$	82,212	$	76,907
Total	$	1,121,121	$	966,220	$	850,977

NET EARNINGS

(in thousands)	2023		2022		2021
Casualty	$	59,479	$	73,789	$	95,519
Property		86,316		72,522		11,300
Surety		27,390		31,905		23,107
Net underwriting income	$	173,185	$	178,216	$	129,926
Net investment income		120,383		86,078		68,862
Net realized gains		32,518		588,515		64,222
Net unrealized gains (losses) on equity securities		64,787		(121,037)		65,258
Interest on debt		(7,301)		(8,047)		(7,677)
General corporate expense		(15,917)		(12,900)		(13,330)
Equity in earnings of unconsolidated investees		9,610		9,853		37,060
Total earnings before incomes taxes	$	377,265	$	720,678	$	344,321
Income tax expense		72,654		137,267		64,967
Net earnings	$	304,611	$	583,411	$	279,354

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)	2023		2022		2021
CASUALTY
Commercial excess and personal umbrella	$	286,178	$	253,921	$	219,437
Commercial transportation		103,719		96,992		83,352
General liability		103,066		100,374		90,853
Professional services		99,596		95,187		88,855
Small commercial		72,920		67,673		64,660
Executive products		24,687		26,606		21,873
Other casualty		68,180		71,079		64,609
Total	$	758,346	$	711,832	$	633,639
PROPERTY
Commercial property	$	244,798	$	163,078	$	107,941
Marine		129,428		113,208		97,745
Other property		27,304		31,600		26,151
Total	$	401,530	$	307,886	$	231,837
SURETY
Commercial	$	49,707	$	47,652	$	43,738
Transactional		47,983		45,826		43,982
Contract		36,740		31,240		27,707
Total	$	134,430	$	124,718	$	115,427
Grand total	$	1,294,306	$	1,144,436	$	980,903