Operating Segment Information

9 Months Ended

Sep. 30, 2024

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)	2024		2023		2024		2023
Casualty	$	219,638	$	189,305	$	627,014	$	562,384
Property		133,266		94,988		396,774		285,596
Surety		36,585		34,116		105,442		100,432
Net premiums earned	$	389,489	$	318,409	$	1,129,230	$	948,412
Net investment income		36,694		31,963		103,502		87,835
Net realized gains		5,420		6,558		11,222		26,758
Net unrealized gains (losses) on equity securities		38,392		(25,236)		87,314		15,474
Total consolidated revenue	$	469,995	$	331,694	$	1,331,268	$	1,078,479
Net Earnings
(in thousands)	2024		2023		2024		2023
Casualty	$	2,549	$	18,670	$	26,538	$	57,478
Property		30,402		(20,671)		141,298		33,589
Surety		7,741		6,248		20,575		22,271
Net underwriting income	$	40,692	$	4,247	$	188,411	$	113,338
Net investment income		36,694		31,963		103,502		87,835
Net realized gains		5,420		6,558		11,222		26,758
Net unrealized gains (losses) on equity securities		38,392		(25,236)		87,314		15,474
General corporate expense and interest on debt		(5,611)		(4,245)		(17,983)		(16,733)
Equity in earnings of unconsolidated investees		1,238		1,732		7,653		7,169
Earnings before income taxes	$	116,825	$	15,019	$	380,119	$	233,841
Income tax expense		21,798		1,483		75,200		43,842
Net earnings	$	95,027	$	13,536	$	304,919	$	189,999

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)	2024		2023		2024		2023
Casualty
Commercial excess and personal umbrella	$	91,434	$	72,559	$	257,455	$	209,402
Commercial transportation		32,067		25,843		88,691		76,473
General liability		26,316		25,250		77,832		77,166
Professional services		26,281		24,882		77,366		73,841
Small commercial		20,074		18,096		57,870		54,492
Executive products		6,261		5,943		17,624		18,449
Other casualty		17,205		16,732		50,176		52,561
Total	$	219,638	$	189,305	$	627,014	$	562,384
Property
Commercial property	$	85,814	$	63,783	$	260,819	$	173,264
Marine		37,618		33,436		107,255		96,484
Other property		9,834		(2,231)		28,700		15,848
Total	$	133,266	$	94,988	$	396,774	$	285,596
Surety
Transactional	$	12,488	$	11,966	$	36,904	$	35,900
Commercial		12,477		12,653		35,802		37,576
Contract		11,620		9,497		32,736		26,956
Total	$	36,585	$	34,116	$	105,442	$	100,432
Grand Total	$	389,489	$	318,409	$	1,129,230	$	948,412