Operating Segment Information (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Summary of Selected Information by Operating Segment

Year ended December 31, 2024
(in thousands)		Casualty		Property		Surety		Total
Revenue
Net premiums earned	$	852,837	$	531,384	$	142,185	$	1,526,406
Net investment income		-		-		-		142,278
Net realized gains		-		-		-		19,966
Net unrealized gains (losses) on equity securities		-		-		-		81,734
Consolidated revenue	$	852,837	$	531,384	$	142,185	$	1,770,384
Less: Expenses
Losses and settlement expenses	$	524,490	$	198,806	$	15,957
Amortization of deferred acquisition costs		161,532		108,235		48,254
Other policy acquisition costs		83,987		22,936		39,096
Insurance operating expenses		65,040		33,871		13,549
Segment earnings before income taxes	$	17,788	$	167,536	$	25,329	$	210,653
Reconciliation of earnings before income taxes
Segment earnings before income taxes							$	210,653
Net investment income								142,278
Net realized gains								19,966
Net unrealized gains (losses) on equity securities								81,734
Interest expense on debt								(6,331)
General corporate expenses								(15,880)
Equity in earnings of unconsolidated investees								(4,869)
Earnings before income taxes							$	427,551
Depreciation and amortization expense	$	5,705	$	1,924	$	991

Year ended December 31, 2023
(in thousands)		Casualty		Property		Surety		Total
Revenue
Net premiums earned	$	758,346	$	401,530	$	134,430	$	1,294,306
Net investment income		-		-		-		120,383
Net realized gains		-		-		-		32,518
Net unrealized gains (losses) on equity securities		-		-		-		64,787
Consolidated revenue	$	758,346	$	401,530	$	134,430	$	1,511,994
Less: Expenses
Losses and settlement expenses	$	418,032	$	172,062	$	14,319
Amortization of deferred acquisition costs		138,968		94,173		42,754
Other policy acquisition costs		82,621		22,171		37,638
Insurance operating expenses		59,246		26,808		12,329
Segment earnings before income taxes	$	59,479	$	86,316	$	27,390	$	173,185
Reconciliation of earnings before income taxes
Segment earnings before income taxes							$	173,185
Net investment income								120,383
Net realized gains								32,518
Net unrealized gains (losses) on equity securities								64,787
Interest expense on debt								(7,301)
General corporate expenses								(15,917)
Equity in earnings of unconsolidated investees								9,610
Earnings before income taxes								377,265
Depreciation and amortization expense	$	5,991	$	1,807	$	1,648

Year ended December 31, 2022
(in thousands)		Casualty		Property		Surety		Total
Revenue
Net premiums earned	$	711,832	$	307,886	$	124,718	$	1,144,436
Net investment income		-		-		-		86,078
Net realized gains		-		-		-		588,515
Net unrealized gains (losses) on equity securities		-		-		-		(121,037)
Consolidated revenue	$	711,832	$	307,886	$	124,718	$	1,697,992
Less Expenses
Losses and settlement expenses	$	381,436	$	120,745	$	12,195
Amortization of deferred acquisition costs		126,048		67,450		38,907
Other policy acquisition costs		78,349		27,753		31,125
Insurance operating expenses		52,210		19,416		10,586
Segment earnings before income taxes	$	73,789	$	72,522	$	31,905	$	178,216
Reconciliation of earnings before income taxes
Segment earnings before income taxes							$	178,216
Net investment income								86,078
Net realized gains								588,515
Net unrealized gains (losses) on equity securities								(121,037)
Interest expense on debt								(8,047)
General corporate expenses								(12,900)
Equity in earnings of unconsolidated investees								9,853
Earnings before income taxes								720,678
Depreciation and amortization expense	$	4,961	$	1,653	$	1,705

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)	2024		2023		2022
CASUALTY
Commercial excess and personal umbrella	$	354,847	$	286,178	$	253,921
Commercial transportation		120,650		103,719		96,992
General liability		104,423		103,066		100,374
Professional services		103,794		99,596		95,187
Small commercial		78,308		72,920		67,673
Executive products		23,555		24,687		26,606
Other casualty		67,260		68,180		71,079
Total	$	852,837	$	758,346	$	711,832
PROPERTY
Commercial property	$	345,554	$	244,798	$	163,078
Marine		145,706		129,428		113,208
Other property		40,124		27,304		31,600
Total	$	531,384	$	401,530	$	307,886
SURETY
Transactional	$	49,460	$	47,983	$	45,826
Commercial		48,533		49,707		47,652
Contract		44,192		36,740		31,240
Total	$	142,185	$	134,430	$	124,718
Grand total	$	1,526,406	$	1,294,306	$	1,144,436