Operating Segment Information (Tables)

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Summary of Selected Information by Operating Segment

For the Three Months Ended March 31, 2025
(in thousands)		Casualty		Property		Surety		Total
Revenue
Net premiums earned	$	229,048	$	132,544	$	36,753	$	398,345
Net investment income		-		-		-		36,726
Net realized gains		-		-		-		14,912
Net unrealized gains (losses) on equity securities		-		-		-		(42,318)
Consolidated revenue	$	229,048	$	132,544	$	36,753	$	407,665
Less: Expenses
Losses and settlement expenses	$	145,835	$	32,725	$	(1,322)
Amortization of deferred acquisition costs		42,903		26,976		12,602
Other policy acquisition costs		22,669		7,957		10,580
Insurance operating expenses		15,570		7,971		3,333
Segment earnings before income taxes	$	2,071	$	56,915	$	11,560	$	70,546
Reconciliation of earnings before income taxes
Segment earnings before income taxes							$	70,546
Net investment income								36,726
Net realized gains								14,912
Net unrealized gains (losses) on equity securities								(42,318)
Interest expense on debt								(1,335)
General corporate expenses								(2,948)
Equity in earnings of unconsolidated investees								3,048
Earnings before income taxes							$	78,631
Depreciation and amortization expense	$	1,505	$	498	$	310

For the Three Months Ended March 31, 2024
(in thousands)		Casualty		Property		Surety		Total
Revenue
Net premiums earned	$	198,276	$	129,411	$	32,989	$	360,676
Net investment income		-		-		-		32,847
Net realized gains		-		-		-		5,994
Net unrealized gains (losses) on equity securities		-		-		-		45,314
Consolidated revenue	$	198,276	$	129,411	$	32,989	$	444,831
Less: Expenses
Losses and settlement expenses	$	109,472	$	32,577	$	1,775
Amortization of deferred acquisition costs		36,835		26,219		11,276
Other policy acquisition costs		21,599		4,415		10,110
Insurance operating expenses		16,696		8,484		3,523
Segment earnings before income taxes	$	13,674	$	57,716	$	6,305	$	77,695
Reconciliation of earnings before income taxes
Segment earnings before income taxes							$	77,695
Net investment income								32,847
Net realized gains								5,994
Net unrealized gains (losses) on equity securities								45,314
Interest expense on debt								(1,618)
General corporate expenses								(5,010)
Equity in earnings of unconsolidated investees								4,769
Earnings before income taxes								159,991
Depreciation and amortization expense	$	1,409	$	452	$	259

Summary of Revenue by Major Product Type

	For the Three Months
Net Premiums Earned	Ended March 31,
(in thousands)	2025		2024
Casualty
Commercial excess and personal umbrella	$	103,209	$	80,035
Commercial transportation		30,259		27,301
General liability		26,718		25,412
Professional services		26,587		25,085
Small commercial		19,915		18,337
Executive products		5,943		5,915
Other casualty		16,417		16,191
Total	$	229,048	$	198,276
Property
Commercial property	$	82,812	$	87,605
Marine		37,709		32,568
Other property		12,023		9,238
Total	$	132,544	$	129,411
Surety
Commercial	$	12,776	$	10,625
Transactional		12,660		12,108
Contract		11,317		10,256
Total	$	36,753	$	32,989
Grand Total	$	398,345	$	360,676