Operating Segment Information

9 Months Ended

Sep. 30, 2020

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)	2020			2019			2020			2019
Casualty	$	143,002		$	140,423		$	421,637		$	415,667
Property		45,380			41,476			135,115			120,194
Surety		28,248			29,356			84,194			87,624
Net premiums earned	$	216,630		$	211,255		$	640,946		$	623,485
Net investment income		16,543			17,532			51,238			51,095
Net realized gains		1,512			3,211			14,555			17,043
Net unrealized gains (losses) on equity securities		28,126			4,906			(27,564	)		47,214
Total consolidated revenue	$	262,811		$	236,904		$	679,175		$	738,837
Net Earnings
(in thousands)	2020			2019			2020			2019
Casualty	$	13,993		$	2,370		$	22,403		$	14,652
Property		(19,951	)		6,202			(3,876	)		14,012
Surety		7,110			5,159			24,027			22,432
Net underwriting income	$	1,152		$	13,731		$	42,554		$	51,096
Net investment income		16,543			17,532			51,238			51,095
Net realized gains		1,512			3,211			14,555			17,043
Net unrealized gains (losses) on equity securities		28,126			4,906			(27,564	)		47,214
General corporate expense and interest on debt		(4,569	)		(4,444	)		(12,118	)		(14,725	)
Equity in earnings of unconsolidated investees		8,745			4,011			18,359			17,793
Earnings before income taxes	$	51,509		$	38,947		$	87,024		$	169,516
Income tax expense		9,122			6,623			13,738			31,252
Net earnings	$	42,387		$	32,324		$	73,286		$	138,264

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)	2020		2019		2020		2019
Casualty
Commercial excess and personal umbrella	$	46,404	$	35,959	$	128,813	$	102,580
General liability		22,747		25,005		69,396		74,240
Professional services		21,422		20,816		63,501		60,390
Commercial transportation		15,130		21,067		47,454		61,979
Small commercial		16,009		13,927		47,433		40,430
Executive products		6,387		7,026		20,693		19,476
Other casualty		14,903		16,623		44,347		56,572
Total	$	143,002	$	140,423	$	421,637	$	415,667
Property
Marine	$	19,687	$	19,033	$	59,976	$	54,633
Commercial property		20,168		17,098		58,371		50,248
Specialty personal		4,794		4,948		14,730		14,324
Other property		731		397		2,038		989
Total	$	45,380	$	41,476	$	135,115	$	120,194
Surety
Commercial	$	10,543	$	10,851	$	32,287	$	32,638
Miscellaneous		10,547		10,998		31,562		33,880
Contract		7,158		7,507		20,345		21,106
Total	$	28,248	$	29,356	$	84,194	$	87,624
Grand Total	$	216,630	$	211,255	$	640,946	$	623,485