Operating Segment Information

3 Months Ended

Mar. 31, 2021

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
Revenues	Ended March 31,
(in thousands)	2021			2020
Casualty	$	148,770		$	143,420
Property		51,642			44,348
Surety		28,183			27,814
Net premiums earned	$	228,595		$	215,582
Net investment income		16,424			17,778
Net realized gains		14,150			15,152
Net unrealized gains (losses) on equity securities		28,162			(130,395	)
Total consolidated revenue	$	287,331		$	118,117

Net Earnings
(in thousands)	2021			2020
Casualty	$	24,867		$	(1,323	)
Property		(1,005	)		9,908
Surety		6,055			8,654
Net underwriting income	$	29,917		$	17,239
Net investment income		16,424			17,778
Net realized gains		14,150			15,152
Net unrealized gains (losses) on equity securities		28,162			(130,395	)
General corporate expense and interest on debt		(5,243	)		(3,652	)
Equity in earnings of unconsolidated investees		6,424			4,514
Earnings (loss) before income taxes	$	89,834		$	(79,364	)
Income tax expense (benefit)		16,822			(18,097	)
Net earnings (loss)	$	73,012		$	(61,267	)

The following table further summarizes revenues by major product type within each operating segment:

	For the Three Months
Net Premiums Earned	Ended March 31,
(in thousands)	2021		2020
Casualty
Commercial excess and personal umbrella	$	51,554	$	40,088
General liability		22,407		23,998
Professional services		21,728		20,695
Commercial transportation		16,830		21,185
Small commercial		15,722		15,633
Executive products		5,241		7,331
Other casualty		15,288		14,490
Total	$	148,770	$	143,420
Property
Marine	$	22,958	$	19,577
Commercial property		22,712		19,155
Specialty personal		5,034		5,000
Other property		938		616
Total	$	51,642	$	44,348
Surety
Commercial	$	11,013	$	10,938
Miscellaneous		10,635		10,516
Contract		6,535		6,360
Total	$	28,183	$	27,814
Grand Total	$	228,595	$	215,582

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details