Operating Segment Information

6 Months Ended

Jun. 30, 2021

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 Six Months
Revenues	Ended June 30,						Ended June 30,
(in thousands)	2021			2020			2021			2020
Casualty	$	156,195		$	135,215		$	304,965		$	278,635
Property		55,865			45,387			107,507			89,735
Surety		28,940			28,132			57,123			55,946
Net premiums earned	$	241,000		$	208,734		$	469,595		$	424,316
Net investment income		16,661			16,917			33,085			34,695
Net realized gains (losses)		36,463			(2,109	)		50,613			13,043
Net unrealized gains (losses) on equity securities		3,956			74,705			32,118			(55,690	)
Total consolidated revenue	$	298,080		$	298,247		$	585,411		$	416,364
Net Earnings
(in thousands)	2021			2020			2021			2020
Casualty	$	26,438		$	9,733		$	51,305		$	8,410
Property		8,879			6,167			7,874			16,075
Surety		1,274			8,263			7,329			16,917
Net underwriting income	$	36,591		$	24,163		$	66,508		$	41,402
Net investment income		16,661			16,917			33,085			34,695
Net realized gains (losses)		36,463			(2,109	)		50,613			13,043
Net unrealized gains (losses) on equity securities		3,956			74,705			32,118			(55,690	)
General corporate expense and interest on debt		(5,590	)		(3,897	)		(10,833	)		(7,549	)
Equity in earnings of unconsolidated investees		13,940			5,100			20,364			9,614
Earnings before income taxes	$	102,021		$	114,879		$	191,855		$	35,515
Income tax expense		20,206			22,713			37,028			4,616
Net earnings	$	81,815		$	92,166		$	154,827		$	30,899

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

	For the Three Months				For the Six Months
Net Premiums Earned	Ended June 30,				Ended June 30,
(in thousands)	2021		2020		2021		2020
Casualty
Commercial excess and personal umbrella	$	53,448	$	42,321	$	105,002	$	82,409
General liability		22,053		22,651		44,460		46,649
Professional services		21,966		21,384		43,694		42,079
Commercial transportation		21,525		11,139		38,355		32,324
Small commercial		16,279		15,791		32,001		31,424
Executive products		5,083		6,975		10,324		14,306
Other casualty		15,841		14,954		31,129		29,444
Total	$	156,195	$	135,215	$	304,965	$	278,635
Property
Commercial property	$	25,093	$	19,048	$	47,805	$	38,203
Marine		24,363		20,712		47,321		40,289
Specialty personal		5,264		4,936		10,298		9,936
Other property		1,145		691		2,083		1,307
Total	$	55,865	$	45,387	$	107,507	$	89,735
Surety
Commercial	$	11,040	$	10,806	$	22,053	$	21,744
Miscellaneous		10,845		10,499		21,480		21,015
Contract		7,055		6,827		13,590		13,187
Total	$	28,940	$	28,132	$	57,123	$	55,946
Grand Total	$	241,000	$	208,734	$	469,595	$	424,316