Operating Segment Information (Tables)

9 Months Ended

Sep. 30, 2021

Segment Reporting [Abstract]

Summary of Selected Information by Operating Segment

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)	2021			2020			2021			2020
Casualty	$	162,852		$	143,002		$	467,817		$	421,637
Property		60,886			45,380			168,393			135,115
Surety		29,651			28,248			86,774			84,194
Net premiums earned	$	253,389		$	216,630		$	722,984		$	640,946
Net investment income		17,844			16,543			50,929			51,238
Net realized gains		1,829			1,512			52,442			14,555
Net unrealized gains (losses) on equity securities		(2,592	)		28,126			29,526			(27,564	)
Total consolidated revenue	$	270,470		$	262,811		$	855,881		$	679,175
Net Earnings
(in thousands)	2021			2020			2021			2020
Casualty	$	22,949		$	13,993		$	74,254		$	22,403
Property		(16,558	)		(19,951	)		(8,684	)		(3,876	)
Surety		7,333			7,110			14,662			24,027
Net underwriting income	$	13,724		$	1,152		$	80,232		$	42,554
Net investment income		17,844			16,543			50,929			51,238
Net realized gains		1,829			1,512			52,442			14,555
Net unrealized gains (losses) on equity securities		(2,592	)		28,126			29,526			(27,564	)
General corporate expense and interest on debt		(4,411	)		(4,569	)		(15,244	)		(12,118	)
Equity in earnings of unconsolidated investees		9,043			8,745			29,407			18,359
Earnings before income taxes	$	35,437		$	51,509		$	227,292		$	87,024
Income tax expense		6,194			9,122			43,222			13,738
Net earnings	$	29,243		$	42,387		$	184,070		$	73,286

Summary of Revenue by Major Product Type

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)	2021		2020		2021		2020
Casualty
Commercial excess and personal umbrella	$	56,285	$	46,404	$	161,287	$	128,813
General liability		23,156		22,747		67,616		69,396
Professional services		22,401		21,422		66,095		63,501
Commercial transportation		22,571		15,130		60,926		47,454
Small commercial		16,301		16,009		48,302		47,433
Executive products		5,461		6,387		15,785		20,693
Other casualty		16,677		14,903		47,806		44,347
Total	$	162,852	$	143,002	$	467,817	$	421,637
Property
Commercial property	$	28,683	$	20,168	$	76,488	$	58,371
Marine		25,416		19,687		72,737		59,976
Specialty personal		5,462		4,794		15,761		14,730
Other property		1,325		731		3,407		2,038
Total	$	60,886	$	45,380	$	168,393	$	135,115
Surety
Commercial	$	11,541	$	10,543	$	33,594	$	32,287
Miscellaneous		11,124		10,547		32,604		31,562
Contract		6,986		7,158		20,576		20,345
Total	$	29,651	$	28,248	$	86,774	$	84,194
Grand Total	$	253,389	$	216,630	$	722,984	$	640,946