Operating Segment Information (Tables)

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Summary of Selected Information by Operating Segment

REVENUES

(in thousands)	2021		2020		2019
Casualty	$	633,639	$	569,521	$	558,458
Property		231,837		183,720		164,022
Surety		115,427		112,506		116,631
Net premiums earned	$	980,903	$	865,747	$	839,111
Net investment income		68,862		67,893		68,870
Net realized gains		64,222		17,885		17,520
Net unrealized gains on equity securities		65,258		32,101		78,090
Total	$	1,179,245	$	983,626	$	1,003,591

INSURANCE EXPENSES

(in thousands)	2021		2020		2019
Loss and settlement expenses:
Casualty	$	311,627	$	322,099	$	330,156
Property		129,924		111,356		73,614
Surety		15,051		9,429		9,646
Total loss and settlement expenses	$	456,602	$	442,884	$	413,416
Policy acquisition costs:
Casualty	$	179,354	$	162,058	$	166,499
Property		72,008		59,926		55,986
Surety		66,106		64,454		66,212
Total policy acquisition costs	$	317,468	$	286,438	$	288,697
Other insurance expenses:
Casualty	$	47,139	$	40,937	$	41,202
Property		18,605		15,620		16,279
Surety		11,163		10,271		11,949
Total other insurance expenses	$	76,907	$	66,828	$	69,430
Total	$	850,977	$	796,150	$	771,543

NET EARNINGS

(in thousands)	2021			2020			2019
Casualty	$	95,519		$	44,427		$	20,601
Property		11,300			(3,182	)		18,143
Surety		23,107			28,352			28,824
Net underwriting income	$	129,926		$	69,597		$	67,568
Net investment income		68,862			67,893			68,870
Net realized gains		64,222			17,885			17,520
Net unrealized gains on equity securities		65,258			32,101			78,090
Interest on debt		(7,677	)		(7,603	)		(7,588	)
General corporate expense		(13,330	)		(10,265	)		(12,686	)
Equity in earnings of unconsolidated investees		37,060			20,233			20,960
Total earnings before incomes taxes	$	344,321		$	189,841		$	232,734
Income tax expense		64,967			32,750			41,092
Net earnings	$	279,354		$	157,091		$	191,642

Summary of Revenue by Major Product Type

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

NET PREMIUMS EARNED

	Year ended December 31,
(in thousands)	2021		2020		2019
CASUALTY
Commercial excess and personal umbrella	$	219,437	$	178,214	$	140,483
General liability		90,853		91,653		98,880
Professional services		88,855		85,196		81,329
Commercial transportation		83,352		64,624		83,213
Small commercial		64,660		63,357		55,701
Executive products		21,873		26,509		27,088
Other casualty		64,609		59,968		71,764
Total	$	633,639	$	569,521	$	558,458
PROPERTY
Commercial property	$	107,941	$	79,406	$	68,310
Marine		97,745		81,852		74,887
Specialty personal		21,385		19,596		19,316
Other property		4,766		2,866		1,509
Total	$	231,837	$	183,720	$	164,022
SURETY
Miscellaneous	$	43,982	$	42,292	$	44,721
Commercial		43,738		42,872		43,553
Contract		27,707		27,342		28,357
Total	$	115,427	$	112,506	$	116,631
Grand total	$	980,903	$	865,747	$	839,111