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Segment Information
 6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
Segment Information Segment Information
We evaluate the results of our four reportable segments as follows:

•Our Standard Commercial Lines, Standard Personal Lines, and E&S Lines are evaluated on (i) before and after-tax underwriting results (net premiums earned, incurred loss and loss expense, policyholder dividends, policy acquisition costs, and other underwriting expenses), (ii) their return on equity ("ROE") contribution, and (iii) their combined ratios.

•Our Investments segment is primarily evaluated on after-tax net investment income and its ROE contribution. After-tax net realized and unrealized gains and losses are also included in our Investments segment results.

In computing each segment's results, we do not make adjustments for interest expense or corporate expenses. No segment has a separate investment portfolio or allocated assets.
The following summaries present revenues (net investment income and net realized and unrealized gains and losses on investments in the case of the Investments segment) and pre-tax income for the individual segments:

Revenue by SegmentQuarter ended June 30,Six Months ended June 30,
($ in thousands)2024202320242023
Standard Commercial Lines:  
Net premiums earned:  
General liability$280,097 254,510 $553,512 497,859 
Commercial automobile260,652 225,067 512,372 442,438 
Commercial property168,511 141,348 330,064 276,640 
Workers compensation82,316 88,746 170,093 172,930 
Businessowners' policies41,641 34,385 81,562 67,556 
Bonds12,468 11,619 24,556 23,016 
Other7,808 7,034 15,444 13,885 
Miscellaneous income5,214 5,568 12,348 7,749 
Total Standard Commercial Lines revenue858,707 768,277 1,699,951 1,502,073 
Standard Personal Lines:
Net premiums earned:
Personal automobile57,544 48,230 114,504 93,144 
Homeowners46,055 36,902 90,168 71,915 
Other2,822 2,038 5,595 3,981 
Miscellaneous income594 536 1,235 989 
Total Standard Personal Lines revenue107,015 87,706 211,502 170,029 
E&S Lines:
Net premiums earned:
Casualty lines73,887 62,151 145,525 122,968 
Property lines46,430 30,120 87,780 58,154 
Miscellaneous income27 — 53 — 
Total E&S Lines revenue120,344 92,271 233,358 181,122 
Investments:    
Net investment income earned108,642 97,696 216,491 189,202 
Net realized and unrealized investment gains (losses)1,297 (5,426)(338)(2,082)
Total Investments revenue109,939 92,270 216,153 187,120 
Total revenues $1,196,005 1,040,524 $2,360,964 2,040,344 
Income (Loss) Before and After Federal Income Tax
Quarter ended June 30,Six Months ended June 30,
($ in thousands)2024202320242023
Standard Commercial Lines:  
Underwriting income (loss), before federal income tax$(160,881)22,146 $(150,500)61,067 
Underwriting income (loss), after federal income tax(127,096)17,495 (118,895)48,243 
Combined ratio118.8 %97.1 108.9 95.9 
ROE contribution(18.4)2.8 (8.6)4.1 
Standard Personal Lines:
Underwriting income (loss), before federal income tax$(19,301)(23,060)$(24,636)(36,133)
Underwriting income (loss), after federal income tax(15,248)(18,217)(19,462)(28,545)
Combined ratio118.1 %126.5 111.7 121.4 
ROE contribution(2.2)(2.9)(1.4)(2.4)
E&S Lines:
Underwriting income (loss), before federal income tax$6,501 (612)$20,486 12,723 
Underwriting income (loss), after federal income tax5,136 (483)16,184 10,051 
Combined ratio94.6 %100.7 91.2 93.0 
ROE contribution0.7 (0.1)1.2 0.8 
Investments:  
Net investment income earned$108,642 97,696 $216,491 189,202 
Net realized and unrealized investment gains (losses)1,297 (5,426)(338)(2,082)
Total investments segment income, before federal income tax109,939 92,270 216,153 187,120 
Tax on investments segment income22,652 18,745 44,518 37,901 
Total investments segment income, after federal income tax$87,287 73,525 $171,635 149,219 
ROE contribution of after-tax net investment income earned12.5 12.6 12.5 12.5 

Reconciliation of Segment Results to Income (Loss) Before Federal Income Tax
Quarter ended June 30,Six Months ended June 30,
($ in thousands)2024202320242023
Underwriting income (loss)
Standard Commercial Lines$(160,881)22,146 $(150,500)61,067 
Standard Personal Lines(19,301)(23,060)(24,636)(36,133)
E&S Lines6,501 (612)20,486 12,723 
Investment income109,939 92,270 216,153 187,120 
Total all segments(63,742)90,744 61,503 224,777 
Interest expense(7,202)(7,258)(14,383)(14,424)
Corporate expenses(9,154)(9,329)(24,652)(21,437)
Income (loss), before federal income tax
$(80,098)74,157 $22,468 188,916 
Preferred stock dividends(2,300)(2,300)(4,600)(4,600)
Income (loss) available to common stockholders, before federal income tax
$(82,398)71,857 $17,868 184,316