Operating Segment Information (Tables)

6 Months Ended

Jun. 30, 2022

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 Six Months
Revenues	Ended June 30,						Ended June 30,
(in thousands)	2022			2021			2022			2021
Casualty	$	177,123		$	156,195		$	348,879		$	304,965
Property		74,690			55,865			142,130			107,507
Surety		30,997			28,940			60,953			57,123
Net premiums earned	$	282,810		$	241,000		$	551,962		$	469,595
Net investment income		18,472			16,661			36,355			33,085
Net realized gains		12,804			36,463			18,392			50,613
Net unrealized gains (losses) on equity securities		(100,994	)		3,956			(128,804	)		32,118
Total consolidated revenue	$	213,092		$	298,080		$	477,905		$	585,411
Net Earnings
(in thousands)	2022			2021			2022			2021
Casualty	$	21,442		$	26,438		$	49,089		$	51,305
Property		26,105			8,879			48,581			7,874
Surety		8,409			1,274			17,764			7,329
Net underwriting income	$	55,956		$	36,591		$	115,434		$	66,508
Net investment income		18,472			16,661			36,355			33,085
Net realized gains		12,804			36,463			18,392			50,613
Net unrealized gains (losses) on equity securities		(100,994	)		3,956			(128,804	)		32,118
General corporate expense and interest on debt		(4,446	)		(5,590	)		(9,819	)		(10,833	)
Equity in earnings of unconsolidated investees		11,654			13,940			20,413			20,364
Earnings (loss) before income taxes	$	(6,554	)	$	102,021		$	51,971		$	191,855
Income tax expense (benefit)		(4,315	)		20,206			6,287			37,028
Net earnings (loss)	$	(2,239	)	$	81,815		$	45,684		$	154,827

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 Six Months
Net Premiums Earned	Ended June 30,				Ended June 30,
(in thousands)	2022		2021		2022		2021
Casualty
Commercial excess and personal umbrella	$	62,463	$	53,448	$	122,535	$	105,002
General liability		25,106		22,053		48,846		44,460
Commercial transportation		23,941		21,525		47,569		38,355
Professional services		23,861		21,966		47,416		43,694
Small commercial		16,813		16,279		33,458		32,001
Executive products		7,075		5,083		13,652		10,324
Other casualty		17,864		15,841		35,403		31,129
Total	$	177,123	$	156,195	$	348,879	$	304,965
Property
Commercial property	$	38,929	$	25,093	$	72,218	$	47,805
Marine		28,178		24,363		54,907		47,321
Specialty personal		6,100		5,264		11,996		10,298
Other property		1,483		1,145		3,009		2,083
Total	$	74,690	$	55,865	$	142,130	$	107,507
Surety
Commercial	$	11,663	$	11,040	$	23,366	$	22,053
Miscellaneous		11,587		10,845		22,940		21,480
Contract		7,747		7,055		14,647		13,590
Total	$	30,997	$	28,940	$	60,953	$	57,123
Grand Total	$	282,810	$	241,000	$	551,962	$	469,595