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Operating Segment Information (Tables) | 6 Months Ended
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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 |

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- Definition Tabular disclosure of entity-wide revenues from external customers for each product or service or each group of similar products or services if the information is not provided as part of the reportable operating segment information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599 + Details
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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8813-108599 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599 + Details
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