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Operating Segment Information | 6 Months Ended
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Jun. 30, 2022
Segment Reporting [Abstract] |
Operating Segment Information | 6. OPERATING SEGMENT INFORMATION 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 |
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 The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -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 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -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 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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