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Operating Segment Information | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Operating Segment Information | 6. OPERATING SEGMENT INFORMATION The Company’s chief operating decision maker (CODM) is the chief executive officer. The Company’s CODM assesses the segments’ performance by using earnings before income taxes (underwriting income) and the combined ratio. Underwriting income and combined ratio are analyzed at the segment level and influence how resources are allocated. Decisions are made based on what is likely to provide the best long-term return to the Company. ​ Amortization of deferred acquisition costs represents the recognition of commission and premium taxes over the life of insurance polices, in proportion to premium revenue recognized. The other policy acquisition costs line item includes other expenses associated with underwriting, but that cannot be specifically associated with the successful acquisition of a policy, including, but not limited to, employment costs for underwriters and underwriting support as well as costs for policy acquisition systems. Insurance operating expenses reflect allocated costs from various support departments, such as corporate technology, accounting, human resources and facilities, among others. ​ Net investment income consists of the interest and dividend income streams from our investments in fixed income and equity securities. Interest expense represents the cost of debt and lines of credit. General corporate expenses include director and shareholder relation costs and other compensation-related expenses incurred for the benefit of the corporation, but not attributable to the operations of our insurance segments. Investee earnings primarily represents our 23 percent share in earnings of Prime Holdings Insurance Services, Inc., a privately held insurance company which specializes in hard-to-place risks. Assets, and the revenues and expenses associated with investing and financing activities, are not managed at the segment level and therefore are not allocated to segments. ​ All segment revenues are from external customers and all long-lived assets are held domestically. We have no material foreign operations or customer concentrations and have no intersegment revenues. ​ The following table summarizes revenues by major product type within each operating segment: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Three Months | ​ | For the Nine Months
Net Premiums Earned | ​ | Ended September 30, | ​ | Ended September 30,
(in thousands) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Casualty | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commercial excess and personal umbrella | ​ | $ | 115,132 | ​ | $ | 91,434 | ​ | $ | 327,252 | ​ | $ | 257,455
Commercial transportation | ​ | ​ | 31,190 | ​ | ​ | 32,067 | ​ | ​ | 91,464 | ​ | ​ | 88,691
General liability | ​ | ​ | 28,690 | ​ | ​ | 26,316 | ​ | ​ | 82,997 | ​ | ​ | 77,832
Professional services | ​ | ​ | 27,431 | ​ | ​ | 26,281 | ​ | ​ | 80,641 | ​ | ​ | 77,366
Small commercial | ​ | ​ | 19,627 | ​ | ​ | 20,074 | ​ | ​ | 59,542 | ​ | ​ | 57,870
Executive products | ​ | ​ | 6,043 | ​ | ​ | 6,261 | ​ | ​ | 17,507 | ​ | ​ | 17,624
Other casualty | ​ | ​ | 15,395 | ​ | ​ | 17,205 | ​ | ​ | 47,791 | ​ | ​ | 50,176
Total | ​ | $ | 243,508 | ​ | $ | 219,638 | ​ | $ | 707,194 | ​ | $ | 627,014
Property | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commercial property | ​ | $ | 72,853 | ​ | $ | 85,814 | ​ | $ | 232,541 | ​ | $ | 260,819
Marine | ​ | ​ | 40,058 | ​ | ​ | 37,618 | ​ | ​ | 118,784 | ​ | ​ | 107,255
Other property | ​ | ​ | 13,778 | ​ | ​ | 9,834 | ​ | ​ | 38,572 | ​ | ​ | 28,700
Total | ​ | $ | 126,689 | ​ | $ | 133,266 | ​ | $ | 389,897 | ​ | $ | 396,774
Surety | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Transactional | ​ | $ | 13,268 | ​ | $ | 12,488 | ​ | $ | 39,024 | ​ | $ | 36,904
Commercial | ​ | ​ | 12,700 | ​ | ​ | 12,477 | ​ | ​ | 37,898 | ​ | ​ | 35,802
Contract | ​ | ​ | 11,530 | ​ | ​ | 11,620 | ​ | ​ | 33,931 | ​ | ​ | 32,736
Total | ​ | $ | 37,498 | ​ | $ | 36,585 | ​ | $ | 110,853 | ​ | $ | 105,442
Grand Total | ​ | $ | 407,695 | ​ | $ | 389,489 | ​ | $ | 1,207,944 | ​ | $ | 1,129,230
​ The following tables present our operating results by segment, as evaluated by the CODM. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
For the Three Months Ended September 30, 2025
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(in thousands) | ​ | ​ | Casualty | ​ | ​ | Property | ​ | ​ | Surety | ​ | ​ | Total
Revenue | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net premiums earned | ​ | $ | 243,508 | ​ | $ | 126,689 | ​ | $ | 37,498 | ​ | $ | 407,695
Net investment income | ​ | ​ | - | ​ | ​ | - | ​ | ​ | - | ​ | ​ | 41,270
Net realized gains | ​ | ​ | - | ​ | ​ | - | ​ | ​ | - | ​ | ​ | 18,318
Net unrealized gains on equity securities | ​ | ​ | - | ​ | ​ | - | ​ | ​ | - | ​ | ​ | 41,981
Consolidated revenue | ​ | $ | 243,508 | ​ | $ | 126,689 | ​ | $ | 37,498 | ​ | $ | 509,264
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Less: Expenses | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Losses and settlement expenses | ​ | $ | 150,912 | ​ | $ | 32,815 | ​ | $ | 4,271 | ​ | ​ | ​
Amortization of deferred acquisition costs | ​ | ​ | 47,335 | ​ | ​ | 26,311 | ​ | ​ | 13,103 | ​ | ​ | ​
Other policy acquisition costs | ​ | ​ | 23,199 | ​ | ​ | 8,219 | ​ | ​ | 10,770 | ​ | ​ | ​
Insurance operating expenses | ​ | ​ | 17,576 | ​ | ​ | 8,920 | ​ | ​ | 3,719 | ​ | ​ | ​
Segment earnings before income taxes | ​ | $ | 4,486 | ​ | $ | 50,424 | ​ | $ | 5,635 | ​ | $ | 60,545
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Depreciation and amortization expense | ​ | $ | 1,517 | ​ | $ | 534 | ​ | $ | 370 | ​ | ​ | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
For the Three Months Ended September 30, 2024
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(in thousands) | ​ | ​ | Casualty | ​ | ​ | Property | ​ | ​ | Surety | ​ | ​ | Total
Revenue | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net premiums earned | ​ | $ | 219,638 | ​ | $ | 133,266 | ​ | $ | 36,585 | ​ | $ | 389,489
Net investment income | ​ | ​ | - | ​ | ​ | - | ​ | ​ | - | ​ | ​ | 36,694
Net realized gains | ​ | ​ | - | ​ | ​ | - | ​ | ​ | - | ​ | ​ | 5,420
Net unrealized gains on equity securities | ​ | ​ | - | ​ | ​ | - | ​ | ​ | - | ​ | ​ | 38,392
Consolidated revenue | ​ | $ | 219,638 | ​ | $ | 133,266 | ​ | $ | 36,585 | ​ | $ | 469,995
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Less: Expenses | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Losses and settlement expenses | ​ | $ | 137,951 | ​ | $ | 60,991 | ​ | $ | 3,176 | ​ | ​ | ​
Amortization of deferred acquisition costs | ​ | ​ | 41,240 | ​ | ​ | 27,054 | ​ | ​ | 12,471 | ​ | ​ | ​
Other policy acquisition costs | ​ | ​ | 21,266 | ​ | ​ | 6,054 | ​ | ​ | 9,726 | ​ | ​ | ​
Insurance operating expenses | ​ | ​ | 16,632 | ​ | ​ | 8,765 | ​ | ​ | 3,471 | ​ | ​ | ​
Segment earnings before income taxes | ​ | $ | 2,549 | ​ | $ | 30,402 | ​ | $ | 7,741 | ​ | $ | 40,692
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Depreciation and amortization expense | ​ | $ | 1,428 | ​ | $ | 485 | ​ | $ | 243 | ​ | ​ | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
For the Nine Months Ended September 30, 2025
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(in thousands) | ​ | ​ | Casualty | ​ | ​ | Property | ​ | ​ | Surety | ​ | ​ | Total
Revenue | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net premiums earned | ​ | $ | 707,194 | ​ | $ | 389,897 | ​ | $ | 110,853 | ​ | $ | 1,207,944
Net investment income | ​ | ​ | - | ​ | ​ | - | ​ | ​ | - | ​ | ​ | 117,414
Net realized gains | ​ | ​ | - | ​ | ​ | - | ​ | ​ | - | ​ | ​ | 48,234
Net unrealized gains on equity securities | ​ | ​ | - | ​ | ​ | - | ​ | ​ | - | ​ | ​ | 43,163
Consolidated revenue | ​ | $ | 707,194 | ​ | $ | 389,897 | ​ | $ | 110,853 | ​ | $ | 1,416,755
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Less: Expenses | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Losses and settlement expenses | ​ | $ | 438,007 | ​ | $ | 103,999 | ​ | $ | 7,808 | ​ | ​ | ​
Amortization of deferred acquisition costs | ​ | ​ | 135,999 | ​ | ​ | 79,985 | ​ | ​ | 38,361 | ​ | ​ | ​
Other policy acquisition costs | ​ | ​ | 67,935 | ​ | ​ | 23,496 | ​ | ​ | 32,350 | ​ | ​ | ​
Insurance operating expenses | ​ | ​ | 50,407 | ​ | ​ | 25,567 | ​ | ​ | 10,709 | ​ | ​ | ​
Segment earnings before income taxes | ​ | $ | 14,846 | ​ | $ | 156,850 | ​ | $ | 21,625 | ​ | $ | 193,321
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Depreciation and amortization expense | ​ | $ | 4,556 | ​ | $ | 1,553 | ​ | $ | 1,039 | ​ | ​ | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
For the Nine Months Ended September 30, 2024
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(in thousands) | ​ | ​ | Casualty | ​ | ​ | Property | ​ | ​ | Surety | ​ | ​ | Total
Revenue | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net premiums earned | ​ | $ | 627,014 | ​ | $ | 396,774 | ​ | $ | 105,442 | ​ | $ | 1,129,230
Net investment income | ​ | ​ | - | ​ | ​ | - | ​ | ​ | - | ​ | ​ | 103,502
Net realized gains | ​ | ​ | - | ​ | ​ | - | ​ | ​ | - | ​ | ​ | 11,222
Net unrealized gains on equity securities | ​ | ​ | - | ​ | ​ | - | ​ | ​ | - | ​ | ​ | 87,314
Consolidated revenue | ​ | $ | 627,014 | ​ | $ | 396,774 | ​ | $ | 105,442 | ​ | $ | 1,331,268
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Less: Expenses | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Losses and settlement expenses | ​ | $ | 369,273 | ​ | $ | 134,950 | ​ | $ | 9,518 | ​ | ​ | ​
Amortization of deferred acquisition costs | ​ | ​ | 117,979 | ​ | ​ | 80,319 | ​ | ​ | 35,574 | ​ | ​ | ​
Other policy acquisition costs | ​ | ​ | 64,121 | ​ | ​ | 14,696 | ​ | ​ | 29,497 | ​ | ​ | ​
Insurance operating expenses | ​ | ​ | 49,103 | ​ | ​ | 25,511 | ​ | ​ | 10,278 | ​ | ​ | ​
Segment earnings before income taxes | ​ | $ | 26,538 | ​ | $ | 141,298 | ​ | $ | 20,575 | ​ | $ | 188,411
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Depreciation and amortization expense | ​ | $ | 4,228 | ​ | $ | 1,406 | ​ | $ | 755 | ​ | ​ | ​
​ The following table reconciles segment earnings before income taxes to earnings before income taxes. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Three Months | ​ | For the Nine Months
​ | ​ | Ended September 30, | ​ | Ended September 30,
(in thousands) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Reconciliation of earnings before income taxes | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Segment earnings before income taxes | ​ | $ | 60,545 | ​ | $ | 40,692 | ​ | $ | 193,321 | ​ | $ | 188,411
Net investment income | ​ | ​ | 41,270 | ​ | ​ | 36,694 | ​ | ​ | 117,414 | ​ | ​ | 103,502
Net realized gains | ​ | ​ | 18,318 | ​ | ​ | 5,420 | ​ | ​ | 48,234 | ​ | ​ | 11,222
Net unrealized gains on equity securities | ​ | ​ | 41,981 | ​ | ​ | 38,392 | ​ | ​ | 43,163 | ​ | ​ | 87,314
Interest expense on debt | ​ | ​ | (1,364) | ​ | ​ | (1,617) | ​ | ​ | (4,049) | ​ | ​ | (4,839)
General corporate expenses | ​ | ​ | (5,045) | ​ | ​ | (3,994) | ​ | ​ | (12,747) | ​ | ​ | (13,144)
Equity in earnings of unconsolidated investees | ​ | ​ | 1,540 | ​ | ​ | 1,238 | ​ | ​ | 7,055 | ​ | ​ | 7,653
Earnings before income taxes | ​ | $ | 157,245 | ​ | $ | 116,825 | ​ | $ | 392,391 | ​ | $ | 380,119
​

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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 -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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