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Operating Segment Information | 3 Months Ended
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Mar. 31, 2026
Segment Reporting [Abstract] |
Operating Segment Information | 7. 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 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
Net Premiums Earned | ​ | Ended March 31,
(in thousands) |  | 2026 |  | 2025
Casualty | ​ | ​ | ​ | ​ | ​ | ​
Commercial excess and personal umbrella | ​ | $ | 124,216 | ​ | $ | 103,209
Commercial transportation | ​ | ​ | 30,694 | ​ | ​ | 30,259
Professional services | ​ | ​ | 27,949 | ​ | ​ | 26,587
General liability | ​ | ​ | 26,208 | ​ | ​ | 26,718
Small commercial | ​ | ​ | 19,322 | ​ | ​ | 19,915
Executive products | ​ | ​ | 5,873 | ​ | ​ | 5,943
Other casualty | ​ | ​ | 14,304 | ​ | ​ | 16,417
Total | ​ | $ | 248,566 | ​ | $ | 229,048
Property | ​ | ​ | ​ | ​ | ​ | ​
Commercial property | ​ | $ | 72,960 | ​ | $ | 82,812
Marine | ​ | ​ | 39,219 | ​ | ​ | 37,709
Other property | ​ | ​ | 14,199 | ​ | ​ | 12,023
Total | ​ | $ | 126,378 | ​ | $ | 132,544
Surety | ​ | ​ | ​ | ​ | ​ | ​
Transactional | ​ | $ | 13,295 | ​ | $ | 12,660
Commercial | ​ | ​ | 12,635 | ​ | ​ | 12,776
Contract | ​ | ​ | 10,512 | ​ | ​ | 11,317
Total | ​ | $ | 36,442 | ​ | $ | 36,753
Grand Total | ​ | $ | 411,386 | ​ | $ | 398,345
​ The following tables present our operating results by segment, as evaluated by the CODM. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
For the Three Months Ended March 31, 2026
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(in thousands) | ​ | ​ | Casualty | ​ | ​ | Property | ​ | ​ | Surety | ​ | ​ | Total
Revenue | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net premiums earned | ​ | $ | 248,566 | ​ | $ | 126,378 | ​ | $ | 36,442 | ​ | $ | 411,386
Net investment income | ​ | ​ | - | ​ | ​ | - | ​ | ​ | - | ​ | ​ | 42,321
Net realized gains | ​ | ​ | - | ​ | ​ | - | ​ | ​ | - | ​ | ​ | 9,559
Net unrealized gains (losses) on equity securities | ​ | ​ | - | ​ | ​ | - | ​ | ​ | - | ​ | ​ | (39,396)
Consolidated revenue | ​ | $ | 248,566 | ​ | $ | 126,378 | ​ | $ | 36,442 | ​ | $ | 423,870
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Less: Expenses | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Losses and settlement expenses | ​ | $ | 152,832 | ​ | $ | 33,854 | ​ | $ | 6,558 | ​ | ​ | ​
Amortization of deferred acquisition costs | ​ | ​ | 47,482 | ​ | ​ | 25,342 | ​ | ​ | 12,735 | ​ | ​ | ​
Other policy acquisition costs | ​ | ​ | 24,232 | ​ | ​ | 10,813 | ​ | ​ | 11,471 | ​ | ​ | ​
Insurance operating expenses | ​ | ​ | 16,727 | ​ | ​ | 8,184 | ​ | ​ | 3,369 | ​ | ​ | ​
Segment earnings before income taxes | ​ | $ | 7,293 | ​ | $ | 48,185 | ​ | $ | 2,309 | ​ | $ | 57,787
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Depreciation and amortization expense | ​ | $ | 1,597 | ​ | $ | 538 | ​ | $ | 365 | ​ | ​ | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
For the Three Months Ended March 31, 2025
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(in thousands) | ​ | ​ | Casualty | ​ | ​ | Property | ​ | ​ | Surety | ​ | ​ | Total
Revenue | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net premiums earned | ​ | $ | 229,048 | ​ | $ | 132,544 | ​ | $ | 36,753 | ​ | $ | 398,345
Net investment income | ​ | ​ | - | ​ | ​ | - | ​ | ​ | - | ​ | ​ | 36,726
Net realized gains | ​ | ​ | - | ​ | ​ | - | ​ | ​ | - | ​ | ​ | 14,912
Net unrealized gains (losses) on equity securities | ​ | ​ | - | ​ | ​ | - | ​ | ​ | - | ​ | ​ | (42,318)
Consolidated revenue | ​ | $ | 229,048 | ​ | $ | 132,544 | ​ | $ | 36,753 | ​ | $ | 407,665
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Less: Expenses | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Losses and settlement expenses | ​ | $ | 145,835 | ​ | $ | 32,725 | ​ | $ | (1,322) | ​ | ​ | ​
Amortization of deferred acquisition costs | ​ | ​ | 42,903 | ​ | ​ | 26,976 | ​ | ​ | 12,602 | ​ | ​ | ​
Other policy acquisition costs | ​ | ​ | 22,669 | ​ | ​ | 7,957 | ​ | ​ | 10,580 | ​ | ​ | ​
Insurance operating expenses | ​ | ​ | 15,570 | ​ | ​ | 7,971 | ​ | ​ | 3,333 | ​ | ​ | ​
Segment earnings before income taxes | ​ | $ | 2,071 | ​ | $ | 56,915 | ​ | $ | 11,560 | ​ | $ | 70,546
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Depreciation and amortization expense | ​ | $ | 1,505 | ​ | $ | 498 | ​ | $ | 310 | ​ | ​ | ​
​ The following table reconciles segment earnings before income taxes to earnings before income taxes. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Three Months | ​
​ | ​ | Ended March 31, | ​
(in thousands) |  | 2026 |  | 2025 |
Reconciliation of earnings before income taxes | ​ | ​ | ​ | ​ | ​ | ​ | ​
Segment earnings before income taxes | ​ | $ | 57,787 | ​ | $ | 70,546 | ​
Net investment income | ​ | ​ | 42,321 | ​ | ​ | 36,726 | ​
Net realized gains | ​ | ​ | 9,559 | ​ | ​ | 14,912 | ​
Net unrealized gains (losses) on equity securities | ​ | ​ | (39,396) | ​ | ​ | (42,318) | ​
Interest expense on debt | ​ | ​ | (2,353) | ​ | ​ | (1,335) | ​
General corporate expenses | ​ | ​ | (2,724) | ​ | ​ | (2,948) | ​
Equity in earnings of unconsolidated investees | ​ | ​ | 2,147 | ​ | ​ | 3,048 | ​
Earnings before income taxes | ​ | $ | 67,341 | ​ | $ | 78,631 | ​
​

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- Definition The entire disclosure for reporting segments including data and tables. 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