Segment Information (Tables)

12 Months Ended

Dec. 31, 2013

Schedule of Revenue from Continuing Operations By Segment



Revenue by Segment
Years ended December 31,
($ in thousands)	2013		2012	2011
Standard Insurance Operations:
Net premiums earned:
Commercial automobile	$	310,994	288,010	279,610
Workers compensation	267,612		262,108	259,354
General liability	405,322		373,381	344,682
Commercial property	224,412		202,340	192,989
Businessowners’ policies	77,097		68,462	66,225
Bonds	19,000		18,891	18,910
Other	12,182		12,143	9,177
Total standard Commercial Lines	1,316,619		1,225,335	1,170,947
Personal automobile	152,005		152,142	148,824
Homeowners	127,991		113,850	102,764
Other	14,336		13,563	12,864
Total standard Personal Lines	294,332		279,555	264,452
Total Standard Insurance Operations net premiums earned	1,610,951		1,504,890	1,435,399
Miscellaneous income	12,201		8,827	8,069
Total Standard Insurance Operations revenue	1,623,152		1,513,717	1,443,468
E&S Insurance Operations:
Net premiums earned	125,121		79,229	3,914
Investments:
Net investment income	134,643		131,877	147,443
Net realized investment gains	20,732		8,988	2,240
Total investment revenues	155,375		140,865	149,683
Total all segments	1,903,648		1,733,811	1,597,065
Other income	93		291	410
Total revenues from continuing operations	$	1,903,741	1,734,102	1,597,475

Schedule of Segment Income



Segment Income
Years ended December 31,
($ in thousands)	2013			2012		2011
Standard Insurance Operations:
Commercial Lines underwriting gain (loss)	$	33,856		(40,935	)	(49,952	)
Personal Lines underwriting gain (loss)	8,645			(3,514	)	(46,971	)
Total Standard Insurance Operations underwriting gain (loss), before federal income tax	42,501			(44,449	)	(96,923	)
GAAP combined ratio	97.4		%	103.0		106.8
Statutory combined ratio	97.1		%	102.5		106.4

E&S Insurance Operations:
Underwriting loss, before federal income tax	(3,735		)	(19,558	)	(6,661	)
GAAP combined ratio	103.0		%	124.7		270.2
Statutory combined ratio	102.9		%	118.8		131.3

Investments:
Net investment income	134,643			131,877		147,443
Net realized investment gains	20,732			8,988		2,240
Total investment income, before federal income tax	155,375			140,865		149,683
Tax on investment income	40,489			34,758		37,139
Total investment income, after federal income tax	$	114,886		106,107		112,544

Schedule of Reconciliation of Segment Results to Income From Continuing Operations, Before Federal Income Tax



Reconciliation of Segment Results to Income from Continuing Operations, before Federal Income Tax
Years ended December 31,
($ in thousands)	2013			2012		2011
Standard Insurance Operations underwriting gain (loss), before federal income tax	$	42,501		(44,449	)	(96,923	)
E&S Insurance Operations underwriting loss, before federal income tax	(3,735		)	(19,558	)	(6,661	)
Investment income, before federal income tax	155,375			140,865		149,683
Total all segments	194,141			76,858		46,099
Interest expense	(22,538		)	(18,872	)	(18,259	)
General corporate and other expenses	(27,801		)	(20,351	)	(16,440	)
Income from continuing operations, before federal income tax	$	143,802		37,635		11,400

- 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.

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