Segment Information (Tables)

3 Months Ended

Mar. 31, 2014

Schedule of Revenue from Continuing Operations By Segment



Revenue by Segment	Quarter ended March 31,
($ in thousands)	2014		2013
Standard Insurance Operations:
Net premiums earned:
Commercial automobile	$	82,216	74,347
Workers compensation	69,413		66,084
General liability	108,818		97,703
Commercial property	60,186		53,415
Businessowners’ policies	20,869		18,540
Bonds	4,756		4,764
Other	3,183		2,992
Total Standard Commercial Lines	349,441		317,845
Personal automobile	38,226		38,393
Homeowners	33,298		31,135
Other	3,294		3,508
Total Standard Personal Lines	74,818		73,036
Total Standard Insurance Operations net premiums earned	424,259		390,881
Miscellaneous income	9,819		2,720
Total Standard Insurance Operations revenue	434,078		393,601
E&S Insurance Operations:
Net premiums earned	32,236		30,059
Investments:
Net investment income	35,534		32,870
Net realized investment gains	7,218		3,355
Total investment revenues	42,752		36,225
Total all segments	509,066		459,885
Other income	5		64
Total revenues from continuing operations	$	509,071	459,949

Schedule of Segment Income



Income from Continuing Operations before Federal Income Tax	Quarter ended March 31,
($ in thousands)	2014			2013
Standard Insurance Operations:
Commercial Lines underwriting (loss) gain	$	(3,630	)	6,102
Personal Lines underwriting (loss) gain	(2,360		)	5,973
Total Standard Insurance Operations underwriting (loss) gain, before federal income tax	(5,990		)	12,075
GAAP combined ratio	101.4		%	96.9	%
Statutory combined ratio	101.1		%	96.8	%

E&S Insurance Operations:
Underwriting gain	975			86
GAAP combined ratio	97.0		%	99.7	%
Statutory combined ratio	97.9		%	98.2	%

Investments:
Net investment income	35,534			32,870
Net realized investment gains	7,218			3,355
Total investment income, before federal income tax	42,752			36,225
Tax on investment income	11,575			9,205
Total investment income, after federal income tax	31,177			27,020

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	Quarter ended March 31,
($ in thousands)	2014			2013
Standard Insurance Operations underwriting (loss) gain, before federal income tax	$	(5,990	)	12,075
E&S Insurance Operations underwriting gain, before federal income tax	975			86
Investment income, before federal income tax	42,752			36,225
Total all segments	37,737			48,386
Interest expense	(5,561		)	(5,831	)
General corporate and other expenses	(7,092		)	(13,687	)
Income from continuing operations, before federal income tax	$	25,084		28,868

- 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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