Segment Information (Tables)

3 Months Ended

Mar. 31, 2015



Revenue by Segment	Quarter ended March 31,
($ in thousands)	2015		2014
Standard Commercial Lines:
Net premiums earned:
Commercial automobile	$	86,355	82,216
Workers compensation	68,477		69,413
General liability	114,971		108,818
Commercial property	64,563		60,186
Businessowners’ policies	22,699		20,869
Bonds	5,000		4,756
Other	3,468		3,183
Miscellaneous income	1,669		8,914
Total Standard Commercial Lines revenue	367,202		358,355
Standard Personal Lines:
Net premiums earned:
Personal automobile	37,010		38,226
Homeowners	33,721		33,298
Other	1,748		3,294
Miscellaneous income	300		905
Total Standard Personal Lines revenue	72,779		75,723
E&S Lines:
Net premiums earned:
General liability	26,726		21,931
Commercial property	9,655		9,117
Commercial automobile	1,730		1,188
Total E&S Lines revenue	38,111		32,236
Investments:
Net investment income	26,917		35,534
Net realized investment gains	18,883		7,218
Total Investments revenue	45,800		42,752
Total segments revenue	523,892		509,066
Other income	—		5
Total revenues	$	523,892	509,071

Schedule of Income Before Federal Income Tax



Income Before Federal Income Tax	Quarter ended March 31,
($ in thousands)	2015			2014
Standard Commercial Lines:
Underwriting gain (loss)	$	30,036		(3,630	)
GAAP combined ratio	91.8		%	101.0	%
Statutory combined ratio	89.7		%	100.3	%

Standard Personal Lines:
Underwriting loss	$	(2,466	)	(2,360	)
GAAP combined ratio	103.4		%	103.2	%
Statutory combined ratio	105.1		%	104.5	%

E&S Insurance Operations:
Underwriting (loss) gain	$	(1,549	)	975
GAAP combined ratio	104.1		%	97.0	%
Statutory combined ratio	102.1		%	97.9	%

Investments:
Net investment income	$	26,917		35,534
Net realized investment gains	18,883			7,218
Total investment income, before federal income tax	45,800			42,752
Tax on investment income	12,318			11,575
Total investment income, after federal income tax	33,482			31,177

Schedule of Reconciliation of Segment Results to Income Before Federal Income Tax



Reconciliation of Segment Results to Income Before Federal Income Tax	Quarter ended March 31,
($ in thousands)	2015			2014
Underwriting gain (loss), before federal income tax
Standard Commercial Lines	$	30,036		(3,630		)
Standard Personal Lines	(2,466		)	(2,360		)
E&S Lines	(1,549		)	975
Investment income, before federal income tax	45,800			42,752
Total all segments	71,821			37,737
Interest expense	(5,479		)	(5,561		)
General corporate and other expenses	(10,052		)	(7,092		)
Income before federal income tax	$	56,290		$	25,084

- 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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