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Segment Information (Tables)

6 Months Ended

Jun. 30, 2016

Segment Reporting [Abstract]

Schedule of Revenue By Segment

Revenue by Segment		Quarter ended June 30,							Six Months ended June 30,
($ in thousands)		2016				2015			2016			2015
Standard Commercial Lines:
Net premiums earned:
Commercial automobile		$	98,896			88,658			194,315			175,013
Workers compensation		75,251				70,954			151,251			139,431
General liability		129,283				119,207			257,368			234,178
Commercial property		73,591				66,549			143,769			131,112
Businessowners’ policies		24,651				23,178			48,555			45,877
Bonds		5,665				5,106			11,129			10,106
Other		3,940				3,553			7,779			7,021
Miscellaneous income		3,567				2,563			4,257			4,232
Total Standard Commercial Lines revenue		414,844				379,768			818,423			746,970
Standard Personal Lines:
Net premiums earned:
Personal automobile		35,881				36,740			71,661			73,750
Homeowners		33,411				33,731			66,311			67,452
Other		1,532				1,600			3,057			3,348
Miscellaneous income		301				291			561			591
Total Standard Personal Lines revenue		71,125				72,362			141,590			145,141
E&S Lines:
Net premiums earned:
General liability		35,452				28,793			70,974			55,519
Commercial property		11,716				10,464			23,160			20,119
Commercial automobile		2,663				1,776			5,061			3,506
Miscellaneous income		—				—			1			—
Total E&S Lines revenue		49,831				41,033			99,196			79,144
Investments:
Net investment income		31,182				32,230			61,951			59,147
Net realized investment gains (losses)		1,765				(3,420	)		(939	)		15,463
Total Investments revenue		32,947				28,810			61,012			74,610
Total revenues		$	568,747			521,973			1,120,221			1,045,865

Income Before Federal Income Tax		Quarter ended June 30,							Six Months ended June 30,
($ in thousands)		2016				2015			2016			2015
Standard Commercial Lines:
Underwriting gain		$	40,173			35,241			71,105			65,277
GAAP combined ratio		90.2		%		90.7			91.3			91.2
Statutory combined ratio		88.6				90.1			89.1			89.9
Standard Personal Lines:
Underwriting gain (loss)		$	6,125			(4,655	)		14,730			(7,121	)
GAAP combined ratio		91.4		%		106.5			89.6			104.9
Statutory combined ratio		89.9				105.4			90.1			105.2
E&S Insurance Operations:
Underwriting loss		$	(2,521	)		(1,462	)		(1,103	)		(3,011	)
GAAP combined ratio		105.1		%		103.6			101.1			103.8
Statutory combined ratio		102.7				102.7			100.6			102.5
Investments:
Net investment income		$	31,182			32,230			61,951			59,147
Net realized investment gains (losses)		1,765				(3,420	)		(939	)		15,463
Total investment income, before federal income tax		32,947				28,810			61,012			74,610
Tax on investment income		8,275				6,254			14,538			18,572
Total investment income, after federal income tax		$	24,672			22,556			46,474			56,038

Schedule of Income Before Federal Income Tax

Income Before Federal Income Tax		Quarter ended June 30,							Six Months ended June 30,
($ in thousands)		2016				2015			2016			2015
Standard Commercial Lines:
Underwriting gain		$	40,173			35,241			71,105			65,277
GAAP combined ratio		90.2		%		90.7			91.3			91.2
Statutory combined ratio		88.6				90.1			89.1			89.9
Standard Personal Lines:
Underwriting gain (loss)		$	6,125			(4,655	)		14,730			(7,121	)
GAAP combined ratio		91.4		%		106.5			89.6			104.9
Statutory combined ratio		89.9				105.4			90.1			105.2
E&S Insurance Operations:
Underwriting loss		$	(2,521	)		(1,462	)		(1,103	)		(3,011	)
GAAP combined ratio		105.1		%		103.6			101.1			103.8
Statutory combined ratio		102.7				102.7			100.6			102.5
Investments:
Net investment income		$	31,182			32,230			61,951			59,147
Net realized investment gains (losses)		1,765				(3,420	)		(939	)		15,463
Total investment income, before federal income tax		32,947				28,810			61,012			74,610
Tax on investment income		8,275				6,254			14,538			18,572
Total investment income, after federal income tax		$	24,672			22,556			46,474			56,038

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

Reconciliation of Segment Results to Income Before Federal Income Tax		Quarter ended June 30,							Six Months ended June 30,
($ in thousands)		2016				2015			2016			2015
Underwriting gain (loss), before federal income tax
Standard Commercial Lines		$	40,173			35,241			71,105			65,277
Standard Personal Lines		6,125				(4,655	)		14,730			(7,121	)
E&S Lines		(2,521		)		(1,462	)		(1,103	)		(3,011	)
Investment income, before federal income tax		32,947				28,810			61,012			74,610
Total all segments		76,724				57,934			145,744			129,755
Interest expense		(5,620		)		(5,612	)		(11,226	)		(11,216	)
General corporate and other expenses		(8,793		)		(5,557	)		(20,332	)		(15,484	)
Income before federal income tax		$	62,311			46,765			114,186			103,055

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- Definition

Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment.

+ References

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