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Segment Information
 6 Months Ended
Jun. 30, 2021
Segment Reporting [Abstract]  
Segment Information Segment Information
We evaluate the results of our four reportable segments as follows:

•Our Standard Commercial Lines, Standard Personal Lines, and E&S Lines are evaluated on before and after-tax underwriting results (net premiums earned, incurred loss and loss expense, policyholder dividends, policy acquisition costs, and other underwriting expenses), return on equity ("ROE") contribution, and combined ratios.
•Our Investments segment is primarily evaluated on after-tax net investment income and its ROE contribution. After-tax net realized and unrealized gains and losses, which are not included in non-GAAP operating income, are also included in our Investment segment results.

In computing each segment's results, we do not make adjustments for interest expense or corporate expenses, nor do we allocate assets.
The following summaries present revenues (net investment income and net realized and unrealized gains and losses on investments for the Investments segment) and pre-tax income for the individual segments:
Revenue by SegmentQuarter ended June 30,Six Months ended June 30,
($ in thousands)2021202020212020
Standard Commercial Lines:  
Net premiums earned:  
Commercial property$106,113 95,413 $208,923 189,282 
Workers compensation74,337 61,906 152,527 128,612 
General liability197,293 163,273 390,813 327,853 
Commercial automobile178,028 138,535 349,909 288,225 
Businessowners' policies29,311 27,516 57,938 54,552 
Bonds8,993 9,210 17,586 18,849 
Other5,679 5,151 11,199 10,211 
Miscellaneous income5,795 4,195 9,502 5,586 
Total Standard Commercial Lines revenue605,549 505,199 1,198,397 1,023,170 
Standard Personal Lines:
Net premiums earned:
Personal automobile41,009 38,189 82,402 80,676 
Homeowners30,570 31,652 61,168 63,142 
Other1,714 1,792 3,544 3,943 
Miscellaneous income417 488 822 922 
Total Standard Personal Lines revenue73,710 72,121 147,936 148,683 
E&S Lines:
Net premiums earned:
Casualty lines47,642 42,722 91,475 86,794 
Property lines19,829 15,312 37,994 30,235 
Total E&S Lines revenue67,471 58,034 129,469 117,029 
Investments:    
Net investment income 83,731 34,444 153,447 90,411 
Net realized and unrealized investment gains (losses)10,057 12,649 15,176 (32,017)
Total Investments revenue93,788 47,093 168,623 58,394 
Total revenues $840,518 682,447 $1,644,425 1,347,276 

Income Before and After Federal Income TaxQuarter ended June 30,Six Months ended June 30,
($ in thousands)2021202020212020
Standard Commercial Lines:  
Underwriting gain, before federal income tax$67,938 16,730 $137,437 33,856 
Underwriting gain, after federal income tax53,671 13,217 108,575 26,747 
Combined ratio88.7 %96.7 88.4 96.7 
ROE contribution8.2 2.4 8.3 2.4 
Standard Personal Lines:
Underwriting gain (loss), before federal income tax$5,644 (6,325)$13,339 (5,938)
Underwriting gain (loss), after federal income tax4,459 (4,997)10,538 (4,691)
Combined ratio92.3 %108.8 90.9 104.0 
ROE contribution0.7 (0.9)0.8 (0.4)
E&S Lines:
Underwriting gain (loss), before federal income tax$2,306 (532)$2,822 3,312 
Underwriting gain (loss), after federal income tax1,822 (420)2,229 2,616 
Combined ratio96.6 %100.9 97.8 97.2 
ROE contribution0.3 (0.1)0.2 0.2 
Investments:  
Net investment income $83,731 34,444 $153,447 90,411 
Net realized and unrealized investment gains (losses)10,057 12,649 15,176 (32,017)
Total investment segment income, before federal income tax93,788 47,093 168,623 58,394 
Tax on investment segment income18,402 8,558 32,850 9,662 
Total investment segment income, after federal income tax$75,386 38,535 $135,773 48,732 
ROE contribution of after-tax net investment income10.3 5.2 9.5 6.6 
Reconciliation of Segment Results to Income Before Federal Income TaxQuarter ended June 30,Six Months ended June 30,
($ in thousands)2021202020212020
Underwriting gain
Standard Commercial Lines$67,938 16,730 $137,437 33,856 
Standard Personal Lines5,644 (6,325)13,339 (5,938)
E&S Lines2,306 (532)2,822 3,312 
Investment income93,788 47,093 168,623 58,394 
Total all segments169,676 56,966 322,221 89,624 
Interest expense(7,366)(7,928)(14,725)(15,529)
Corporate expenses(9,112)(6,345)(18,666)(15,405)
Income, before federal income tax$153,198 42,693 $288,830 58,690 
Preferred stock dividends(2,300)— (4,753)— 
Income available to common stockholders, before federal income tax$150,898 42,693 $284,077 58,690