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Segment Information
 9 Months Ended
Sep. 30, 2022
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 based 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 Investments segment results.

In computing each segment's results, we do not make adjustments for interest expense or corporate expenses. No segment has a separate investment portfolio or allocated assets.

The following summaries present revenues (net investment income and net realized and unrealized gains and losses on investments in the case of the Investments segment) and pre-tax income for the individual segments:

Revenue by SegmentQuarter ended September 30,Nine Months ended September 30,
($ in thousands)2022202120222021
Standard Commercial Lines:  
Net premiums earned:  
General liability$225,302 205,904 $667,912 596,717 
Commercial automobile207,129 185,610 599,340 535,519 
Commercial property128,268 111,981 371,892 320,904 
Workers compensation81,996 78,318 250,178 230,845 
Businessowners' policies32,130 23,025 93,682 80,963 
Bonds11,094 8,850 32,136 26,436 
Other6,518 5,883 19,003 17,082 
Miscellaneous income2,444 4,168 6,141 13,670 
Total Standard Commercial Lines revenue694,881 623,739 2,040,284 1,822,136 
Standard Personal Lines:
Net premiums earned:
Personal automobile40,746 40,575 120,414 122,977 
Homeowners32,619 30,633 95,436 91,801 
Other2,273 2,154 5,768 5,698 
Miscellaneous income489 420 1,358 1,242 
Total Standard Personal Lines revenue76,127 73,782 222,976 221,718 
E&S Lines:
Net premiums earned:
Casualty lines59,640 52,983 170,305 144,458 
Property lines26,164 21,331 74,535 59,325 
Total E&S Lines revenue85,804 74,314 244,840 203,783 
Investments:    
Net investment income 63,889 93,032 206,713 246,479 
Net realized and unrealized investment (losses) gains(25,681)177 (108,913)15,353 
Total Investments revenue38,208 93,209 97,800 261,832 
Total revenues $895,020 865,044 $2,605,900 2,509,469 
Income Before and After Federal Income TaxQuarter ended September 30,Nine Months ended September 30,
($ in thousands)2022202120222021
Standard Commercial Lines:  
Underwriting income, before federal income tax$22,501 17,413 $111,593 154,850 
Underwriting income, after federal income tax17,776 13,756 88,158 122,332 
Combined ratio96.8 %97.2 94.5 91.4 
ROE contribution3.1 2.1 4.7 6.2 
Standard Personal Lines:
Underwriting (loss) income, before federal income tax$(1,385)(11,146)$(7,232)2,193 
Underwriting (loss) income, after federal income tax(1,094)(8,805)(5,713)1,732 
Combined ratio101.8 %115.2 103.3 99.0 
ROE contribution(0.2)(1.3)(0.3)0.1 
E&S Lines:
Underwriting income, before federal income tax$6,016 4,672 $16,313 7,494 
Underwriting income, after federal income tax4,753 3,691 12,887 5,920 
Combined ratio93.0 %93.7 93.3 96.3 
ROE contribution0.8 0.5 0.7 0.3 
Investments:  
Net investment income earned$63,889 93,032 $206,713 246,479 
Net realized and unrealized investment (losses) gains(25,681)177 (108,913)15,353 
Total investments segment income, before federal income tax38,208 93,209 97,800 261,832 
Tax on investments segment income6,964 18,379 17,136 51,229 
Total investments segment income, after federal income tax$31,244 74,830 $80,664 210,603 
ROE contribution of after-tax net investment income earned8.9 11.0 8.9 10.1 

Reconciliation of Segment Results to Income Before Federal Income TaxQuarter ended September 30,Nine Months ended September 30,
($ in thousands)2022202120222021
Underwriting income (loss)
Standard Commercial Lines$22,501 17,413 $111,593 154,850 
Standard Personal Lines(1,385)(11,146)(7,232)2,193 
E&S Lines6,016 4,672 16,313 7,494 
Investment income38,208 93,209 97,800 261,832 
Total all segments65,340 104,148 218,474 426,369 
Interest expense(7,179)(7,242)(21,599)(21,967)
Corporate expenses(5,522)(4,270)(24,442)(22,936)
Income, before federal income tax$52,639 92,636 $172,433 381,466 
Preferred stock dividends(2,300)(2,300)(6,900)(7,053)
Income available to common stockholders, before federal income tax$50,339 90,336 $165,533 374,413