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Segment Information
 6 Months Ended
Jun. 30, 2023
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 (i) before and after-tax underwriting results (net premiums earned, incurred loss and loss expense, policyholder dividends, policy acquisition costs, and other underwriting expenses), (ii) their return on equity ("ROE") contribution, and (iii) their 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 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 June 30,Six Months ended June 30,
($ in thousands)2023202220232022
Standard Commercial Lines:  
Net premiums earned:  
General liability$254,510 226,285 $497,859 442,610 
Commercial automobile225,067 198,381 442,438 392,211 
Commercial property141,348 123,562 276,640 243,624 
Workers compensation88,746 83,502 172,930 168,182 
Businessowners' policies34,385 31,508 67,556 61,552 
Bonds11,619 10,682 23,016 21,042 
Other7,034 6,317 13,885 12,485 
Miscellaneous income5,568 2,596 7,749 3,697 
Total Standard Commercial Lines revenue768,277 682,833 1,502,073 1,345,403 
Standard Personal Lines:
Net premiums earned:
Personal automobile48,230 39,952 93,144 79,668 
Homeowners36,902 31,630 71,915 62,817 
Other2,038 1,756 3,981 3,495 
Miscellaneous income536 441 989 869 
Total Standard Personal Lines revenue87,706 73,779 170,029 146,849 
E&S Lines:
Net premiums earned:
Casualty lines62,151 56,041 122,968 110,665 
Property lines30,120 24,823 58,154 48,371 
Total E&S Lines revenue92,271 80,864 181,122 159,036 
Investments:    
Net investment income earned97,696 70,222 189,202 142,824 
Net realized and unrealized investment gains (losses)(5,426)(42,880)(2,082)(83,232)
Total Investments revenue92,270 27,342 187,120 59,592 
Total revenues $1,040,524 864,818 $2,040,344 1,710,880 
Income Before and After Federal Income TaxQuarter ended June 30,Six Months ended June 30,
($ in thousands)2023202220232022
Standard Commercial Lines:  
Underwriting income (loss), before federal income tax$22,146 46,708 $61,067 89,092 
Underwriting income (loss), after federal income tax17,495 36,899 48,243 70,383 
Combined ratio97.1 %93.1 95.9 93.4 
ROE contribution2.8 6.0 4.1 5.5 
Standard Personal Lines:
Underwriting income (loss), before federal income tax$(23,060)(12,367)$(36,133)(5,847)
Underwriting income (loss), after federal income tax(18,217)(9,770)(28,545)(4,619)
Combined ratio126.5 %116.9 121.4 104.0 
ROE contribution(2.9)(1.6)(2.4)(0.4)
E&S Lines:
Underwriting income (loss), before federal income tax$(612)3,372 $12,723 10,297 
Underwriting income (loss), after federal income tax(483)2,664 10,051 8,135 
Combined ratio100.7 %95.8 93.0 93.5 
ROE contribution(0.1)0.4 0.8 0.6 
Investments:  
Net investment income earned$97,696 70,222 $189,202 142,824 
Net realized and unrealized investment gains (losses)(5,426)(42,880)(2,082)(83,232)
Total investments segment income, before federal income tax92,270 27,342 187,120 59,592 
Tax on investments segment income18,745 4,559 37,901 10,172 
Total investments segment income, after federal income tax$73,525 22,783 $149,219 49,420 
ROE contribution of after-tax net investment income earned12.6 9.1 12.5 8.9 

Reconciliation of Segment Results to Income Before Federal Income TaxQuarter ended June 30,Six Months ended June 30,
($ in thousands)2023202220232022
Underwriting income
Standard Commercial Lines$22,146 46,708 $61,067 89,092 
Standard Personal Lines(23,060)(12,367)(36,133)(5,847)
E&S Lines(612)3,372 12,723 10,297 
Investment income92,270 27,342 187,120 59,592 
Total all segments90,744 65,055 224,777 153,134 
Interest expense(7,258)(7,252)(14,424)(14,420)
Corporate expenses(9,329)(7,899)(21,437)(18,920)
Income, before federal income tax$74,157 49,904 $188,916 119,794 
Preferred stock dividends(2,300)(2,300)(4,600)(4,600)
Income available to common stockholders, before federal income tax$71,857 47,604 $184,316 115,194