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Segment Information (Tables)

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

Schedule of Revenue By Segment

Revenue by Segment						Quarter ended June 30,												Six Months ended June 30,
($ in thousands)						2023						2022						2023						2022
Standard Commercial Lines:
Net premiums earned:
General liability						$	254,510					226,285						$	497,859					442,610
Commercial automobile						225,067						198,381						442,438						392,211
Commercial property						141,348						123,562						276,640						243,624
Workers compensation						88,746						83,502						172,930						168,182
Businessowners' policies						34,385						31,508						67,556						61,552
Bonds						11,619						10,682						23,016						21,042
Other						7,034						6,317						13,885						12,485
Miscellaneous income						5,568						2,596						7,749						3,697
Total Standard Commercial Lines revenue						768,277						682,833						1,502,073						1,345,403
Standard Personal Lines:
Net premiums earned:
Personal automobile						48,230						39,952						93,144						79,668
Homeowners						36,902						31,630						71,915						62,817
Other						2,038						1,756						3,981						3,495
Miscellaneous income						536						441						989						869
Total Standard Personal Lines revenue						87,706						73,779						170,029						146,849
E&S Lines:
Net premiums earned:
Casualty lines						62,151						56,041						122,968						110,665
Property lines						30,120						24,823						58,154						48,371
Total E&S Lines revenue						92,271						80,864						181,122						159,036
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 revenue						92,270						27,342						187,120						59,592
Total revenues						$	1,040,524					864,818						$	2,040,344					1,710,880

Schedule of Income Before and After Federal Income Tax

Income Before and After Federal Income Tax						Quarter ended June 30,												Six Months ended June 30,
($ in thousands)						2023						2022						2023						2022
Standard Commercial Lines:
Underwriting income (loss), before federal income tax						$	22,146					46,708						$	61,067					89,092
Underwriting income (loss), after federal income tax						17,495						36,899						48,243						70,383
Combined ratio						97.1		%				93.1						95.9						93.4
ROE contribution						2.8						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 ratio						126.5		%				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 ratio						100.7		%				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 tax						92,270						27,342						187,120						59,592
Tax on investments segment income						18,745						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 earned						12.6						9.1						12.5						8.9

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)						2023						2022						2023						2022
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 income						92,270						27,342						187,120						59,592
Total all segments						90,744						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

X

- 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.

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Tabular disclosure of entity-wide revenues from external customers for each product or service or each group of similar products or services if the information is not provided as part of the reportable operating segment information.

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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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