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v3.23.3

Segment Information (Tables) | 9 Months Ended
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Sep. 30, 2023
Segment Reporting [Abstract] |
Schedule of Revenue By Segment |
Revenue by Segment |  | Quarter ended September 30, |  | Nine Months ended September 30,
($ in thousands) |  | 2023 |  | 2022 |  | 2023 |  | 2022
Standard Commercial Lines: |  |  |  |  |  |  |  |
Net premiums earned: |  |  |  |  |  |  |  |
General liability |  | $ | 261,551 |  |  | 225,302 |  |  | $ | 759,410 |  |  | 667,912 |
Commercial automobile |  | 234,622 |  |  | 207,129 |  |  | 677,060 |  |  | 599,340 |
Commercial property |  | 152,495 |  |  | 128,268 |  |  | 429,135 |  |  | 371,892 |
Workers compensation |  | 81,672 |  |  | 81,996 |  |  | 254,602 |  |  | 250,178 |
Businessowners' policies |  | 36,016 |  |  | 32,130 |  |  | 103,572 |  |  | 93,682 |
Bonds |  | 11,715 |  |  | 11,094 |  |  | 34,731 |  |  | 32,136 |
Other |  | 7,257 |  |  | 6,518 |  |  | 21,142 |  |  | 19,003 |
Miscellaneous income |  | 4,606 |  |  | 2,444 |  |  | 12,355 |  |  | 6,141 |
Total Standard Commercial Lines revenue |  | 789,934 |  |  | 694,881 |  |  | 2,292,007 |  |  | 2,040,284 |
Standard Personal Lines: |  |  |  |  |  |  |  |
Net premiums earned: |  |  |  |  |  |  |  |
Personal automobile |  | 51,906 |  |  | 40,746 |  |  | 145,050 |  |  | 120,414 |
Homeowners |  | 40,175 |  |  | 32,619 |  |  | 112,090 |  |  | 95,436 |
Other |  | 3,088 |  |  | 2,273 |  |  | 7,069 |  |  | 5,768 |
Miscellaneous income |  | 575 |  |  | 489 |  |  | 1,564 |  |  | 1,358 |
Total Standard Personal Lines revenue |  | 95,744 |  |  | 76,127 |  |  | 265,773 |  |  | 222,976 |
E&S Lines: |  |  |  |  |  |  |  |
Net premiums earned: |  |  |  |  |  |  |  |
Casualty lines |  | 67,718 |  |  | 59,640 |  |  | 190,686 |  |  | 170,305 |
Property lines |  | 33,702 |  |  | 26,164 |  |  | 91,856 |  |  | 74,535 |
Total E&S Lines revenue |  | 101,420 |  |  | 85,804 |  |  | 282,542 |  |  | 244,840 |
Investments: |  |  |  |  |  |  |  |
Net investment income earned |  | 100,863 |  |  | 63,889 |  |  | 290,065 |  |  | 206,713 |
Net realized and unrealized investment gains (losses) |  | (6,880) |  |  | (25,681) |  |  | (8,962) |  |  | (108,913) |
Total Investments revenue |  | 93,983 |  |  | 38,208 |  |  | 281,103 |  |  | 97,800 |
Total revenues |  | $ | 1,081,081 |  |  | 895,020 |  |  | $ | 3,121,425 |  |  | 2,605,900 |
Schedule of Income Before and After Federal Income Tax |
Income Before and After Federal Income Tax |  | Quarter ended September 30, |  | Nine Months ended September 30,
($ in thousands) |  | 2023 |  | 2022 |  | 2023 |  | 2022
Standard Commercial Lines: |  |  |  |  |  |  |  |
Underwriting income (loss), before federal income tax |  | $ | 41,339 |  |  | 22,501 |  |  | $ | 102,406 |  |  | 111,593 |
Underwriting income (loss), after federal income tax |  | 32,658 |  |  | 17,776 |  |  | 80,901 |  |  | 88,158 |
Combined ratio |  | 94.7 | % |  | 96.8 |  |  | 95.5 |  |  | 94.5 |
ROE contribution |  | 5.4 |  |  | 3.1 |  |  | 4.4 |  |  | 4.7 |
Standard Personal Lines: |  |  |  |  |  |  |  |
Underwriting income (loss), before federal income tax |  | $ | (26,099) |  |  | (1,385) |  |  | $ | (62,232) |  |  | (7,232) |
Underwriting income (loss), after federal income tax |  | (20,618) |  |  | (1,094) |  |  | (49,163) |  |  | (5,713) |
Combined ratio |  | 127.4 | % |  | 101.8 |  |  | 123.6 |  |  | 103.3 |
ROE contribution |  | (3.4) |  |  | (0.2) |  |  | (2.7) |  |  | (0.3) |
E&S Lines: |  |  |  |  |  |  |  |
Underwriting income (loss), before federal income tax |  | $ | 16,351 |  |  | 6,016 |  |  | $ | 29,074 |  |  | 16,313 |
Underwriting income (loss), after federal income tax |  | 12,917 |  |  | 4,753 |  |  | 22,968 |  |  | 12,887 |
Combined ratio |  | 83.9 | % |  | 93.0 |  |  | 89.7 |  |  | 93.3 |
ROE contribution |  | 2.1 |  |  | 0.8 |  |  | 1.3 |  |  | 0.7 |
Investments: |  |  |  |  |  |  |  |
Net investment income earned |  | $ | 100,863 |  |  | 63,889 |  |  | $ | 290,065 |  |  | 206,713 |
Net realized and unrealized investment gains (losses) |  | (6,880) |  |  | (25,681) |  |  | (8,962) |  |  | (108,913) |
Total investments segment income, before federal income tax |  | 93,983 |  |  | 38,208 |  |  | 281,103 |  |  | 97,800 |
Tax on investments segment income |  | 19,191 |  |  | 6,964 |  |  | 57,092 |  |  | 17,136 |
Total investments segment income, after federal income tax |  | $ | 74,792 |  |  | 31,244 |  |  | $ | 224,011 |  |  | 80,664 |
ROE contribution of after-tax net investment income earned |  | 13.1 |  |  | 8.9 |  |  | 12.7 |  |  | 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 September 30, |  | Nine Months ended September 30,
($ in thousands) |  | 2023 |  | 2022 |  | 2023 |  | 2022
Underwriting income |  |  |  |  |  |  |  |
Standard Commercial Lines |  | $ | 41,339 |  |  | 22,501 |  |  | $ | 102,406 |  |  | 111,593 |
Standard Personal Lines |  | (26,099) |  |  | (1,385) |  |  | (62,232) |  |  | (7,232) |
E&S Lines |  | 16,351 |  |  | 6,016 |  |  | 29,074 |  |  | 16,313 |
Investment income |  | 93,983 |  |  | 38,208 |  |  | 281,103 |  |  | 97,800 |
Total all segments |  | 125,574 |  |  | 65,340 |  |  | 350,351 |  |  | 218,474 |
Interest expense |  | (7,186) |  |  | (7,179) |  |  | (21,610) |  |  | (21,599) |
Corporate expenses |  | (5,871) |  |  | (5,522) |  |  | (27,308) |  |  | (24,442) |
Income, before federal income tax |  | $ | 112,517 |  |  | 52,639 |  |  | $ | 301,433 |  |  | 172,433 |
Preferred stock dividends |  | (2,300) |  |  | (2,300) |  |  | (6,900) |  |  | (6,900) |
Income available to common stockholders, before federal income tax |  | $ | 110,217 |  |  | 50,339 |  |  | $ | 294,533 |  |  | 165,533 |

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