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Segment Information
 9 Months Ended
Sep. 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 September 30,Nine Months ended September 30,
($ in thousands)2023202220232022
Standard Commercial Lines:  
Net premiums earned:  
General liability$261,551 225,302 $759,410 667,912 
Commercial automobile234,622 207,129 677,060 599,340 
Commercial property152,495 128,268 429,135 371,892 
Workers compensation81,672 81,996 254,602 250,178 
Businessowners' policies36,016 32,130 103,572 93,682 
Bonds11,715 11,094 34,731 32,136 
Other7,257 6,518 21,142 19,003 
Miscellaneous income4,606 2,444 12,355 6,141 
Total Standard Commercial Lines revenue789,934 694,881 2,292,007 2,040,284 
Standard Personal Lines:
Net premiums earned:
Personal automobile51,906 40,746 145,050 120,414 
Homeowners40,175 32,619 112,090 95,436 
Other3,088 2,273 7,069 5,768 
Miscellaneous income575 489 1,564 1,358 
Total Standard Personal Lines revenue95,744 76,127 265,773 222,976 
E&S Lines:
Net premiums earned:
Casualty lines67,718 59,640 190,686 170,305 
Property lines33,702 26,164 91,856 74,535 
Total E&S Lines revenue101,420 85,804 282,542 244,840 
Investments:    
Net investment income earned100,863 63,889 290,065 206,713 
Net realized and unrealized investment gains (losses)(6,880)(25,681)(8,962)(108,913)
Total Investments revenue93,983 38,208 281,103 97,800 
Total revenues $1,081,081 895,020 $3,121,425 2,605,900 
Income Before and After Federal Income TaxQuarter ended September 30,Nine Months ended September 30,
($ in thousands)2023202220232022
Standard Commercial Lines:  
Underwriting income (loss), before federal income tax$41,339 22,501 $102,406 111,593 
Underwriting income (loss), after federal income tax32,658 17,776 80,901 88,158 
Combined ratio94.7 %96.8 95.5 94.5 
ROE contribution5.4 3.1 4.4 4.7 
Standard Personal Lines:
Underwriting income (loss), before federal income tax$(26,099)(1,385)$(62,232)(7,232)
Underwriting income (loss), after federal income tax(20,618)(1,094)(49,163)(5,713)
Combined ratio127.4 %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 tax12,917 4,753 22,968 12,887 
Combined ratio83.9 %93.0 89.7 93.3 
ROE contribution2.1 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 tax93,983 38,208 281,103 97,800 
Tax on investments segment income19,191 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 earned13.1 8.9 12.7 8.9 

Reconciliation of Segment Results to Income Before Federal Income TaxQuarter ended September 30,Nine Months ended September 30,
($ in thousands)2023202220232022
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 Lines16,351 6,016 29,074 16,313 
Investment income93,983 38,208 281,103 97,800 
Total all segments125,574 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