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Segment Information | 12 Months Ended
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Dec. 31, 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, policyholders 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 Investment 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. Our combined insurance operations are subject to certain geographic concentrations, particularly in the Eastern region of the country. In 2023, approximately 35% of NPW were related to insurance policies written in New Jersey (16%), Pennsylvania (10%), and New York (9%). We also had a goodwill balance of $7.8 million at both December 31, 2023, and 2022, on our Consolidated Balance Sheets that relates to our Standard Commercial Lines reporting unit. The following summaries present revenues (net investment income and net realized and unrealized gains and losses on investments in the case of the Investments segment) and pre-tax income for the individual segments:
Revenue by Segment |  | Years ended December 31,
($ in thousands) |  | 2023 |  | 2022 |  | 2021
Standard Commercial Lines: |  |  |  |  |  |
Net premiums earned: |  |  |  |  |  |
General liability |  | $ | 1,020,362 |  |  | 902,428 |  |  | 807,158 |
Commercial automobile |  | 916,140 |  |  | 812,306 |  |  | 724,398 |
Commercial property |  | 586,267 |  |  | 495,647 |  |  | 436,412 |
Workers compensation |  | 333,669 |  |  | 335,955 |  |  | 306,428 |
Businessowners’ policies |  | 140,547 |  |  | 124,474 |  |  | 110,622 |
Bonds |  | 46,215 |  |  | 43,354 |  |  | 35,762 |
Other |  | 28,584 |  |  | 25,655 |  |  | 23,105 |
Miscellaneous income |  | 17,168 |  |  | 9,519 |  |  | 16,056 |
Total Standard Commercial Lines revenue |  | 3,088,952 |  |  | 2,749,338 |  |  | 2,459,941 |
Standard Personal Lines: |  |  |  |  |  |
Net premiums earned: |  |  |  |  |  |
Personal automobile |  | 200,027 |  |  | 162,899 |  |  | 163,007 |
Homeowners |  | 154,828 |  |  | 128,222 |  |  | 122,526 |
Other |  | 10,358 |  |  | 8,284 |  |  | 8,026 |
Miscellaneous income |  | 2,201 |  |  | 1,816 |  |  | 1,667 |
Total Standard Personal Lines revenue |  | 367,414 |  |  | 301,221 |  |  | 295,226 |
E&S Lines: |  |  |  |  |  |
Net premiums earned: |  |  |  |  |  |
Casualty lines |  | 261,144 |  |  | 233,086 |  |  | 197,779 |
Property lines |  | 129,465 |  |  | 101,070 |  |  | 82,030 |
Miscellaneous income |  | 33 |  |  | — |  |  | — |
Total E&S Lines revenue |  | 390,642 |  |  | 334,156 |  |  | 279,809 |
Investments: |  |  |  |  |  |
Net investment income |  | 388,650 |  |  | 288,155 |  |  | 326,589 |
Net realized and unrealized investment gains (losses) |  | (3,552) |  |  | (114,808) |  |  | 17,599 |
Total Investments revenues |  | 385,098 |  |  | 173,347 |  |  | 344,188 |
Total revenues |  | $ | 4,232,106 |  |  | 3,558,062 |  |  | 3,379,164 |
Income Before and After Federal Income Tax |  | Years ended December 31,
($ in thousands) |  | 2023 |  | 2022 |  | 2021
Standard Commercial Lines: |  |  |  |  |  |
Underwriting income (loss), before federal income tax |  | $ | 157,306 |  |  | 143,696 |  |  | 198,596 |
Underwriting income (loss), after federal income tax |  | 124,272 |  |  | 113,520 |  |  | 156,891 |
Combined ratio |  | 94.9 | % |  | 94.8 | % |  | 91.9 | %
ROE contribution |  | 5.0 | % |  | 4.6 |  |  | 5.9 |
Standard Personal Lines: |  |  |  |  |  |
Underwriting income (loss), before federal income tax |  | (79,263) |  |  | (7,193) |  |  | 3,966 |
Underwriting income (loss), after federal income tax |  | (62,618) |  |  | (5,682) |  |  | 3,133 |
Combined ratio |  | 121.7 | % |  | 102.4 | % |  | 98.6 | %
ROE contribution |  | (2.5) | % |  | (0.2) |  |  | 0.1 |
E&S Lines: |  |  |  |  |  |
Underwriting income (loss), before federal income tax |  | 54,756 |  |  | 30,299 |  |  | 16,030 |
Underwriting income (loss), after federal income tax |  | 43,257 |  |  | 23,936 |  |  | 12,664 |
Combined ratio |  | 86.0 | % |  | 90.9 | % |  | 94.3 | %
ROE contribution |  | 1.7 | % |  | 1.0 | % |  | 0.5 |
Investments: |  |  |  |  |  |
Net investment income earned |  | $ | 388,650 |  |  | 288,155 |  |  | 326,589 |
Net realized and unrealized investment gains (losses) |  | (3,552) |  |  | (114,808) |  |  | 17,599 |
Total investment segment income, before federal income tax |  | 385,098 |  |  | 173,347 |  |  | 344,188 |
Tax on investment segment income |  | 78,369 |  |  | 31,846 |  |  | 67,284 |
Total investment segment income, after federal income tax |  | $ | 306,729 |  |  | 141,501 |  |  | 276,904 |
ROE contribution of after-tax net investment income earned |  | 12.4 | % |  | 9.4 |  |  | 9.9 |
Reconciliation of Segment Results to Income Before Federal Income Tax |  | Years ended December 31,
($ in thousands) |  | 2023 |  | 2022 |  | 2021
Underwriting income (loss) |  |  |  |  |  |
Standard Commercial Lines |  | $ | 157,306 |  |  | 143,696 |  |  | 198,596 |
Standard Personal Lines |  | (79,263) |  |  | (7,193) |  |  | 3,966 |
E&S Lines |  | 54,756 |  |  | 30,299 |  |  | 16,030 |
Investment income |  | 385,098 |  |  | 173,347 |  |  | 344,188 |
Total all segments |  | $ | 517,897 |  |  | 340,149 |  |  | 562,780 |
Interest expense |  | (28,799) |  |  | (28,847) |  |  | (29,165) |
Corporate expenses |  | (30,686) |  |  | (31,116) |  |  | (28,305) |
Income, before federal income tax |  | $ | 458,412 |  |  | 280,186 |  |  | 505,310 |
Preferred stock dividends |  | (9,200) |  |  | (9,200) |  |  | (9,353) |
Income available to common stockholders, before federal income tax |  | $ | 449,212 |  |  | $ | 270,986 |  |  | $ | 495,957 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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