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Segment Information
 12 Months Ended
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 SegmentYears ended December 31,
($ in thousands)202320222021
Standard Commercial Lines:   
Net premiums earned:   
General liability$1,020,362 902,428 807,158 
Commercial automobile916,140 812,306 724,398 
Commercial property586,267 495,647 436,412 
Workers compensation333,669 335,955 306,428 
Businessowners’ policies140,547 124,474 110,622 
Bonds46,215 43,354 35,762 
Other28,584 25,655 23,105 
Miscellaneous income17,168 9,519 16,056 
Total Standard Commercial Lines revenue3,088,952 2,749,338 2,459,941 
Standard Personal Lines:
Net premiums earned:
Personal automobile200,027 162,899 163,007 
Homeowners154,828 128,222 122,526 
Other10,358 8,284 8,026 
Miscellaneous income2,201 1,816 1,667 
Total Standard Personal Lines revenue367,414 301,221 295,226 
E&S Lines:
Net premiums earned:
Casualty lines261,144 233,086 197,779 
Property lines129,465 101,070 82,030 
Miscellaneous income33 — — 
Total E&S Lines revenue390,642 334,156 279,809 
Investments:   
Net investment income388,650 288,155 326,589 
Net realized and unrealized investment gains (losses)
(3,552)(114,808)17,599 
Total Investments revenues385,098 173,347 344,188 
Total revenues$4,232,106 3,558,062 3,379,164 
Income Before and After Federal Income TaxYears ended December 31,
($ in thousands)202320222021
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 ratio94.9 %94.8 %91.9 %
ROE contribution5.0 %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 ratio121.7 %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 ratio86.0 %90.9 %94.3 %
ROE contribution1.7 %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 tax385,098 173,347 344,188 
Tax on investment segment income78,369 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 earned12.4 %9.4 9.9 

Reconciliation of Segment Results to Income Before Federal Income TaxYears ended December 31,
($ in thousands)202320222021
Underwriting income (loss)
     Standard Commercial Lines $157,306 143,696 198,596 
     Standard Personal Lines (79,263)(7,193)3,966 
     E&S Lines54,756 30,299 16,030 
Investment income385,098 173,347 344,188 
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