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Segment Information
 3 Months Ended
Mar. 31, 2024
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 March 31,
($ in thousands)20242023
Standard Commercial Lines:  
Net premiums earned:  
General liability$273,415 243,349 
Commercial automobile251,720 217,371 
Commercial property161,553 135,292 
Workers compensation87,777 84,184 
Businessowners' policies39,921 33,171 
Bonds12,088 11,397 
Other7,636 6,851 
Miscellaneous income7,134 2,181 
Total Standard Commercial Lines revenue841,244 733,796 
Standard Personal Lines:
Net premiums earned:
Personal automobile56,960 44,914 
Homeowners44,113 35,013 
Other2,773 1,943 
Miscellaneous income640 453 
Total Standard Personal Lines revenue104,486 82,323 
E&S Lines:
Net premiums earned:
Casualty lines71,638 60,817 
Property lines41,350 28,034 
Miscellaneous income27 — 
Total E&S Lines revenue113,015 88,851 
Investments:  
Net investment income earned107,849 91,506 
Net realized and unrealized investment gains (losses)(1,635)3,344 
Total Investments revenue106,214 94,850 
Total revenues $1,164,959 999,820 
Income Before and After Federal Income TaxQuarter ended March 31,
($ in thousands)20242023
Standard Commercial Lines:  
Underwriting income (loss), before federal income tax$10,381 38,921 
Underwriting income (loss), after federal income tax8,201 30,748 
Combined ratio98.8 %94.7 
ROE contribution1.2 5.1 
Standard Personal Lines:
Underwriting income (loss), before federal income tax$(5,335)(13,073)
Underwriting income (loss), after federal income tax(4,215)(10,328)
Combined ratio105.1 %116.0 
ROE contribution(0.6)(1.7)
E&S Lines:
Underwriting income (loss), before federal income tax$13,985 13,335 
Underwriting income (loss), after federal income tax11,048 10,535 
Combined ratio87.6 %85.0 
ROE contribution1.6 1.8 
Investments:  
Net investment income earned$107,849 91,506 
Net realized and unrealized investment gains (losses)(1,635)3,344 
Total investments segment income, before federal income tax106,214 94,850 
Tax on investments segment income21,866 19,156 
Total investments segment income, after federal income tax$84,348 75,694 
ROE contribution of after-tax net investment income earned12.3 12.2 

Reconciliation of Segment Results to Income Before Federal Income TaxQuarter ended March 31,
($ in thousands)20242023
Underwriting income (loss)
Standard Commercial Lines$10,381 38,921 
Standard Personal Lines(5,335)(13,073)
E&S Lines13,985 13,335 
Investment income106,214 94,850 
Total all segments125,245 134,033 
Interest expense(7,181)(7,166)
Corporate expenses(15,498)(12,108)
Income, before federal income tax$102,566 114,759 
Preferred stock dividends(2,300)(2,300)
Income available to common stockholders, before federal income tax$100,266 112,459