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Segment Information (Tables) | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Schedule of Revenue By Segment | The following table presents revenues by segment and a reconciliation to consolidated revenue.
Revenue by Segment |  | Years ended December 31,
($ in thousands) |  | 2024 |  | 2023 |  | 2022
Standard Commercial Lines: |  |  |  |  |  |
Net premiums earned: |  |  |  |  |  |
General liability |  | $ | 1,125,491 |  |  | 1,020,362 |  |  | 902,428 |
Commercial automobile |  | 1,058,228 |  |  | 916,140 |  |  | 812,306 |
Commercial property |  | 685,568 |  |  | 586,267 |  |  | 495,647 |
Workers compensation |  | 327,725 |  |  | 333,669 |  |  | 335,955 |
Businessowners’ policies |  | 169,321 |  |  | 140,547 |  |  | 124,474 |
Bonds |  | 49,748 |  |  | 46,215 |  |  | 43,354 |
Other |  | 31,475 |  |  | 28,584 |  |  | 25,655 |
Miscellaneous income |  | 28,394 |  |  | 17,168 |  |  | 9,519 |
Total Standard Commercial Lines revenue |  | 3,475,950 |  |  | 3,088,952 |  |  | 2,749,338 |
Standard Personal Lines: |  |  |  |  |  |
Net premiums earned: |  |  |  |  |  |
Personal automobile |  | 226,138 |  |  | 200,027 |  |  | 162,899 |
Homeowners |  | 185,651 |  |  | 154,828 |  |  | 128,222 |
Other |  | 13,128 |  |  | 10,358 |  |  | 8,284 |
Miscellaneous income |  | 2,566 |  |  | 2,201 |  |  | 1,816 |
Total Standard Personal Lines revenue |  | 427,483 |  |  | 367,414 |  |  | 301,221 |
E&S Lines: |  |  |  |  |  |
Net premiums earned: |  |  |  |  |  |
Casualty lines |  | 307,895 |  |  | 261,144 |  |  | 233,086 |
Property lines |  | 196,079 |  |  | 129,465 |  |  | 101,070 |
Miscellaneous income |  | 155 |  |  | 33 |  |  | — |
Total E&S Lines revenue |  | 504,129 |  |  | 390,642 |  |  | 334,156 |
Investments: |  |  |  |  |  |
Net investment income |  | 457,051 |  |  | 388,650 |  |  | 288,155 |
Net realized and unrealized investment gains (losses) |  | (2,949) |  |  | (3,552) |  |  | (114,808) |
Total Investments revenues |  | 454,102 |  |  | 385,098 |  |  | 173,347 |
Total revenues |  | $ | 4,861,664 |  |  | 4,232,106 |  |  | 3,558,062 |
Reconciliation of Segment Income (Loss) to Consolidated | The following tables present information about our segments' pre- and after-tax income, significant expenses, and reconciliations to consolidated results for the periods indicated.
2024 |  | Standard Commercial Lines |  | Standard Personal Lines |  | E&S Lines |  | Total Insurance Operations |  | Investments |  | Total Reportable Segments
($ in thousands) |  |  |  |  |  |
Total segment revenues |  | $ | 3,475,950 |  |  | 427,483 |  |  | 504,129 |  |  | 4,407,562 |  |  | 454,102 |  |  | 4,861,664 |
Loss and loss expense incurred: |  |  |  |  |  |  |  |  |  |  |  |
Net catastrophe losses |  | 181,546 |  |  | 79,965 |  |  | 22,992 |  |  | 284,503 |  |  | — |  |  | 284,503 |
Non-catastrophe property loss and loss expense |  | 459,537 |  |  | 164,045 |  |  | 58,025 |  |  | 681,607 |  |  | — |  |  | 681,607 |
(Favorable)/unfavorable prior year casualty reserve development |  | 286,000 |  |  | 5,000 |  |  | 20,000 |  |  | 311,000 |  |  | — |  |  | 311,000 |
Current year casualty loss costs |  | 1,574,532 |  |  | 115,591 |  |  | 197,251 |  |  | 1,887,374 |  |  | — |  |  | 1,887,374 |
Total loss and loss expense incurred |  | 2,501,615 |  |  | 364,601 |  |  | 298,268 |  |  | 3,164,484 |  |  | — |  |  | 3,164,484 |
Net underwriting expenses incurred: |  |  |  |  |  |  |  |  |  |  |  |
Commissions to distribution partners |  | 639,180 |  |  | 30,270 |  |  | 111,349 |  |  | 780,799 |  |  | — |  |  | 780,799 |
Salaries and employee benefits |  | 290,880 |  |  | 37,024 |  |  | 25,547 |  |  | 353,451 |  |  | — |  |  | 353,451 |
Other segment expenses |  | 182,754 |  |  | 35,073 |  |  | 17,085 |  |  | 234,912 |  |  | — |  |  | 234,912 |
Total net underwriting expenses incurred |  | 1,112,814 |  |  | 102,367 |  |  | 153,981 |  |  | 1,369,162 |  |  | — |  |  | 1,369,162 |
Dividends to policyholders |  | 6,504 |  |  | — |  |  | — |  |  | 6,504 |  |  | — |  |  | 6,504 |
Segment income (loss), before federal income tax |  | (144,983) |  |  | (39,485) |  |  | 51,880 |  |  | (132,588) |  |  | 454,102 |  |  | 321,514 |
Federal income tax (expense) benefit |  |  |  |  |  |  |  | 27,843 |  |  | (93,815) |  |  | (65,972) |
Segment income (loss), after federal income tax |  |  |  |  |  |  |  | (104,745) |  |  | 360,287 |  |  | 255,542 |
Reconciliation of segment income (loss) to consolidated income before and after federal income tax |  |  |  |  |  |  |  |  |  |  |  |
Total segment income (loss), before federal income tax |  |  |  |  |  |  |  |  |  |  |  | 321,514 |
Interest expense |  |  |  |  |  |  |  |  |  |  |  | (28,878) |
Corporate expenses |  |  |  |  |  |  |  |  |  |  |  | (34,602) |
Income before federal income tax |  |  |  |  |  |  |  |  |  |  |  | 258,034 |
Federal income tax (expense) benefit on segment income (loss) |  |  |  |  |  |  |  |  |  |  |  | (65,972) |
Federal income tax (expense) benefit on interest and corporate expenses |  |  |  |  |  |  |  |  |  |  |  | 14,950 |
Total federal income tax (expense) benefit |  |  |  |  |  |  |  |  |  |  |  | (51,022) |
Net income |  |  |  |  |  |  |  |  |  |  |  | 207,012 |
Preferred stock dividends |  |  |  |  |  |  |  |  |  |  |  | (9,200) |
Net income available to common stockholders |  |  |  |  |  |  |  |  |  |  |  | 197,812 |
2023 |  | Standard Commercial Lines |  | Standard Personal Lines |  | E&S Lines |  | Total Insurance Operations |  | Investments |  | Total Reportable Segments
($ in thousands) |  |  |  |  |  |
Total segment revenues |  | $ | 3,088,952 |  |  | 367,414 |  |  | 390,642 |  |  | 3,847,008 |  |  | 385,098 |  |  | 4,232,106 |
Loss and loss expense incurred: |  |  |  |  |  |  |  |  |  |  |  |
Net catastrophe losses |  | 150,518 |  |  | 69,315 |  |  | 24,677 |  |  | 244,510 |  |  | — |  |  | 244,510 |
Non-catastrophe property loss and loss expense |  | 461,593 |  |  | 156,890 |  |  | 31,901 |  |  | 650,384 |  |  | — |  |  | 650,384 |
(Favorable)/unfavorable prior year casualty reserve development |  | (15,500) |  |  | 14,000 |  |  | (5,000) |  |  | (6,500) |  |  | — |  |  | (6,500) |
Current year casualty loss costs |  | 1,322,593 |  |  | 112,980 |  |  | 160,318 |  |  | 1,595,891 |  |  | — |  |  | 1,595,891 |
Total loss and loss expense incurred |  | 1,919,204 |  |  | 353,185 |  |  | 211,896 |  |  | 2,484,285 |  |  | — |  |  | 2,484,285 |
Net underwriting expenses incurred: |  |  |  |  |  |  |  |  |  |  |  |
Commissions to distribution partners |  | 571,078 |  |  | 22,052 |  |  | 87,055 |  |  | 680,185 |  |  | — |  |  | 680,185 |
Salaries and employee benefits |  | 267,375 |  |  | 38,830 |  |  | 21,800 |  |  | 328,005 |  |  | — |  |  | 328,005 |
Other segment expenses |  | 167,234 |  |  | 32,610 |  |  | 15,135 |  |  | 214,979 |  |  | — |  |  | 214,979 |
Total net underwriting expenses incurred |  | 1,005,687 |  |  | 93,492 |  |  | 123,990 |  |  | 1,223,169 |  |  | — |  |  | 1,223,169 |
Dividends to policyholders |  | 6,755 |  |  | — |  |  | — |  |  | 6,755 |  |  | — |  |  | 6,755 |
Segment income (loss), before federal income tax |  | 157,306 |  |  | (79,263) |  |  | 54,756 |  |  | 132,799 |  |  | 385,098 |  |  | 517,897 |
Federal income tax (expense) benefit |  |  |  |  |  |  |  | (27,888) |  |  | (78,369) |  |  | (106,257) |
Segment income (loss), after federal income tax |  |  |  |  |  |  |  | 104,911 |  |  | 306,729 |  |  | 411,640 |
Reconciliation of segment income (loss) to consolidated income before and after federal income tax |  |  |  |  |  |  |  |  |  |  |  |
Total segment income (loss), before federal income tax |  |  |  |  |  |  |  |  |  |  |  | 517,897 |
Interest expense |  |  |  |  |  |  |  |  |  |  |  | (28,799) |
Corporate expenses |  |  |  |  |  |  |  |  |  |  |  | (30,686) |
Income before federal income tax |  |  |  |  |  |  |  |  |  |  |  | 458,412 |
Federal income tax (expense) benefit on segment income (loss) |  |  |  |  |  |  |  |  |  |  |  | (106,257) |
Federal income tax (expense) benefit on interest and corporate expenses |  |  |  |  |  |  |  |  |  |  |  | 13,083 |
Total federal income tax (expense) benefit |  |  |  |  |  |  |  |  |  |  |  | (93,174) |
Net income |  |  |  |  |  |  |  |  |  |  |  | 365,238 |
Preferred stock dividends |  |  |  |  |  |  |  |  |  |  |  | (9,200) |
Net income available to common stockholders |  |  |  |  |  |  |  |  |  |  |  | 356,038 |
2022 |  | Standard Commercial Lines |  | Standard Personal Lines |  | E&S Lines |  | Total Insurance Operations |  | Investments |  | Total Reportable Segments
($ in thousands) |  |  |  |  |  |
Total segment revenues |  | $ | 2,749,338 |  |  | 301,221 |  |  | 334,156 |  |  | 3,384,715 |  |  | 173,347 |  |  | 3,558,062 |
Loss and loss expense incurred: |  |  |  |  |  |  |  |  |  |  |  |
Net catastrophe losses |  | 95,600 |  |  | 40,759 |  |  | 9,567 |  |  | 145,926 |  |  | — |  |  | 145,926 |
Non-catastrophe property loss and loss expense |  | 461,119 |  |  | 117,125 |  |  | 39,626 |  |  | 617,870 |  |  | — |  |  | 617,870 |
(Favorable)/unfavorable prior year casualty reserve development |  | (81,000) |  |  | — |  |  | (5,000) |  |  | (86,000) |  |  | — |  |  | (86,000) |
Current year casualty loss costs |  | 1,208,269 |  |  | 73,229 |  |  | 152,484 |  |  | 1,433,982 |  |  | — |  |  | 1,433,982 |
Total loss and loss expense incurred |  | 1,683,988 |  |  | 231,113 |  |  | 196,677 |  |  | 2,111,778 |  |  | — |  |  | 2,111,778 |
Net underwriting expenses incurred: |  |  |  |  |  |  |  |  |  |  |  |
Commissions to distribution partners |  | 515,938 |  |  | 13,379 |  |  | 74,883 |  |  | 604,200 |  |  | — |  |  | 604,200 |
Salaries and employee benefits |  | 245,339 |  |  | 34,045 |  |  | 18,128 |  |  | 297,512 |  |  | — |  |  | 297,512 |
Other segment expenses |  | 155,519 |  |  | 29,877 |  |  | 14,169 |  |  | 199,565 |  |  | — |  |  | 199,565 |
Total net underwriting expenses incurred |  | 916,796 |  |  | 77,301 |  |  | 107,180 |  |  | 1,101,277 |  |  | — |  |  | 1,101,277 |
Dividends to policyholders |  | 4,858 |  |  | — |  |  | — |  |  | 4,858 |  |  | — |  |  | 4,858 |
Segment income (loss), before federal income tax |  | 143,696 |  |  | (7,193) |  |  | 30,299 |  |  | 166,802 |  |  | 173,347 |  |  | 340,149 |
Federal income tax (expense) benefit |  |  |  |  |  |  |  | (35,028) |  |  | (31,846) |  |  | (66,874) |
Segment income (loss), after federal income tax |  |  |  |  |  |  |  | 131,774 |  |  | 141,501 |  |  | 273,275 |
Reconciliation of segment income (loss) to consolidated income before and after federal income tax |  |  |  |  |  |  |  |  |  |  |  |
Total segment income (loss), before federal income tax |  |  |  |  |  |  |  |  |  |  |  | 340,149 |
Interest expense |  |  |  |  |  |  |  |  |  |  |  | (28,847) |
Corporate expenses |  |  |  |  |  |  |  |  |  |  |  | (31,116) |
Income before federal income tax |  |  |  |  |  |  |  |  |  |  |  | 280,186 |
Federal income tax (expense) benefit on segment income (loss) |  |  |  |  |  |  |  |  |  |  |  | (66,874) |
Federal income tax (expense) benefit on interest and corporate expenses |  |  |  |  |  |  |  |  |  |  |  | 11,574 |
Total federal income tax (expense) benefit |  |  |  |  |  |  |  |  |  |  |  | (55,300) |
Net income |  |  |  |  |  |  |  |  |  |  |  | 224,886 |
Preferred stock dividends |  |  |  |  |  |  |  |  |  |  |  | (9,200) |
Net income available to common stockholders |  |  |  |  |  |  |  |  |  |  |  | 215,686 |
Schedule of Segment Reporting Information, by Segment | The following tables present reconciliations of our segments' ROE contributions and combined ratios to consolidated results.
ROE |  | Years ended December 31,
|  | 2024 |  | 2023 |  | 2022
Standard Commercial Lines segment |  | (4.0) |  | % |  | 5.0 |  |  | 4.6 |
Standard Personal Lines segment |  | (1.1) |  |  |  | (2.5) |  |  | (0.2) |
E&S Lines segment |  | 1.4 |  |  |  | 1.7 |  |  | 1.0 |
Total insurance operations |  | (3.7) |  |  |  | 4.2 |  |  | 5.4 |
Net investment income earned |  | 12.8 |  |  |  | 12.4 |  |  | 9.4 |
Net realized and unrealized investment gains (losses) |  | (0.1) |  |  |  | (0.1) |  |  | (3.6) |
Total investments segment |  | 12.7 |  |  |  | 12.3 |  |  | 5.8 |
Other |  | (2.0) |  |  |  | (2.2) |  |  | (2.4) |
ROE |  | 7.0 |  | % |  | 14.3 |  |  | 8.8 |
Combined Ratio |  | Years ended December 31,
|  | 2024 |  |  | 2023 |  | 2022
|  | Amount |  | Ratio |  |  | Amount |  | Ratio |  | Amount |  | Ratio
Standard Commercial Lines: |  |  |  |  |  |  |  |  |  |  |  |  |
Net premiums earned |  | $ | 3,447,556 |  |  |  |  |  | 3,071,784 |  |  |  |  | 2,739,819 |  |  |
Loss and loss expense incurred |  | 2,501,615 |  |  | 72.5 |  | % |  | 1,919,204 |  |  | 62.5 |  |  | 1,683,988 |  |  | 61.5 |
Net underwriting expenses incurred 1 |  | 1,084,420 |  |  | 31.5 |  |  |  | 988,519 |  |  | 32.2 |  |  | 907,277 |  |  | 33.1 |
Dividends to policyholders |  | 6,504 |  |  | 0.2 |  |  |  | 6,755 |  |  | 0.2 |  |  | 4,858 |  |  | 0.2 |
Underwriting income (loss) |  | (144,983) |  |  | 104.2 |  |  |  | 157,306 |  |  | 94.9 |  |  | 143,696 |  |  | 94.8 |
Standard Personal Lines: |  |  |  |  |  |  |  |  |  |  |  |  |
Net premiums earned |  | 424,917 |  |  |  |  |  | 365,213 |  |  |  |  | 299,405 |  |  |
Loss and loss expense incurred |  | 364,601 |  |  | 85.8 |  |  |  | 353,185 |  |  | 96.7 |  |  | 231,113 |  |  | 77.2 |
Net underwriting expenses incurred 1 |  | 99,801 |  |  | 23.5 |  |  |  | 91,291 |  |  | 25.0 |  |  | 75,485 |  |  | 25.2 |
Underwriting income (loss) |  | (39,485) |  |  | 109.3 |  |  |  | (79,263) |  |  | 121.7 |  |  | (7,193) |  |  | 102.4 |
E&S Lines: |  |  |  |  |  |  |  |  |  |  |  |  |
Net premiums earned |  | 503,974 |  |  |  |  |  | 390,609 |  |  |  |  | 334,156 |  |  |
Loss and loss expense incurred |  | 298,268 |  |  | 59.2 |  |  |  | 211,896 |  |  | 54.3 |  |  | 196,677 |  |  | 58.8 |
Net underwriting expenses incurred 1 |  | 153,826 |  |  | 30.5 |  |  |  | 123,957 |  |  | 31.7 |  |  | 107,180 |  |  | 32.1 |
Underwriting income (loss) |  | 51,880 |  |  | 89.7 |  |  |  | 54,756 |  |  | 86.0 |  |  | 30,299 |  |  | 90.9 |
Total Insurance Operations: |  |  |  |  |  |  |  |  |  |  |  |  |
Net premiums earned |  | 4,376,447 |  |  |  |  |  | 3,827,606 |  |  |  |  | 3,373,380 |  |  |
Loss and loss expense incurred |  | 3,164,484 |  |  | 72.3 |  |  |  | 2,484,285 |  |  | 64.9 |  |  | 2,111,778 |  |  | 62.7 |
Net underwriting expenses incurred 1 |  | 1,338,047 |  |  | 30.6 |  |  |  | 1,203,767 |  |  | 31.4 |  |  | 1,089,942 |  |  | 32.3 |
Dividends to policyholders |  | 6,504 |  |  | 0.1 |  |  |  | 6,755 |  |  | 0.2 |  |  | 4,858 |  |  | 0.1 |
Underwriting income (loss) |  | (132,588) |  |  | 103.0 |  |  |  | 132,799 |  |  | 96.5 |  |  | 166,802 |  |  | 95.1 |
1"Net underwriting expenses incurred" includes "Other income" allocated to each reportable segment.

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