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v3.25.1

Segment Information (Tables) | 3 Months Ended
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Mar. 31, 2025
Segment Reporting [Abstract] |
Schedule of Revenue By Segment | The following table presents revenues by segments and a reconciliation to consolidated revenue.
Revenue by Segment |  | Quarter ended March 31, |  |
($ in thousands) |  | 2025 |  | 2024 |  |  |  |
Standard Commercial Lines: |  |  |  |  |  |  |  |
Net premiums earned: |  |  |  |  |  |  |  |
General liability |  | $ | 294,687 |  |  | 273,415 |  |  |  |  |
Commercial automobile |  | 283,585 |  |  | 251,720 |  |  |  |  |
Commercial property |  | 186,530 |  |  | 161,553 |  |  |  |  |
Workers compensation |  | 79,036 |  |  | 87,777 |  |  |  |  |
Businessowners' policies |  | 46,893 |  |  | 39,921 |  |  |  |  |
Bonds |  | 13,258 |  |  | 12,088 |  |  |  |  |
Other |  | 8,221 |  |  | 7,636 |  |  |  |  |
Miscellaneous income |  | 4,860 |  |  | 7,134 |  |  |  |  |
Total Standard Commercial Lines revenue |  | 917,070 |  |  | 841,244 |  |  |  |  |
Standard Personal Lines: |  |  |  |  |  |  |  |
Net premiums earned: |  |  |  |  |  |  |  |
Personal automobile |  | 52,968 |  |  | 56,960 |  |  |  |  |
Homeowners |  | 47,943 |  |  | 44,113 |  |  |  |  |
Other |  | 2,744 |  |  | 2,773 |  |  |  |  |
Miscellaneous income |  | 572 |  |  | 640 |  |  |  |  |
Total Standard Personal Lines revenue |  | 104,227 |  |  | 104,486 |  |  |  |  |
E&S Lines: |  |  |  |  |  |  |  |
Net premiums earned: |  |  |  |  |  |  |  |
Casualty lines |  | 85,119 |  |  | 71,638 |  |  |  |  |
Property lines |  | 57,773 |  |  | 41,350 |  |  |  |  |
Miscellaneous income |  | 77 |  |  | 27 |  |  |  |  |
Total E&S Lines revenue |  | 142,969 |  |  | 113,015 |  |  |  |  |
Investments: |  |  |  |  |  |  |  |
Net investment income earned |  | 120,691 |  |  | 107,849 |  |  |  |  |
Net realized and unrealized investment gains (losses) |  | 229 |  |  | (1,635) |  |  |  |  |
Total Investments revenue |  | 120,920 |  |  | 106,214 |  |  |  |  |
Total revenues |  | $ | 1,285,186 |  |  | 1,164,959 |  |  |  |  |
Schedule of Reconciliation of Segment Results to Income (Loss) Before Federal Income Tax | The following tables present information about our segments' pre- and after-tax income, significant expenses, and reconciliations to consolidated results for the periods indicated.
Quarter Ended March 31, 2025 |  | Standard Commercial Lines |  | Standard Personal Lines |  | E&S Lines |  | Total Insurance Operations |  | Investments |  | Total Reportable Segments
($ in thousands) |  |  |  |  |  |
Total segment revenues |  | $ | 917,070 |  |  | 104,227 |  |  | 142,969 |  |  | 1,164,266 |  |  | 120,920 |  |  | 1,285,186 |
Loss and loss expense incurred: |  |  |  |  |  |  |  |  |  |  |  |
Net catastrophe losses |  | 19,811 |  |  | 7,113 |  |  | 16,433 |  |  | 43,357 |  |  | — |  |  | 43,357 |
Non-catastrophe property loss and loss expense |  | 128,791 |  |  | 36,489 |  |  | 13,416 |  |  | 178,696 |  |  | — |  |  | 178,696 |
(Favorable)/unfavorable prior year casualty reserve development |  | — |  |  | 5,000 |  |  | — |  |  | 5,000 |  |  | — |  |  | 5,000 |
Current year casualty loss costs |  | 433,064 |  |  | 28,067 |  |  | 58,141 |  |  | 519,272 |  |  | — |  |  | 519,272 |
Total loss and loss expense incurred |  | 581,666 |  |  | 76,669 |  |  | 87,990 |  |  | 746,325 |  |  | — |  |  | 746,325 |
Net underwriting expenses incurred: |  |  |  |  |  |  |  |  |  |  |  |
Commissions to distribution partners |  | 170,170 |  |  | 7,351 |  |  | 32,707 |  |  | 210,228 |  |  | — |  |  | 210,228 |
Salaries and employee benefits |  | 79,591 |  |  | 8,595 |  |  | 7,595 |  |  | 95,781 |  |  | — |  |  | 95,781 |
Other segment expenses |  | 51,742 |  |  | 9,575 |  |  | 3,995 |  |  | 65,312 |  |  | — |  |  | 65,312 |
Total net underwriting expenses incurred |  | 301,503 |  |  | 25,521 |  |  | 44,297 |  |  | 371,321 |  |  | — |  |  | 371,321 |
Dividends to policyholders |  | 983 |  |  | — |  |  | — |  |  | 983 |  |  | — |  |  | 983 |
Segment income (loss), before federal income tax |  | 32,918 |  |  | 2,037 |  |  | 10,682 |  |  | 45,637 |  |  | 120,920 |  |  | 166,557 |
Federal income tax (expense) benefit |  |  |  |  |  |  |  | (9,584) |  |  | (25,118) |  |  | (34,702) |
Segment income (loss), after federal income tax |  |  |  |  |  |  |  | 36,053 |  |  | 95,802 |  |  | 131,855 |
Reconciliation of segment income (loss) to consolidated income before and after federal income tax |  |  |  |  |  |  |  |  |  |  |  |
Total segment income (loss) |  |  |  |  |  |  |  |  |  |  |  | 166,557 |
Interest expense |  |  |  |  |  |  |  |  |  |  |  | (9,573) |
Corporate expenses |  |  |  |  |  |  |  |  |  |  |  | (18,098) |
Income before federal income tax |  |  |  |  |  |  |  |  |  |  |  | 138,886 |
Federal income tax (expense) benefit on segment income (loss) |  |  |  |  |  |  |  |  |  |  |  | (34,702) |
Federal income tax (expense) benefit on interest and corporate expenses |  |  |  |  |  |  |  |  |  |  |  | 5,712 |
Total federal income tax (expense) benefit |  |  |  |  |  |  |  |  |  |  |  | (28,990) |
Net income |  |  |  |  |  |  |  |  |  |  |  | 109,896 |
Preferred stock dividends |  |  |  |  |  |  |  |  |  |  |  | (2,300) |
Net income available to common stockholders |  |  |  |  |  |  |  |  |  |  |  | 107,596 |
Quarter Ended March 31, 2024 |  | Standard Commercial Lines |  | Standard Personal Lines |  | E&S Lines |  | Total Insurance Operations |  | Investments |  | Total Reportable Segments
($ in thousands) |  |  |  |  |  |
Total segment revenues |  | $ | 841,244 |  |  | 104,486 |  |  | 113,015 |  |  | 1,058,745 |  |  | 106,214 |  |  | 1,164,959 |
Loss and loss expense incurred: |  |  |  |  |  |  |  |  |  |  |  |
Net catastrophe losses |  | 38,495 |  |  | 11,845 |  |  | 4,902 |  |  | 55,242 |  |  | — |  |  | 55,242 |
Non-catastrophe property loss and loss expense |  | 115,041 |  |  | 41,878 |  |  | 14,253 |  |  | 171,172 |  |  | — |  |  | 171,172 |
(Favorable)/unfavorable prior year casualty reserve development |  | 35,000 |  |  | — |  |  | — |  |  | 35,000 |  |  | — |  |  | 35,000 |
Current year casualty loss costs |  | 367,297 |  |  | 30,621 |  |  | 44,960 |  |  | 442,878 |  |  | — |  |  | 442,878 |
Total loss and loss expense incurred |  | 555,833 |  |  | 84,344 |  |  | 64,115 |  |  | 704,292 |  |  | — |  |  | 704,292 |
Net underwriting expenses incurred: |  |  |  |  |  |  |  |  |  |  |  |
Commissions to distribution partners |  | 153,970 |  |  | 7,498 |  |  | 25,141 |  |  | 186,609 |  |  | — |  |  | 186,609 |
Salaries and employee benefits |  | 72,274 |  |  | 9,439 |  |  | 5,766 |  |  | 87,479 |  |  | — |  |  | 87,479 |
Other segment expenses |  | 45,532 |  |  | 8,540 |  |  | 4,008 |  |  | 58,080 |  |  | — |  |  | 58,080 |
Total net underwriting expenses incurred |  | 271,776 |  |  | 25,477 |  |  | 34,915 |  |  | 332,168 |  |  | — |  |  | 332,168 |
Dividends to policyholders |  | 3,254 |  |  | — |  |  | — |  |  | 3,254 |  |  | — |  |  | 3,254 |
Segment income (loss), before federal income tax |  | 10,381 |  |  | (5,335) |  |  | 13,985 |  |  | 19,031 |  |  | 106,214 |  |  | 125,245 |
Federal income tax (expense) benefit |  |  |  |  |  |  |  | (3,997) |  |  | (21,866) |  |  | (25,863) |
Segment income (loss), after federal income tax |  |  |  |  |  |  |  | 15,034 |  |  | 84,348 |  |  | 99,382 |
Reconciliation of segment income (loss) to consolidated income before and after federal income tax |  |  |  |  |  |  |  |  |  |  |  |
Total segment income (loss) |  |  |  |  |  |  |  |  |  |  |  | 125,245 |
Interest expense |  |  |  |  |  |  |  |  |  |  |  | (7,181) |
Corporate expenses |  |  |  |  |  |  |  |  |  |  |  | (15,498) |
Income before federal income tax |  |  |  |  |  |  |  |  |  |  |  | 102,566 |
Federal income tax (expense) benefit on segment income (loss) |  |  |  |  |  |  |  |  |  |  |  | (25,863) |
Federal income tax (expense) benefit on interest and corporate expenses |  |  |  |  |  |  |  |  |  |  |  | 5,815 |
Total federal income tax (expense) benefit |  |  |  |  |  |  |  |  |  |  |  | (20,048) |
Net income |  |  |  |  |  |  |  |  |  |  |  | 82,518 |
Preferred stock dividends |  |  |  |  |  |  |  |  |  |  |  | (2,300) |
Net income available to common stockholders |  |  |  |  |  |  |  |  |  |  |  | 80,218 |
Schedule of Income (Loss) Before and After Federal Income Tax | The following tables present reconciliations of our segments' ROE contributions and combined ratios to consolidated results.
ROE |  | Quarter Ended March 31, |  |  |  |  |  |  |  |  |  |  |
|  | 2025 |  |  | 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Standard Commercial Lines segment |  | 3.5 |  | % |  | 1.2 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Standard Personal Lines segment |  | 0.2 |  |  |  | (0.6) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
E&S Lines segment |  | 1.1 |  |  |  | 1.6 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total insurance operations |  | 4.8 |  |  |  | 2.2 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income earned |  | 12.8 |  |  |  | 12.3 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net realized and unrealized investment gains (losses) |  | — |  |  |  | (0.2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total investments segment |  | 12.8 |  |  |  | 12.1 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other |  | (3.2) |  |  |  | (2.8) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
ROE |  | 14.4 |  |  |  | 11.5 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Combined Ratio | Quarter ended March 31, |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 |  | 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Amount |  | Ratio |  |  | Amount |  | Ratio |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Standard Commercial Lines: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net premiums earned | $ | 912,210 |  |  |  |  |  | 834,110 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loss and loss expense incurred | 581,666 |  |  | 63.8 |  | % |  | 555,833 |  |  | 66.7 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net underwriting expenses incurred 1 | 296,643 |  |  | 32.5 |  |  |  | 264,642 |  |  | 31.7 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Dividends to policyholders | 983 |  |  | 0.1 |  |  |  | 3,254 |  |  | 0.4 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Underwriting income (loss) | 32,918 |  |  | 96.4 |  |  |  | 10,381 |  |  | 98.8 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Standard Personal Lines: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net premiums earned | 103,655 |  |  |  |  |  | 103,846 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loss and loss expense incurred | 76,669 |  |  | 73.9 |  |  |  | 84,344 |  |  | 81.2 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net underwriting expenses incurred 1 | 24,949 |  |  | 24.1 |  |  |  | 24,837 |  |  | 23.9 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Underwriting income (loss) | 2,037 |  |  | 98.0 |  |  |  | (5,335) |  |  | 105.1 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
E&S Lines: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net premiums earned | 142,892 |  |  |  |  |  | 112,988 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loss and loss expense incurred | 87,990 |  |  | 61.6 |  |  |  | 64,115 |  |  | 56.7 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net underwriting expenses incurred 1 | 44,220 |  |  | 30.9 |  |  |  | 34,888 |  |  | 30.9 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Underwriting income (loss) | 10,682 |  |  | 92.5 |  |  |  | 13,985 |  |  | 87.6 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total Insurance Operations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net premiums earned | 1,158,757 |  |  |  |  |  | 1,050,944 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loss and loss expense incurred | 746,325 |  |  | 64.4 |  |  |  | 704,292 |  |  | 67.0 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net underwriting expenses incurred 1 | 365,812 |  |  | 31.6 |  |  |  | 324,367 |  |  | 30.9 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Dividends to policyholders | 983 |  |  | 0.1 |  |  |  | 3,254 |  |  | 0.3 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Underwriting income (loss) | 45,637 |  |  | 96.1 |  |  |  | 19,031 |  |  | 98.2 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
1"Net underwriting expenses incurred" includes "Other income" allocated to each reportable segment.

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