XML 45 R33.htm IDEA: XBRL DOCUMENT v3.25.1

Segment Information (Tables)

3 Months Ended

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 incurred1			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 incurred1			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 incurred1			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 incurred1			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.

X

- Definition

Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

+ Details

Name:	us-gaap_ReconciliationOfOperatingProfitLossFromSegmentsToConsolidatedTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of entity-wide revenues from external customers for each product or service or each group of similar products or services if the information is not provided as part of the reportable operating segment information.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

+ Details

Name:	us-gaap_ScheduleOfEntityWideInformationRevenueFromExternalCustomersByProductsAndServicesTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

+ Details

Name:	us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_SegmentReportingAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration