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Segment Information
 6 Months Ended
Jun. 30, 2025
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.

(a) The following table presents revenues by segments and a reconciliation to consolidated revenue.

Revenue by SegmentQuarter ended
June 30,		Six Months ended
June 30,
($ in thousands)2025202420252024
Standard Commercial Lines:  
Net premiums earned:  
General liability$305,843 280,097 $600,530 553,512 
Commercial automobile288,759 260,652 572,344 512,372 
Commercial property191,027 168,511 377,557 330,064 
Workers compensation82,024 82,316 161,060 170,093 
Businessowners' policies48,416 41,641 95,309 81,562 
Bonds13,255 12,468 26,513 24,556 
Other8,311 7,808 16,532 15,444 
Miscellaneous income5,920 5,214 10,780 12,348 
Total Standard Commercial Lines revenue943,555 858,707 1,860,625 1,699,951 
Standard Personal Lines:
Net premiums earned:
Personal automobile51,287 57,544 104,255 114,504 
Homeowners48,312 46,055 96,255 90,168 
Other2,778 2,822 5,522 5,595 
Miscellaneous income577 594 1,148 1,235 
Total Standard Personal Lines revenue102,954 107,015 207,180 211,502 
E&S Lines:
Net premiums earned:
Casualty lines87,400 73,887 172,519 145,525 
Property lines60,645 46,430 118,418 87,780 
Miscellaneous income51 27 129 53 
Total E&S Lines revenue148,096 120,344 291,066 233,358 
Investments:    
Net investment income earned127,968 108,642 248,659 216,491 
Net realized and unrealized investment gains (losses)4,172 1,297 4,401 (338)
Total Investments revenue132,140 109,939 253,060 216,153 
Total revenues $1,326,745 1,196,005 $2,611,931 2,360,964 
(b) 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 June 30, 2025Standard Commercial LinesStandard Personal LinesE&S LinesTotal Insurance OperationsInvestmentsTotal Reportable Segments
($ in thousands)
Total segment revenues
$943,555 102,954 148,096 1,194,605 132,140 1,326,745 
Loss and loss expense incurred:
Net catastrophe losses50,881 14,591 14,460 79,932 — 79,932 
Non-catastrophe property loss and loss expense131,883 28,271 13,085 173,239 — 173,239 
(Favorable)/unfavorable prior year casualty reserve development45,000 — — 45,000 — 45,000 
Current year casualty loss costs
439,002 27,115 59,610 525,727 — 525,727 
Total loss and loss expense incurred666,766 69,977 87,155 823,898 — 823,898 
Net underwriting expenses incurred:
Commissions to distribution partners173,406 6,522 33,769 213,697 — 213,697 
Salaries and employee benefits78,667 8,805 7,498 94,970 — 94,970 
Other segment expenses
49,709 9,100 4,503 63,312 — 63,312 
Total net underwriting expenses incurred301,782 24,427 45,770 371,979 — 371,979 
Dividends to policyholders1,151 — — 1,151 — 1,151 
Segment income (loss), before federal income tax(26,144)8,550 15,171 (2,423)132,140 129,717 
Federal income tax (expense) benefit509 (27,423)(26,914)
Segment income (loss), after federal income tax(1,914)104,717 102,803 
Reconciliation of segment income (loss) to consolidated income before and after federal income tax
Total segment income (loss)129,717 
Interest expense(13,256)
Corporate expenses(7,556)
Income before federal income tax108,905 
Federal income tax (expense) benefit on segment income (loss)(26,914)
Federal income tax (expense) benefit on interest and corporate expenses3,952 
Total federal income tax (expense) benefit(22,962)
Net income85,943 
Preferred stock dividends(2,300)
Net income available to common stockholders83,643 
Quarter Ended June 30, 2024Standard Commercial LinesStandard Personal LinesE&S LinesTotal Insurance OperationsInvestmentsTotal Reportable Segments
($ in thousands)
Total segment revenues
$858,707 107,015 120,344 1,086,066 109,939 1,196,005 
Loss and loss expense incurred:
Net catastrophe losses50,858 25,396 14,280 90,534 — 90,534 
Non-catastrophe property loss and loss expense124,505 45,350 15,633 185,488 — 185,488 
(Favorable)/unfavorable prior year casualty reserve development176,000 — — 176,000 — 176,000 
Current year casualty loss costs
396,591 30,694 46,241 473,526 — 473,526 
Total loss and loss expense incurred747,954 101,440 76,154 925,548 — 925,548 
Net underwriting expenses incurred:
Commissions to distribution partners157,351 8,124 26,870 192,345 192,345 
Salaries and employee benefits69,070 8,644 6,533 84,247 84,247 
Other segment expenses
44,159 8,108 4,286 56,553 56,553 
Total net underwriting expenses incurred270,580 24,876 37,689 333,145 — 333,145 
Dividends to policyholders1,054 — — 1,054 1,054 
Segment income (loss), before federal income tax(160,881)(19,301)6,501 (173,681)109,939 (63,742)
Federal income tax (expense) benefit36,473 (22,652)13,821 
Segment income (loss), after federal income tax(137,208)87,287 (49,921)
Reconciliation of segment income (loss) to consolidated income before and after federal income tax
Total segment income (loss)(63,742)
Interest expense(7,202)
Corporate expenses(9,154)
Income before federal income tax(80,098)
Federal income tax (expense) benefit on segment income (loss)13,821 
Federal income tax (expense) benefit on interest and corporate expenses2,958 
Total federal income tax (expense) benefit16,779 
Net income(63,319)
Preferred stock dividends(2,300)
Net income available to common stockholders(65,619)
Six Months ended June 30, 2025
($ in thousands)Standard Commercial LinesStandard Personal LinesE&S LinesTotal Insurance OperationsInvestmentsTotal Reportable Segments
Total segment revenues
$1,860,625 207,180 291,066 2,358,871 253,060 2,611,931 
Loss and loss expense incurred:
Net catastrophe losses70,692 21,704 30,893 123,289 — 123,289 
Non-catastrophe property loss and loss expense260,675 64,759 26,501 351,935 — 351,935 
(Favorable)/unfavorable prior year casualty reserve development45,000 5,000 — 50,000 — 50,000 
Current year casualty loss costs
872,065 55,183 117,751 1,044,999 — 1,044,999 
Total loss and loss expense incurred1,248,432 146,646 175,145 1,570,223 — 1,570,223 
Net underwriting expenses incurred:
Commissions to distribution partners343,578 13,873 66,475 423,926 — 423,926 
Salaries and employee benefits158,258 17,400 15,093 190,751 — 190,751 
Other segment expenses
101,449 18,674 8,500 128,623 — 128,623 
Total net underwriting expenses incurred603,285 49,947 90,068 743,300 — 743,300 
Dividends to policyholders2,134 — — 2,134 — 2,134 
Segment income (loss), before federal income tax6,774 10,587 25,853 43,214 253,060 296,274 
Federal income tax (expense) benefit(9,075)(52,541)(61,616)
Segment income (loss), after federal income tax34,139 200,519 234,658 
Reconciliation of segment income (loss) to consolidated income before and after federal income tax
Total segment income (loss)296,274 
Interest expense(22,829)
Corporate expenses(25,654)
Income before federal income tax247,791 
Federal income tax (expense) benefit on segment income (loss)(61,616)
Federal income tax (expense) benefit on interest and corporate expenses9,664 
Total federal income tax (expense) benefit(51,952)
Net income195,839 
Preferred stock dividends(4,600)
Net income available to common stockholders191,239 
Six Months ended June 30, 2024
($ in thousands)Standard Commercial LinesStandard Personal LinesE&S LinesTotal Insurance OperationsInvestmentsTotal Reportable Segments
Total segment revenues
$1,699,951 211,502 233,358 2,144,811 216,153 2,360,964 
Loss and loss expense incurred:
Net catastrophe losses89,353 37,241 19,182 145,776 — 145,776 
Non-catastrophe property loss and loss expense239,546 87,228 29,886 356,660 — 356,660 
(Favorable)/unfavorable prior year casualty reserve development211,000 — — 211,000 — 211,000 
Current year casualty loss costs
763,888 61,315 91,201 916,404 — 916,404 
Total loss and loss expense incurred1,303,787 185,784 140,269 1,629,840 — 1,629,840 
Net underwriting expenses incurred:
Commissions to distribution partners311,321 15,623 52,011 378,955 — 378,955 
Salaries and employee benefits141,344 18,083 12,298 171,725 — 171,725 
Other segment expenses
89,691 16,648 8,294 114,633 — 114,633 
Total net underwriting expenses incurred542,356 50,354 72,603 665,313 — 665,313 
Dividends to policyholders4,308 — — 4,308 — 4,308 
Segment income (loss), before federal income tax(150,500)(24,636)20,486 (154,650)216,153 61,503 
Federal income tax (expense) benefit32,476 (44,518)(12,042)
Segment income (loss), after federal income tax(122,174)171,635 49,461 
Reconciliation of segment income (loss) to consolidated income before and after federal income tax
Total segment income (loss)61,503 
Interest expense(14,383)
Corporate expenses(24,652)
Income before federal income tax22,468 
Federal income tax (expense) benefit on segment income (loss)(12,042)
Federal income tax (expense) benefit on interest and corporate expenses8,773 
Total federal income tax (expense) benefit(3,269)
Net income19,199 
Preferred stock dividends(4,600)
Net income available to common stockholders14,599 
The "Other segment expenses" primarily consist of (i) fees paid for licenses, (ii) depreciation expense, and (iii) general overhead items to operate our business operations, including travel, postage, telephone, and utility expenses. "Loss and loss expense incurred" includes a portion of salaries and employee benefits related to claims personnel.

(c) The following tables present reconciliations of our segments' ROE contributions and combined ratios to consolidated results.

ROE
Quarter Ended June 30, Six Months Ended June 30,
2025202420252024
Standard Commercial Lines segment(2.6)%(18.4)0.4 %(8.6)
Standard Personal Lines segment 0.9 (2.2)0.5 (1.4)
E&S Lines segment1.5 0.7 1.3 1.2 
Total insurance operations(0.2)(19.9)2.2 (8.8)
Net investment income earned
13.0 12.5 12.9 12.5 
Net realized and unrealized investment gains (losses)0.4 0.1 0.2 — 
Total investments segment 13.4 12.6 13.1 12.5 
Other(2.5)(2.2)(2.8)(2.6)
ROE10.7 (9.5)12.5 1.1 
Combined Ratio
Quarter ended June 30,Six Months ended June 30,
2025202420252024
AmountRatioAmountRatioAmountRatioAmount Ratio
Standard Commercial Lines:
Net premiums earned
$937,635 853,493 $1,849,845 1,687,603 
Loss and loss expense incurred
666,766 71.1 
%
747,954 87.6 1,248,432 67.5 
%
1,303,787 77.2 
Net underwriting expenses incurred1
295,862 31.6 265,366 31.1 592,505 32.0 530,008 31.4 
Dividends to policyholders
1,151 0.1 1,054 0.1 2,134 0.1 4,308 0.3 
Underwriting income (loss)
(26,144)102.8 (160,881)118.8 6,774 99.6 (150,500)108.9 
Standard Personal Lines:
Net premiums earned
102,377 106,421 206,032 210,267 
Loss and loss expense incurred69,977 68.3 101,440 95.3 146,646 71.2 185,784 88.3 
Net underwriting expenses incurred1
23,850 23.3 24,282 22.8 48,799 23.7 49,119 23.4 
Underwriting income (loss)
8,550 91.6 (19,301)118.1 10,587 94.9 (24,636)111.7 
E&S Lines:
Net premiums earned
148,045 120,317 290,937 233,305 
Loss and loss expense incurred
87,155 58.9 76,154 63.3 175,145 60.2 140,269 60.1 
Net underwriting expenses incurred1
45,719 30.9 37,662 31.3 89,939 30.9 72,550 31.1 
Underwriting income (loss)
15,171 89.8 6,501 94.6 25,853 91.1 20,486 91.2 
Total Insurance Operations:
Net premiums earned
1,188,057 1,080,231 2,346,814 2,131,175 
Loss and loss expense incurred
823,898 69.3 925,548 85.7 1,570,223 66.9 1,629,840 76.5 
Net underwriting expenses incurred1
365,431 30.8 327,310 30.3 731,243 31.2 651,677 30.6 
Dividends to policyholders
1,151 0.1 1,054 0.1 2,134 0.1 4,308 0.2 
Underwriting income (loss)
(2,423)100.2 (173,681)116.1 43,214 98.2 (154,650)107.3 
1"Net underwriting expenses incurred" includes "Other income" allocated to each reportable segment.