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Segment Information
 9 Months Ended
Sep. 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
September 30,		Nine Months ended
September 30,
($ in thousands)2025202420252024
Standard Commercial Lines:  
Net premiums earned:  
General liability$312,556 286,641 $913,086 840,153 
Commercial automobile294,014 269,036 866,358 781,408 
Commercial property194,037 174,855 571,594 504,919 
Workers compensation75,528 81,296 236,588 251,389 
Businessowners' policies49,673 43,091 144,982 124,653 
Bonds13,046 12,511 39,559 37,067 
Other8,418 7,949 24,950 23,393 
Miscellaneous income8,152 8,189 18,932 20,537 
Total Standard Commercial Lines revenue955,424 883,568 2,816,049 2,583,519 
Standard Personal Lines:
Net premiums earned:
Personal automobile49,933 56,599 154,188 171,103 
Homeowners48,742 47,251 144,997 137,419 
Other2,844 3,671 8,366 9,266 
Miscellaneous income534 692 1,682 1,927 
Total Standard Personal Lines revenue102,053 108,213 309,233 319,715 
E&S Lines:
Net premiums earned:
Casualty lines92,771 77,471 265,290 222,996 
Property lines63,116 51,857 181,534 139,637 
Miscellaneous income34 49 163 102 
Total E&S Lines revenue155,921 129,377 446,987 362,735 
Investments:    
Net investment income earned138,655 117,759 387,314 334,250 
Net realized and unrealized investment gains (losses)8,057 5,389 12,458 5,051 
Total Investments revenue146,712 123,148 399,772 339,301 
Total revenues $1,360,110 1,244,306 $3,972,041 3,605,270 
(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 September 30, 2025Standard Commercial LinesStandard Personal LinesE&S LinesTotal Insurance OperationsInvestmentsTotal Reportable Segments
($ in thousands)
Total segment revenues
$955,424 102,053 155,921 1,213,398 146,712 1,360,110 
Loss and loss expense incurred:
Net catastrophe losses15,013 12,160 (2,274)24,899 — 24,899 
Non-catastrophe property loss and loss expense118,749 39,907 10,974 169,630 — 169,630 
(Favorable)/unfavorable prior year casualty reserve development35,000 5,000 — 40,000 — 40,000 
Current year casualty loss costs
489,196 32,223 63,083 584,502 — 584,502 
Total loss and loss expense incurred657,958 89,290 71,783 819,031 — 819,031 
Net underwriting expenses incurred:
Commissions to distribution partners173,294 4,083 35,150 212,527 — 212,527 
Salaries and employee benefits79,150 9,620 7,636 96,406 — 96,406 
Other segment expenses
54,322 9,303 4,235 67,860 — 67,860 
Total net underwriting expenses incurred306,766 23,006 47,021 376,793 — 376,793 
Dividends to policyholders876 — — 876 — 876 
Segment income (loss), before federal income tax(10,176)(10,243)37,117 16,698 146,712 163,410 
Federal income tax (expense) benefit(3,507)(30,380)(33,887)
Segment income (loss), after federal income tax13,191 116,332 129,523 
Reconciliation of segment income (loss) to consolidated income before and after federal income tax
Total segment income (loss)163,410 
Interest expense(13,253)
Corporate expenses(4,446)
Income before federal income tax145,711 
Federal income tax (expense) benefit on segment income (loss)(33,887)
Federal income tax (expense) benefit on interest and corporate expenses3,516 
Total federal income tax (expense) benefit(30,371)
Net income115,340 
Preferred stock dividends(2,300)
Net income available to common stockholders113,040 
Quarter Ended September 30, 2024Standard Commercial LinesStandard Personal LinesE&S LinesTotal Insurance OperationsInvestmentsTotal Reportable Segments
($ in thousands)
Total segment revenues
$883,568 108,213 129,377 1,121,158 123,148 1,244,306 
Loss and loss expense incurred:
Net catastrophe losses100,429 41,688 6,687 148,804 — 148,804 
Non-catastrophe property loss and loss expense95,864 37,964 12,919 146,747 — 146,747 
(Favorable)/unfavorable prior year casualty reserve development— — — — — — 
Current year casualty loss costs
395,271 26,461 48,375 470,107 — 470,107 
Total loss and loss expense incurred591,564 106,113 67,981 765,658 — 765,658 
Net underwriting expenses incurred:
Commissions to distribution partners162,947 7,498 28,470 198,915 — 198,915 
Salaries and employee benefits74,279 9,291 6,798 90,368 — 90,368 
Other segment expenses
46,109 9,085 4,422 59,616 — 59,616 
Total net underwriting expenses incurred283,335 25,874 39,690 348,899 — 348,899 
Dividends to policyholders1,350 — — 1,350 1,350 
Segment income (loss), before federal income tax7,319 (23,774)21,706 5,251 123,148 128,399 
Federal income tax (expense) benefit(1,103)(25,511)(26,614)
Segment income (loss), after federal income tax4,148 97,637 101,785 
Reconciliation of segment income (loss) to consolidated income before and after federal income tax
Total segment income (loss)128,399 
Interest expense(7,250)
Corporate expenses(4,662)
Income before federal income tax116,487 
Federal income tax (expense) benefit on segment income (loss)(26,614)
Federal income tax (expense) benefit on interest and corporate expenses2,405 
Total federal income tax (expense) benefit(24,209)
Net income92,278 
Preferred stock dividends(2,300)
Net income available to common stockholders89,978 
Nine Months ended September 30, 2025
($ in thousands)Standard Commercial LinesStandard Personal LinesE&S LinesTotal Insurance OperationsInvestmentsTotal Reportable Segments
Total segment revenues
$2,816,049 309,233 446,987 3,572,269 399,772 3,972,041 
Loss and loss expense incurred:
Net catastrophe losses85,705 33,864 28,619 148,188 — 148,188 
Non-catastrophe property loss and loss expense379,423 104,667 37,475 521,565 — 521,565 
(Favorable)/unfavorable prior year casualty reserve development80,000 10,000 — 90,000 — 90,000 
Current year casualty loss costs
1,361,262 87,405 180,834 1,629,501 — 1,629,501 
Total loss and loss expense incurred1,906,390 235,936 246,928 2,389,254 — 2,389,254 
Net underwriting expenses incurred:
Commissions to distribution partners516,871 17,958 101,625 636,454 — 636,454 
Salaries and employee benefits237,604 27,045 22,743 287,392 — 287,392 
Other segment expenses
155,576 27,950 12,721 196,247 — 196,247 
Total net underwriting expenses incurred910,051 72,953 137,089 1,120,093 — 1,120,093 
Dividends to policyholders3,010 — — 3,010 — 3,010 
Segment income (loss), before federal income tax(3,402)344 62,970 59,912 399,772 459,684 
Federal income tax (expense) benefit(12,582)(82,921)(95,503)
Segment income (loss), after federal income tax47,330 316,851 364,181 
Reconciliation of segment income (loss) to consolidated income before and after federal income tax
Total segment income (loss)459,684 
Interest expense(36,082)
Corporate expenses(30,100)
Income before federal income tax393,502 
Federal income tax (expense) benefit on segment income (loss)(95,503)
Federal income tax (expense) benefit on interest and corporate expenses13,180 
Total federal income tax (expense) benefit(82,323)
Net income311,179 
Preferred stock dividends(6,900)
Net income available to common stockholders304,279 
Nine Months ended September 30, 2024
($ in thousands)Standard Commercial LinesStandard Personal LinesE&S LinesTotal Insurance OperationsInvestmentsTotal Reportable Segments
Total segment revenues
$2,583,519 319,715 362,735 3,265,969 339,301 3,605,270 
Loss and loss expense incurred:
Net catastrophe losses189,781 78,929 25,869 294,579 — 294,579 
Non-catastrophe property loss and loss expense335,410 125,192 42,805 503,407 — 503,407 
(Favorable)/unfavorable prior year casualty reserve development211,000 — — 211,000 — 211,000 
Current year casualty loss costs
1,159,160 87,776 139,576 1,386,512 — 1,386,512 
Total loss and loss expense incurred1,895,351 291,897 208,250 2,395,498 — 2,395,498 
Net underwriting expenses incurred:
Commissions to distribution partners474,267 23,121 80,079 577,467 — 577,467 
Salaries and employee benefits215,667 27,330 19,097 262,094 — 262,094 
Other segment expenses
135,757 25,777 13,117 174,651 — 174,651 
Total net underwriting expenses incurred825,691 76,228 112,293 1,014,212 — 1,014,212 
Dividends to policyholders5,658 — — 5,658 — 5,658 
Segment income (loss), before federal income tax(143,181)(48,410)42,192 (149,399)339,301 189,902 
Federal income tax (expense) benefit31,374 (70,029)(38,655)
Segment income (loss), after federal income tax(118,025)269,272 151,247 
Reconciliation of segment income (loss) to consolidated income before and after federal income tax
Total segment income (loss)189,902 
Interest expense(21,633)
Corporate expenses(29,314)
Income before federal income tax138,955 
Federal income tax (expense) benefit on segment income (loss)(38,655)
Federal income tax (expense) benefit on interest and corporate expenses11,177 
Total federal income tax (expense) benefit(27,478)
Net income111,477 
Preferred stock dividends(6,900)
Net income available to common stockholders104,577 
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 September 30,
Nine Months ended September 30,
2025202420252024
Standard Commercial Lines segment(1.0)%0.8 (0.1)%(5.4)
Standard Personal Lines segment (1.0)(2.6)— (1.8)
E&S Lines segment3.6 2.4 2.1 1.6 
Total insurance operations1.6 0.6 2.0 (5.6)
Net investment income earned
13.6 13.1 13.2 12.6 
Net realized and unrealized investment gains (losses)0.8 0.5 0.4 0.2 
Total investments segment 14.4 13.6 13.6 12.8 
Other(2.0)(1.6)(2.6)(2.2)
ROE14.0 12.6 13.0 5.0 
Combined Ratio
Quarter ended September 30,
Nine Months ended September 30,
2025202420252024
AmountRatioAmountRatioAmountRatioAmount Ratio
Standard Commercial Lines:
Net premiums earned
$947,272 875,379 $2,797,117 2,562,982 
Loss and loss expense incurred
657,958 69.5 
%
591,564 67.6 1,906,390 68.1 
%
1,895,351 74.0 
Net underwriting expenses incurred1
298,614 31.5 275,146 31.4 891,119 31.9 805,154 31.4 
Dividends to policyholders
876 0.1 1,350 0.2 3,010 0.1 5,658 0.2 
Underwriting income (loss)
(10,176)101.1 7,319 99.2 (3,402)100.1 (143,181)105.6 
Standard Personal Lines:
Net premiums earned
101,519 107,521 307,551 317,788 
Loss and loss expense incurred89,290 88.0 106,113 98.7 235,936 76.7 291,897 91.8 
Net underwriting expenses incurred1
22,472 22.1 25,182 23.4 71,271 23.2 74,301 23.4 
Underwriting income (loss)
(10,243)110.1 (23,774)122.1 344 99.9 (48,410)115.2 
E&S Lines:
Net premiums earned
155,887 129,328 446,824 362,633 
Loss and loss expense incurred
71,783 46.1 67,981 52.5 246,928 55.3 208,250 57.5 
Net underwriting expenses incurred1
46,987 30.1 39,641 30.7 136,926 30.6 112,191 30.9 
Underwriting income (loss)
37,117 76.2 21,706 83.2 62,970 85.9 42,192 88.4 
Total Insurance Operations:
Net premiums earned
1,204,678 1,112,228 3,551,492 3,243,403 
Loss and loss expense incurred
819,031 67.9 765,658 68.8 2,389,254 67.2 2,395,498 73.8 
Net underwriting expenses incurred1
368,073 30.6 339,969 30.6 1,099,316 31.0 991,646 30.6 
Dividends to policyholders
876 0.1 1,350 0.1 3,010 0.1 5,658 0.2 
Underwriting income (loss)
16,698 98.6 5,251 99.5 59,912 98.3 (149,399)104.6 
1"Net underwriting expenses incurred" includes "Other income" allocated to each reportable segment.