| Summary of Revenue by Major Product Type |
| | | | | | | | | | | | | | | For the Three Months | | For the Six Months | Net Premiums Earned | | Ended June 30, | | Ended June 30, | (in thousands) | | 2025 | | 2024 | | 2025 | | 2024 | Casualty | | | | | | | | | | | | | Commercial excess and personal umbrella | | $ | 108,911 | | $ | 85,986 | | $ | 212,120 | | $ | 166,021 | Commercial transportation | | | 30,015 | | | 29,323 | | | 60,274 | | | 56,624 | General liability | | | 27,589 | | | 26,104 | | | 54,307 | | | 51,516 | Professional services | | | 26,623 | | | 26,000 | | | 53,210 | | | 51,085 | Small commercial | | | 20,000 | | | 19,459 | | | 39,915 | | | 37,796 | Executive products | | | 5,521 | | | 5,448 | | | 11,464 | | | 11,363 | Other casualty | | | 15,979 | | | 16,780 | | | 32,396 | | | 32,971 | Total | | $ | 234,638 | | $ | 209,100 | | $ | 463,686 | | $ | 407,376 | Property | | | | | | | | | | | | | Commercial property | | $ | 76,876 | | $ | 87,400 | | $ | 159,688 | | $ | 175,005 | Marine | | | 41,017 | | | 37,069 | | | 78,726 | | | 69,637 | Other property | | | 12,771 | | | 9,628 | | | 24,794 | | | 18,866 | Total | | $ | 130,664 | | $ | 134,097 | | $ | 263,208 | | $ | 263,508 | Surety | | | | | | | | | | | | | Transactional | | $ | 13,096 | | $ | 12,308 | | $ | 25,756 | | $ | 24,416 | Commercial | | | 12,422 | | | 12,700 | | | 25,198 | | | 23,325 | Contract | | | 11,084 | | | 10,860 | | | 22,401 | | | 21,116 | Total | | $ | 36,602 | | $ | 35,868 | | $ | 73,355 | | $ | 68,857 | Grand Total | | $ | 401,904 | | $ | 379,065 | | $ | 800,249 | | $ | 739,741 |
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| Summary of Selected Information by Operating Segment |
| | | | | | | | | | | | | For the Three Months Ended June 30, 2025 | | | | | | | | | | | | | | (in thousands) | | | Casualty | | | Property | | | Surety | | | Total | Revenue | | | | | | | | | | | | | Net premiums earned | | $ | 234,638 | | $ | 130,664 | | $ | 36,602 | | $ | 401,904 | Net investment income | | | - | | | - | | | - | | | 39,418 | Net realized gains (losses) | | | - | | | - | | | - | | | 15,004 | Net unrealized gains on equity securities | | | - | | | - | | | - | | | 43,500 | Consolidated revenue | | $ | 234,638 | | $ | 130,664 | | $ | 36,602 | | $ | 499,826 | | | | | | | | | | | | | | Less: Expenses | | | | | | | | | | | | | Losses and settlement expenses | | $ | 141,260 | | $ | 38,459 | | $ | 4,859 | | | | Amortization of deferred acquisition costs | | | 45,761 | | | 26,698 | | | 12,656 | | | | Other policy acquisition costs | | | 22,067 | | | 7,320 | | | 11,000 | | | | Insurance operating expenses | | | 17,261 | | | 8,676 | | | 3,657 | | | | Segment earnings before income taxes | | $ | 8,289 | | $ | 49,511 | | $ | 4,430 | | $ | 62,230 | | | | | | | | | | | | | | Depreciation and amortization expense | | $ | 1,544 | | $ | 521 | | $ | 359 | | | |
| | | | | | | | | | | | | For the Three Months Ended June 30, 2024 | | | | | | | | | | | | | | (in thousands) | | | Casualty | | | Property | | | Surety | | | Total | Revenue | | | | | | | | | | | | | Net premiums earned | | $ | 209,100 | | $ | 134,097 | | $ | 35,868 | | $ | 379,065 | Net investment income | | | - | | | - | | | - | | | 33,961 | Net realized gains (losses) | | | - | | | - | | | - | | | (192) | Net unrealized gains on equity securities | | | - | | | - | | | - | | | 3,608 | Consolidated revenue | | $ | 209,100 | | $ | 134,097 | | $ | 35,868 | | $ | 416,442 | | | | | | | | | | | | | | Less: Expenses | | | | | | | | | | | | | Losses and settlement expenses | | $ | 121,850 | | $ | 41,382 | | $ | 4,567 | | | | Amortization of deferred acquisition costs | | | 39,904 | | | 27,046 | | | 11,827 | | | | Other policy acquisition costs | | | 21,256 | | | 4,227 | | | 9,661 | | | | Insurance operating expenses | | | 15,775 | | | 8,262 | | | 3,284 | | | | Segment earnings before income taxes | | $ | 10,315 | | $ | 53,180 | | $ | 6,529 | | $ | 70,024 | | | | | | | | | | | | | | Depreciation and amortization expense | | $ | 1,391 | | $ | 469 | | $ | 253 | | | |
| | | | | | | | | | | | | For the Six Months Ended June 30, 2025 | | | | | | | | | | | | | | (in thousands) | | | Casualty | | | Property | | | Surety | | | Total | Revenue | | | | | | | | | | | | | Net premiums earned | | $ | 463,686 | | $ | 263,208 | | $ | 73,355 | | $ | 800,249 | Net investment income | | | - | | | - | | | - | | | 76,144 | Net realized gains (losses) | | | - | | | - | | | - | | | 29,916 | Net unrealized gains on equity securities | | | - | | | - | | | - | | | 1,182 | Consolidated revenue | | $ | 463,686 | | $ | 263,208 | | $ | 73,355 | | $ | 907,491 | | | | | | | | | | | | | | Less: Expenses | | | | | | | | | | | | | Losses and settlement expenses | | $ | 287,095 | | $ | 71,184 | | $ | 3,537 | | | | Amortization of deferred acquisition costs | | | 88,664 | | | 53,674 | | | 25,258 | | | | Other policy acquisition costs | | | 44,736 | | | 15,277 | | | 21,580 | | | | Insurance operating expenses | | | 32,831 | | | 16,647 | | | 6,990 | | | | Segment earnings before income taxes | | $ | 10,360 | | $ | 106,426 | | $ | 15,990 | | $ | 132,776 | | | | | | | | | | | | | | Depreciation and amortization expense | | $ | 3,049 | | $ | 1,019 | | $ | 669 | | | |
| | | | | | | | | | | | | For the Six Months Ended June 30, 2024 | | | | | | | | | | | | | | (in thousands) | | | Casualty | | | Property | | | Surety | | | Total | Revenue | | | | | | | | | | | | | Net premiums earned | | $ | 407,376 | | $ | 263,508 | | $ | 68,857 | | $ | 739,741 | Net investment income | | | - | | | - | | | - | | | 66,808 | Net realized gains (losses) | | | - | | | - | | | - | | | 5,802 | Net unrealized gains on equity securities | | | - | | | - | | | - | | | 48,922 | Consolidated revenue | | $ | 407,376 | | $ | 263,508 | | $ | 68,857 | | $ | 861,273 | | | | | | | | | | | | | | Less: Expenses | | | | | | | | | | | | | Losses and settlement expenses | | $ | 231,322 | | $ | 73,959 | | $ | 6,342 | | | | Amortization of deferred acquisition costs | | | 76,739 | | | 53,265 | | | 23,103 | | | | Other policy acquisition costs | | | 42,855 | | | 8,642 | | | 19,771 | | | | Insurance operating expenses | | | 32,471 | | | 16,746 | | | 6,807 | | | | Segment earnings before income taxes | | $ | 23,989 | | $ | 110,896 | | $ | 12,834 | | $ | 147,719 | | | | | | | | | | | | | | Depreciation and amortization expense | | $ | 2,800 | | $ | 921 | | $ | 512 | | | |
| | | | | | | | | | | | | | | For the Three Months | | For the Six Months | | | Ended June 30, | | Ended June 30, | (in thousands) | | 2025 | | 2024 | | 2025 | | 2024 | Reconciliation of earnings before income taxes | | | | | | | | | | | | | Segment earnings before income taxes | | $ | 62,230 | | $ | 70,024 | | $ | 132,776 | | $ | 147,719 | Net investment income | | | 39,418 | | | 33,961 | | | 76,144 | | | 66,808 | Net realized gains (losses) | | | 15,004 | | | (192) | | | 29,916 | | | 5,802 | Net unrealized gains on equity securities | | | 43,500 | | | 3,608 | | | 1,182 | | | 48,922 | Interest expense on debt | | | (1,350) | | | (1,604) | | | (2,685) | | | (3,222) | General corporate expenses | | | (4,754) | | | (4,140) | | | (7,702) | | | (9,150) | Equity in earnings of unconsolidated investees | | | 2,467 | | | 1,646 | | | 5,515 | | | 6,415 | Earnings before income taxes | | $ | 156,515 | | $ | 103,303 | | $ | 235,146 | | $ | 263,294 |
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