v3.25.2
Segment
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Segment Segment
The Company has one reportable segment through which it offers a broad array of commercial property and casualty products and solutions on a non-admitted (or E&S) and admitted basis, predominantly in the United States. The segment is made up of eight distinct underwriting divisions, or “continuing business,” and has dedicated underwriting leadership supported by high-quality technical staff with deep experience in their respective niches. The Company defines its segment on the basis of the way in which internally reported financial information is regularly reviewed by the Chief Operating Decision Maker (“CODM”) to analyze financial performance, make decisions and allocate resources. The Company’s CODM is the chief executive officer.
The accounting policies of the segment are the same as those described in Note 1 “Summary of Significant Accounting Policies” of this Form 10-K. The CODM assesses performance for the segment and decides how to allocate resources based on gross written premiums by net underwriting division, underwriting income, and income before income taxes that also is reported on the consolidated statements of operations as consolidated income before income taxes. The measure of segment assets is reported on the balance sheet as total consolidated assets.
Gross written premiums by underwriting division, net underwriting income, and consolidated net income are used to monitor budget versus actual results. The chief operating decision maker also uses net underwriting income, return on equity and growth in book value per share in competitive analysis by benchmarking to the Company’s competitors. The competitive analysis along with the monitoring of budgeted versus actual results are used in assessing performance of the segment and in establishing management’s compensation.
The following table presents gross written premiums by underwriting division for the years ended December 31, 2024, 2023 and 2022:
Years Ended December 31,
($ in thousands)202420232022
Industry Solutions$317,198 $305,476 $267,628 
Global Property & Agriculture311,402 273,191 205,081 
Captives241,902 167,624 124,286 
Programs218,407 178,726 163,653 
Accident & Health173,073 151,701 130,808 
Transactional E&S169,053 122,508 75,098 
Professional Lines159,785 154,565 93,011 
Surety152,429 106,056 79,062 
Total continuing business$1,743,249 $1,459,847 $1,138,627 
Exited business(17)(18)5,325 
Total gross written premiums$1,743,232 $1,459,829 $1,143,952 

The following table presents information about reported segment net underwriting income, significant segment expenses and a reconciliation of net underwriting income to net income for the years ended December 31, 2024, 2023 and 2022:
($ in thousands)202420232022
Underwriting income
Revenues:
Net earned premiums$1,056,722 $829,143 $615,994 
Commission and fee income6,703 6,064 5,199 
Total underwriting revenues1,063,425 835,207 621,193 
Expenses:
Losses and LAE669,809 515,237 402,512 
Amortization of policy acquisition costs149,975 108,514 65,695 
Other operating and general expenses161,782 134,930 116,476 
Total underwriting expenses981,566 758,681 584,683 
Net underwriting income$81,859 $76,526 $36,510 
Reconciliation of net underwriting income to net income:
Net underwriting income$81,859 $76,526 $36,510 
Add:
Net investment income80,686 40,322 36,931 
Net investment gains (losses)6,256 11,072 (15,705)
Other (loss) income(167)(632)1 
Less:
Interest expense9,496 10,024 6,407 
Amortization expense2,007 1,798 1,547 
Other expenses4,392 5,364 — 
Income before income taxes152,739 110,102 49,783 
Income tax expense33,911 24,118 10,387 
Net income$118,828 $85,984 $39,396 
The following table presents return on equity and book value per share for the years ended December 31, 2024, 2023 and 2022:
202420232022
Return on equity16.3 %15.9 %9.3 %
Book value per share$19.79$16.72$25.82