Segment (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of Segment Reporting Information, by Segment

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)	2024		2023		2022
Industry Solutions	$	317,198	$	305,476	$	267,628
Global Property & Agriculture	311,402		273,191		205,081
Captives	241,902		167,624		124,286
Programs	218,407		178,726		163,653
Accident & Health	173,073		151,701		130,808
Transactional E&S	169,053		122,508		75,098
Professional Lines	159,785		154,565		93,011
Surety	152,429		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)	2024		2023		2022
Underwriting income
Revenues:
Net earned premiums	$	1,056,722	$	829,143	$	615,994
Commission and fee income	6,703		6,064		5,199
Total underwriting revenues	1,063,425		835,207		621,193
Expenses:
Losses and LAE	669,809		515,237		402,512
Amortization of policy acquisition costs	149,975		108,514		65,695
Other operating and general expenses	161,782		134,930		116,476
Total underwriting expenses	981,566		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 income	80,686		40,322		36,931
Net investment gains (losses)	6,256		11,072		(15,705)
Other (loss) income	(167)		(632)		1
Less:
Interest expense	9,496		10,024		6,407
Amortization expense	2,007		1,798		1,547
Other expenses	4,392		5,364		—
Income before income taxes	152,739		110,102		49,783
Income tax expense	33,911		24,118		10,387
Net income	$	118,828	$	85,984	$	39,396

Schedule Return on Equity and Book Value Per Share

The following table presents return on equity and book value per share for the years ended December 31, 2024, 2023 and 2022:


	2024			2023			2022
Return on equity	16.3		%	15.9		%	9.3		%
Book value per share	$	19.79		$	16.72		$	25.82