Segment Information (Tables)

6 Months Ended

Jun. 30, 2026

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


Revenue by Segment	Quarter ended June 30,			Six Months ended June 30,
($ in thousands)	2026		2025	2026		2025
Standard Commercial Lines:
Net premiums earned ("NPE"):
General liability	$	318,688	305,843	$	633,790	600,530
Commercial automobile	291,411		288,759	587,791		572,344
Commercial property	198,475		191,027	400,109		377,557
Workers compensation	81,906		82,024	161,727		161,060
Businessowners' policies	52,443		48,416	104,202		95,309
Bonds	9,921		13,255	22,008		26,513
Other	9,200		8,311	18,176		16,532
Total Standard Commercial Lines NPE	962,044		937,635	1,927,803		1,849,845
Standard Personal Lines:
Net premiums earned:
Personal automobile	44,656		51,287	91,320		104,255
Homeowners	49,937		48,312	100,016		96,255
Other	3,046		2,778	6,331		5,522
Total Standard Personal Lines NPE	97,639		102,377	197,667		206,032
E&S Lines:
Net premiums earned:
Casualty lines	92,663		87,400	182,174		172,519
Property lines	63,162		60,645	125,060		118,418
Total E&S Lines NPE	155,825		148,045	307,234		290,937
Investments:
Net investment income earned	150,167		127,968	292,550		248,659
Net realized and unrealized investment gains (losses)	11,971		4,172	3,670		4,401
Total Investments revenue	162,138		132,140	296,220		253,060
Total segments revenue	1,377,646		1,320,197	2,728,924		2,599,874
Other income	9,389		6,548	17,036		12,057
Total revenues	$	1,387,035	1,326,745	$	2,745,960	2,611,931

Schedule of Reconciliation of Segment Results to Income (Loss) Before Federal Income Tax

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, 2026	Standard Commercial Lines		Standard Personal Lines	E&S Lines	Total Insurance Operations	Investments	Total Reportable Segments
($ in thousands)
Total segment revenues	$	962,044	97,639	155,825	1,215,508	162,138	1,377,646

Loss and loss expense incurred:
Net catastrophe losses	48,666		11,937	7,936	68,539	—	68,539
Non-catastrophe property loss and loss expense	122,894		31,195	16,409	170,498	—	170,498
(Favorable)/unfavorable prior year casualty reserve development	—		—	—	—	—	—
Current year casualty loss costs	480,689		25,872	70,668	577,229	—	577,229
Total loss and loss expense incurred	652,249		69,004	95,013	816,266	—	816,266
Net underwriting expenses incurred:
Commissions to distribution partners	171,877		5,465	35,612	212,954	—	212,954
Salaries and employee benefits	81,857		10,296	9,220	101,373	—	101,373
Other segment expenses	48,366		8,446	3,224	60,036	—	60,036
Total net underwriting expenses incurred	302,100		24,207	48,056	374,363	—	374,363
Dividends to policyholders	490		—	—	490	—	490

Segment income (loss), before income tax	7,205		4,428	12,756	24,389	162,138	186,527
Income tax (expense) benefit					(5,122)	(33,475)	(38,597)
Segment income (loss), after income tax					19,267	128,663	147,930

Reconciliation of segment income (loss) to consolidated income before and after income tax
Total segment income (loss)							186,527
Interest expense							(13,215)
Corporate expenses							(10,467)
Income before income tax							162,845
Income tax (expense) benefit on segment income (loss)							(38,597)
Income tax (expense) benefit on interest and corporate expenses							5,136
Total income tax (expense) benefit							(33,460)
Net income							129,385
Preferred stock dividends							(2,300)
Net income available to common stockholders							127,085


Quarter Ended June 30, 2025	Standard Commercial Lines		Standard Personal Lines	E&S Lines	Total Insurance Operations	Investments	Total Reportable Segments
($ in thousands)
Total segment revenues	$	937,635	102,377	148,045	1,188,057	132,140	1,320,197

Loss and loss expense incurred:
Net catastrophe losses	50,881		14,591	14,460	79,932	—	79,932
Non-catastrophe property loss and loss expense	131,883		28,271	13,085	173,239	—	173,239
(Favorable)/unfavorable prior year casualty reserve development	45,000		—	—	45,000	—	45,000
Current year casualty loss costs	439,002		27,115	59,610	525,727	—	525,727
Total loss and loss expense incurred	666,766		69,977	87,155	823,898	—	823,898
Net underwriting expenses incurred:
Commissions to distribution partners	173,406		6,522	33,769	213,697	—	213,697
Salaries and employee benefits	78,667		8,805	7,498	94,970	—	94,970
Other segment expenses	43,789		8,523	4,452	56,764	—	56,764
Total net underwriting expenses incurred	295,862		23,850	45,719	365,431	—	365,431
Dividends to policyholders	1,151		—	—	1,151	—	1,151

Segment income (loss), before income tax	(26,144)		8,550	15,171	(2,423)	132,140	129,717
Income tax (expense) benefit					509	(27,423)	(26,914)
Segment income (loss), after income tax					(1,914)	104,717	102,803

Reconciliation of segment income (loss) to consolidated income before and after income tax
Total segment income (loss)							129,717
Interest expense							(13,256)
Corporate expenses							(7,556)
Income before income tax							108,905
Income tax (expense) benefit on segment income (loss)							(26,914)
Income tax (expense) benefit on interest and corporate expenses							3,952
Total Income tax (expense) benefit							(22,962)
Net income							85,943
Preferred stock dividends							(2,300)
Net income available to common stockholders							83,643



Six Months ended June 30, 2026
($ in thousands)	Standard Commercial Lines		Standard Personal Lines	E&S Lines	Total Insurance Operations	Investments	Total Reportable Segments
Total segment revenues	$	1,927,803	197,667	307,234	2,432,704	296,220	2,728,924

Loss and loss expense incurred:
Net catastrophe losses	105,849		25,137	12,903	143,889	—	143,889
Non-catastrophe property loss and loss expense	250,668		60,450	37,439	348,557	—	348,557
(Favorable)/unfavorable prior year casualty reserve development	—		—	—	—	—	—
Current year casualty loss costs	952,566		52,716	134,042	1,139,324	—	1,139,324
Total loss and loss expense incurred	1,309,083		138,303	184,384	1,631,770	—	1,631,770
Net underwriting expenses incurred:
Commissions to distribution partners	347,404		11,321	70,684	429,409	—	429,409
Salaries and employee benefits	166,779		19,392	16,636	202,807	—	202,807
Other segment expenses	97,944		17,065	6,885	121,894	—	121,894
Total net underwriting expenses incurred	612,127		47,778	94,205	754,110	—	754,110
Dividends to policyholders	1,190		—	—	1,190	—	1,190

Segment income (loss), before federal income tax	5,403		11,586	28,645	45,634	296,220	341,854
Federal income tax (expense) benefit					(9,583)	(61,050)	(70,633)
Segment income (loss), after federal income tax					36,051	235,170	271,221

Reconciliation of segment income (loss) to consolidated income before and after federal income tax
Total segment income (loss)							341,854
Interest expense							(26,436)
Corporate expenses							(28,371)
Income before federal income tax							287,047
Federal income tax (expense) benefit on segment income (loss)							(70,633)
Federal income tax (expense) benefit on interest and corporate expenses							10,647
Total federal income tax (expense) benefit							(59,986)
Net income							227,061
Preferred stock dividends							(4,600)
Net income available to common stockholders							222,461



Six Months ended June 30, 2025
($ in thousands)	Standard Commercial Lines		Standard Personal Lines	E&S Lines	Total Insurance Operations	Investments	Total Reportable Segments
Total segment revenues	$	1,849,845	206,032	290,937	2,346,814	253,060	2,599,874

Loss and loss expense incurred:
Net catastrophe losses	70,692		21,704	30,893	123,289	—	123,289
Non-catastrophe property loss and loss expense	260,675		64,759	26,501	351,935	—	351,935
(Favorable)/unfavorable prior year casualty reserve development	45,000		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 incurred	1,248,432		146,646	175,145	1,570,223	—	1,570,223
Net underwriting expenses incurred:
Commissions to distribution partners	343,577		13,874	66,475	423,926	—	423,926
Salaries and employee benefits	158,455		17,443	15,107	191,005	—	191,005
Other segment expenses	90,473		17,482	8,357	116,312	—	116,312
Total net underwriting expenses incurred	592,505		48,799	89,939	731,243	—	731,243
Dividends to policyholders	2,134		—	—	2,134	—	2,134

Segment income (loss), before federal income tax	6,774		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 tax					34,139	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 tax							247,791
Federal income tax (expense) benefit on segment income (loss)							(61,616)
Federal income tax (expense) benefit on interest and corporate expenses							9,664
Total federal income tax (expense) benefit							(51,952)
Net income							195,839
Preferred stock dividends							(4,600)
Net income available to common stockholders							191,239

Schedule of Income (Loss) Before and After Federal Income Tax

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,
	2026		2025	2026		2025
Standard Commercial Lines segment	0.7	%	(2.6)	0.3	%	0.4
Standard Personal Lines segment	0.4		0.9	0.5		0.5
E&S Lines segment	1.2		1.5	1.3		1.3
Total insurance operations	2.3		(0.2)	2.1		2.2

Net investment income earned	13.9		13.0	13.6		12.9
Net realized and unrealized investment gains (losses)	1.1		0.4	0.2		0.2
Total investments segment	15.0		13.4	13.8		13.1

Other	(2.5)		(2.5)	(2.9)		(2.8)
ROE	14.8		10.7	13.0		12.5


Combined Ratio	Quarter ended June 30,						Six Months ended June 30,
	2026				2025		2026				2025
	Amount		Ratio		Amount	Ratio	Amount		Ratio		Amount	Ratio
Standard Commercial Lines:
Net premiums earned	$	962,044			937,635		$	1,927,803			1,849,845
Loss and loss expense incurred	652,249		67.8	%	666,766	71.1	1,309,083		67.8	%	1,248,432	67.5
Net underwriting expenses incurred1	302,100		31.4		295,862	31.6	612,127		31.8		592,505	32.0
Dividends to policyholders	490		0.1		1,151	0.1	1,190		0.1		2,134	0.1
Underwriting income (loss)	7,205		99.3		(26,144)	102.8	5,403		99.7		6,774	99.6

Standard Personal Lines:
Net premiums earned	97,639				102,377		197,667				206,032
Loss and loss expense incurred	69,004		70.7		69,977	68.3	138,303		69.9		146,646	71.2
Net underwriting expenses incurred1	24,207		24.8		23,850	23.3	47,778		24.2		48,799	23.7
Underwriting income (loss)	4,428		95.5		8,550	91.6	11,586		94.1		10,587	94.9

E&S Lines:
Net premiums earned	155,825				148,045		307,234				290,937
Loss and loss expense incurred	95,013		61.0		87,155	58.9	184,384		60.0		175,145	60.2
Net underwriting expenses incurred1	48,056		30.8		45,719	30.9	94,205		30.7		89,939	30.9
Underwriting income (loss)	12,756		91.8		15,171	89.8	28,645		90.7		25,853	91.1

Total Insurance Operations:
Net premiums earned	1,215,508				1,188,057		2,432,704				2,346,814
Loss and loss expense incurred	816,266		67.2		823,898	69.3	1,631,770		67.1		1,570,223	66.9
Net underwriting expenses incurred1	374,363		30.8		365,431	30.8	754,110		31.0		731,243	31.2
Dividends to policyholders	490		—		1,151	0.1	1,190		—		2,134	0.1
Underwriting income (loss)	24,389		98.0		(2,423)	100.2	45,634		98.1		43,214	98.2

1"Net underwriting expenses incurred" includes "Other income" allocated to each reportable segment.

- Definition

Tabular disclosure of segment reporting. Includes, but is not limited to, reconciliation of reportable segment amount to corresponding consolidated total.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26A

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

+ Details