Segment Information (Tables)

9 Months Ended

Sep. 30, 2026

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


Revenue by Segment	Quarter ended September 30,			Nine Months ended September 30,
($ in thousands)	2026		2025	2026		2025
Standard Commercial Lines:
Net premiums earned (“NPE”):
General liability	$	302,146	312,556	$	935,936	913,086
Commercial automobile	281,698		294,014	869,489		866,358
Commercial property	197,020		194,037	597,129		571,594
Workers compensation	73,583		75,528	235,310		236,588
Businessowners' policies	52,646		49,673	156,848		144,982
Bonds	10,595		13,046	32,603		39,559
Other	9,416		8,418	27,592		24,950
Total Standard Commercial Lines NPE	927,104		947,272	2,854,907		2,797,117
Standard Personal Lines:
Net premiums earned:
Personal automobile	42,533		49,933	133,853		154,188
Homeowners	49,861		48,742	149,877		144,997
Other	2,931		2,844	9,262		8,366
Total Standard Personal Lines NPE	95,325		101,519	292,992		307,551
E&S Lines:
Net premiums earned:
Casualty lines	93,826		92,771	276,000		265,290
Property lines	63,936		63,116	188,996		181,534
Total E&S Lines NPE	157,762		155,887	464,996		446,824
Investments:
Net investment income earned	160,481		138,655	453,031		387,314
Net realized and unrealized investment gains (losses)	(19,446)		8,057	(15,776)		12,458
Total Investments revenue	141,035		146,712	437,255		399,772
Total segments revenue	1,321,226		1,351,390	4,050,150		3,951,264
Other income	5,074		8,720	22,110		20,777
Total revenues	$	1,326,300	1,360,110	$	4,072,260	3,972,041

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 September 30, 2026	Standard Commercial Lines		Standard Personal Lines	E&S Lines	Total Insurance Operations	Investments	Total Reportable Segments
($ in thousands)
Total segment revenues	$	927,104	95,325	157,762	1,180,191	141,035	1,321,226

Loss and loss expense incurred:
Net catastrophe losses	42,412		18,342	3,345	64,099	—	64,099
Non-catastrophe property loss and loss expense	107,142		30,683	16,707	154,532	—	154,532
(Favorable)/unfavorable prior year casualty reserve development	—		—	—	—	—	—
Current year casualty loss costs	450,701		24,482	68,882	544,065	—	544,065
Total loss and loss expense incurred	600,255		73,507	88,934	762,696	—	762,696
Net underwriting expenses incurred:
Commissions to distribution partners	164,687		5,276	35,219	205,182	—	205,182
Salaries and employee benefits	83,196		10,380	8,115	101,691	—	101,691
Other segment expenses	58,903		9,210	4,211	72,324	—	72,324
Total net underwriting expenses incurred	306,786		24,866	47,545	379,197	—	379,197
Dividends to policyholders	913		—	—	913	—	913

Segment income (loss), before income tax	19,150		(3,048)	21,283	37,385	141,035	178,420
Income tax (expense) benefit					(7,851)	(29,090)	(36,941)
Segment income (loss), after income tax					29,534	111,945	141,479

Reconciliation of segment income (loss) to consolidated income before and after income tax
Total segment income (loss)							178,420
Interest expense							(13,215)
Corporate expenses							(3,117)
Income before income tax							162,088
Income tax (expense) benefit on segment income (loss)							(36,941)
Income tax (expense) benefit on interest and corporate expenses							3,504
Total income tax (expense) benefit							(33,436)
Net income							128,652
Preferred stock dividends							(2,300)
Net income available to common stockholders							126,352


Quarter Ended September 30, 2025	Standard Commercial Lines		Standard Personal Lines	E&S Lines	Total Insurance Operations	Investments	Total Reportable Segments
($ in thousands)
Total segment revenues	$	947,272	101,519	155,887	1,204,678	146,712	1,351,390

Loss and loss expense incurred:
Net catastrophe losses	15,013		12,160	(2,274)	24,899	—	24,899
Non-catastrophe property loss and loss expense	118,749		39,907	10,974	169,630	—	169,630
(Favorable)/unfavorable prior year casualty reserve development	35,000		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 incurred	657,958		89,290	71,783	819,031	—	819,031
Net underwriting expenses incurred:
Commissions to distribution partners	173,294		4,083	35,150	212,527	—	212,527
Salaries and employee benefits	79,150		9,620	7,636	96,406	—	96,406
Other segment expenses	46,170		8,769	4,201	59,140	—	59,140
Total net underwriting expenses incurred	298,614		22,472	46,987	368,073	—	368,073
Dividends to policyholders	876		—	—	876	—	876

Segment income (loss), before income tax	(10,176)		(10,243)	37,117	16,698	146,712	163,410
Income tax (expense) benefit					(3,507)	(30,380)	(33,887)
Segment income (loss), after income tax					13,191	116,332	129,523

Reconciliation of segment income (loss) to consolidated income before and after income tax
Total segment income (loss)							163,410
Interest expense							(13,253)
Corporate expenses							(4,446)
Income before income tax							145,711
Income tax (expense) benefit on segment income (loss)							(33,887)
Income tax (expense) benefit on interest and corporate expenses							3,516
Total Income tax (expense) benefit							(30,371)
Net income							115,340
Preferred stock dividends							(2,300)
Net income available to common stockholders							113,040



Nine Months ended September 30, 2026
($ in thousands)	Standard Commercial Lines		Standard Personal Lines	E&S Lines	Total Insurance Operations	Investments	Total Reportable Segments
Total segment revenues	$	2,854,907	292,992	464,996	3,612,895	437,255	4,050,150

Loss and loss expense incurred:
Net catastrophe losses	148,263		43,480	16,247	207,990	—	207,990
Non-catastrophe property loss and loss expense	357,811		91,134	54,145	503,090	—	503,090
(Favorable)/unfavorable prior year casualty reserve development	—		—	—	—	—	—
Current year casualty loss costs	1,403,264		77,196	202,926	1,683,386	—	1,683,386
Total loss and loss expense incurred	1,909,338		211,810	273,318	2,394,466	—	2,394,466
Net underwriting expenses incurred:
Commissions to distribution partners	512,091		16,597	105,902	634,590	—	634,590
Salaries and employee benefits	249,975		29,772	24,752	304,499	—	304,499
Other segment expenses	156,846		26,275	11,097	194,218	—	194,218
Total net underwriting expenses incurred	918,912		72,644	141,751	1,133,307	—	1,133,307
Dividends to policyholders	2,103		—	—	2,103	—	2,103

Segment income (loss), before federal income tax	24,554		8,538	49,927	83,019	437,255	520,274
Federal income tax (expense) benefit					(17,434)	(90,140)	(107,574)
Segment income (loss), after federal income tax					65,585	347,115	412,700

Reconciliation of segment income (loss) to consolidated income before and after federal income tax
Total segment income (loss)							520,274
Interest expense							(39,651)
Corporate expenses							(31,488)
Income before federal income tax							449,135
Federal income tax (expense) benefit on segment income (loss)							(107,574)
Federal income tax (expense) benefit on interest and corporate expenses							14,152
Total federal income tax (expense) benefit							(93,422)
Net income							355,713
Preferred stock dividends							(6,900)
Net income available to common stockholders							348,813



Nine Months ended September 30, 2025
($ in thousands)	Standard Commercial Lines		Standard Personal Lines	E&S Lines	Total Insurance Operations	Investments	Total Reportable Segments
Total segment revenues	$	2,797,117	307,551	446,824	3,551,492	399,772	3,951,264

Loss and loss expense incurred:
Net catastrophe losses	85,705		33,864	28,619	148,188	—	148,188
Non-catastrophe property loss and loss expense	379,423		104,667	37,475	521,565	—	521,565
(Favorable)/unfavorable prior year casualty reserve development	80,000		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 incurred	1,906,390		235,936	246,928	2,389,254	—	2,389,254
Net underwriting expenses incurred:
Commissions to distribution partners	516,871		17,958	101,625	636,454	—	636,454
Salaries and employee benefits	237,604		27,045	22,743	287,392	—	287,392
Other segment expenses	136,644		26,268	12,558	175,470	—	175,470
Total net underwriting expenses incurred	891,119		71,271	136,926	1,099,316	—	1,099,316
Dividends to policyholders	3,010		—	—	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 tax					47,330	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 tax							393,502
Federal income tax (expense) benefit on segment income (loss)							(95,503)
Federal income tax (expense) benefit on interest and corporate expenses							13,180
Total federal income tax (expense) benefit							(82,323)
Net income							311,179
Preferred stock dividends							(6,900)
Net income available to common stockholders							304,279

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 September 30,			Nine Months ended September 30,
	2026		2025	2026		2025
Standard Commercial Lines segment	1.8	%	(1.0)	0.7	%	(0.1)
Standard Personal Lines segment	(0.3)		(1.0)	0.3		—
E&S Lines segment	2.0		3.6	1.6		2.1
Total insurance operations	3.5		1.6	2.6		2.0

Net investment income earned	15.2		13.6	14.2		13.2
Net realized and unrealized investment gains (losses)	(1.8)		0.8	(0.5)		0.4
Total investments segment	13.4		14.4	13.7		13.6

Other	(1.8)		(2.0)	(2.5)		(2.6)
ROE	15.1		14.0	13.8		13.0


Combined Ratio	Quarter Ended September 30,						Nine Months ended September 30,
	2026				2025		2026				2025
	Amount		Ratio		Amount	Ratio	Amount		Ratio		Amount	Ratio
Standard Commercial Lines:
Net premiums earned	$	927,104			947,272		$	2,854,907			2,797,117
Loss and loss expense incurred	600,255		64.7	%	657,958	69.5	1,909,338		66.8	%	1,906,390	68.1
Net underwriting expenses incurred1	306,786		33.1		298,614	31.5	918,912		32.2		891,119	31.9
Dividends to policyholders	913		0.1		876	0.1	2,103		0.1		3,010	0.1
Underwriting income (loss)	19,150		97.9		(10,176)	101.1	24,554		99.1		(3,402)	100.1

Standard Personal Lines:
Net premiums earned	95,325				101,519		292,992				307,551
Loss and loss expense incurred	73,507		77.1		89,290	88.0	211,810		72.3		235,936	76.7
Net underwriting expenses incurred1	24,866		26.1		22,472	22.1	72,644		24.8		71,271	23.2
Underwriting income (loss)	(3,048)		103.2		(10,243)	110.1	8,538		97.1		344	99.9

E&S Lines:
Net premiums earned	157,762				155,887		464,996				446,824
Loss and loss expense incurred	88,934		56.4		71,783	46.1	273,318		58.8		246,928	55.3
Net underwriting expenses incurred1	47,545		30.1		46,987	30.1	141,751		30.5		136,926	30.6
Underwriting income (loss)	21,283		86.5		37,117	76.2	49,927		89.3		62,970	85.9

Total Insurance Operations:
Net premiums earned	1,180,191				1,204,678		3,612,895				3,551,492
Loss and loss expense incurred	762,696		64.6		819,031	67.9	2,394,466		66.2		2,389,254	67.2
Net underwriting expenses incurred1	379,197		32.1		368,073	30.6	1,133,307		31.4		1,099,316	31.0
Dividends to policyholders	913		0.1		876	0.1	2,103		0.1		3,010	0.1
Underwriting income (loss)	37,385		96.8		16,698	98.6	83,019		97.7		59,912	98.3

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