Industry Segments

3 Months Ended

Mar. 31, 2014

Segment Reporting [Abstract]

Industry Segments

Business Segments

The Company’s financial results are presented for the following reportable business segments, plus a corporate segment:

• Insurance-Domestic - commercial insurance business, including excess and surplus lines and admitted lines, primarily throughout the United States;

• Insurance-International - insurance business primarily in the United Kingdom, Continental Europe, South America, Canada, Scandinavia, and Australia; and

• Reinsurance-Global - reinsurance business on a facultative and treaty basis, primarily in the United States, United Kingdom, Continental Europe, Australia, and the Asia-Pacific Region.

The accounting policies of the segments are the same as those described in the summary of significant accounting policies. Income tax expense and benefits are calculated based upon the Company’s overall effective tax rate.

Summary financial information about the Company's business segments is presented in the following tables.

	Revenues
(In thousands)	Earned Premiums		Investment Income		Other		Total		Pre-Tax Income (Loss)			Net Income (Loss)
Three months ended March 31, 2014:
Insurance-Domestic	$	1,003,507	$	118,137	$	28,766	$	1,150,410	$	202,185		$	138,036
Insurance-International	185,324		16,652		—		201,976		17,747			12,468
Reinsurance-Global	174,781		27,578		—		202,359		32,074			22,392
Corporate and eliminations (1)	—		6,344		93,063		99,407		(57,175		)	(37,513		)
Net investment gains	—		—		52,754		52,754		52,754			34,290
Total	$	1,363,612	$	168,711	$	174,583	$	1,706,906	$	247,585		$	169,673
Three months ended March 31, 2013:
Insurance-Domestic	$	884,378	$	97,797	$	26,736	$	1,008,911	$	141,350		$	99,408
Insurance-International	171,119		12,061		—		183,180		22,382			15,477
Reinsurance-Global	176,622		22,499		—		199,121		37,941			26,394
Corporate and eliminations (1)	—		3,572		92,016		95,588		(61,419		)	(37,644		)
Net investment gains	—		—		19,969		19,969		19,969			12,980
Total	$	1,232,119	$	135,929	$	138,721	$	1,506,769	$	160,223		$	116,615

___________

(1) Corporate and eliminations represent corporate revenues and expenses that are not allocated to business segments.

Identifiable assets by segment are as follows:

(In thousands)	March 31, 2014		December 31, 2013
Insurance-Domestic	$	15,177,789	$	15,247,807
Insurance-International	1,805,842		1,516,310
Reinsurance-Global	2,835,292		3,103,193
Corporate and eliminations	885,344		684,486
Total	$	20,704,267	$	20,551,796

Net premiums earned by major line of business are as follows:

	For the Three Months
	Ended March 31,
(In thousands)	2014		2013
Insurance-Domestic:
Other liability	$	339,633	$	295,588
Workers’ compensation	263,032		229,011
Short-tail lines	204,766		178,749
Commercial automobile	124,368		116,122
Professional liability	71,708		64,908
Total	1,003,507		884,378
Insurance-International:
Other liability	19,375		15,218
Workers’ compensation	17,325		22,889
Short-tail lines	96,274		72,123
Commercial automobile	27,593		34,639
Professional liability	24,757		26,250
Total	185,324		171,119
Reinsurance-Global:
Casualty	125,603		121,327
Property	49,178		55,295
Total	174,781		176,622
Total	$	1,363,612	$	1,232,119