Industry Segments

6 Months Ended

Jun. 30, 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) to Common Stockholders
Three months ended June 30, 2014:
Insurance-Domestic	$	1,041,745	$	103,073		$	26,985	$	1,171,803	$	176,855		$	121,834
Insurance-International	201,868		11,276			—		213,144		11,510			8,253
Reinsurance-Global	174,032		17,608			—		191,640		25,866			18,025
Corporate and eliminations (1)	—		6,772			104,462		111,234		(59,945		)	(39,110		)
Net investment gains	—		—			109,168		109,168		109,168			70,959
Total	$	1,417,645	$	138,729		$	240,615	$	1,796,989	$	263,454		$	179,961
Three months ended June 30, 2013:
Insurance-Domestic	$	925,997	$	107,562		$	27,652	$	1,061,211	$	152,334		$	106,478
Insurance-International	180,192		13,171			—		193,363		12,583			9,092
Reinsurance-Global	176,326		23,036			—		199,362		24,752			17,681
Corporate and eliminations (1)	—		(32		)	84,000		83,968		(64,021		)	(38,782		)
Net investment gains	—		—			33,058		33,058		33,058			21,488
Total	$	1,282,515	$	143,737		$	144,710	$	1,570,962	$	158,706		$	115,957
Six months ended June 30, 2014:
Insurance-Domestic	$	2,045,252	$	221,210		$	55,751	$	2,322,213	$	379,040		$	259,870
Insurance-International	387,192		27,928			—		415,120		29,257			20,721
Reinsurance-Global	348,813		45,186			—		393,999		57,940			40,417
Corporate and eliminations (1)	—		13,116			197,525		210,641		(117,120		)	(76,623		)
Net investment gains	—		—			161,922		161,922		161,922			105,249
Total	$	2,781,257	$	307,440		$	415,198	$	3,503,895	$	511,039		$	349,634
Six months ended June 30, 2013:
Insurance-Domestic	$	1,810,375	$	205,359		$	54,388	$	2,070,122	$	293,684		$	205,886
Insurance-International	351,311		25,232			—		376,543		34,965			24,569
Reinsurance-Global	352,948		45,535			—		398,483		62,693			44,075
Corporate and eliminations (1)	—		3,540			176,016		179,556		(125,440		)	(76,426		)
Net investment gains	—		—			53,027		53,027		53,027			34,468
Total	$	2,514,634	$	279,666		$	283,431	$	3,077,731	$	318,929		$	232,572

___________

(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)	June 30, 2014		December 31, 2013
Insurance-Domestic	$	15,565,600	$	15,247,807
Insurance-International	1,963,689		1,516,310
Reinsurance-Global	2,767,108		3,103,193
Corporate and eliminations	870,797		684,486
Total	$	21,167,194	$	20,551,796

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

	For the Three Months				For the Six Months
	Ended June 30,				Ended June 30,
(In thousands)	2014		2013		2014		2013
Insurance-Domestic:
Other liability	$	362,074	$	307,444	$	701,707	$	603,032
Workers’ compensation	270,212		241,191		533,244		470,202
Short-tail lines	215,506		192,938		420,272		371,687
Commercial automobile	127,102		119,900		251,470		236,022
Professional liability	66,851		64,524		138,559		129,432
Total	1,041,745		925,997		2,045,252		1,810,375
Insurance-International:
Other liability	22,956		15,070		42,331		30,288
Workers’ compensation	17,241		21,746		34,566		44,635
Short-tail lines	106,428		84,301		202,702		156,424
Commercial automobile	29,649		32,392		57,242		67,031
Professional liability	25,594		26,683		50,351		52,933
Total	201,868		180,192		387,192		351,311
Reinsurance-Global:
Casualty	124,550		122,117		250,153		243,444
Property	49,482		54,209		98,660		109,504
Total	174,032		176,326		348,813		352,948
Total	$	1,417,645	$	1,282,515	$	2,781,257	$	2,514,634