Industry Segments

9 Months Ended

Sep. 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 September 30, 2014:
Insurance-Domestic	$	1,093,554	$	125,792	$	26,408	$	1,245,754	$	228,359		$	154,718
Insurance-International	205,529		19,957		—		225,486		12,603			9,217
Reinsurance-Global	161,721		26,916		—		188,637		29,005			20,207
Corporate and eliminations (1)	—		6,560		101,910		108,470		(63,772		)	(42,571		)
Net investment gains	—		—		72,258		72,258		72,258			46,968
Total	$	1,460,804	$	179,225	$	200,576	$	1,840,605	$	278,453		$	188,539
Three months ended September 30, 2013:
Insurance-Domestic	$	958,994	$	94,071	$	26,125	$	1,079,190	$	172,177		$	118,183
Insurance-International	189,054		11,151		—		200,205		16,129			11,225
Reinsurance-Global	180,814		20,121		—		200,935		24,559			17,300
Corporate and eliminations (1)	—		291		109,634		109,925		(58,501		)	(38,248		)
Net investment gains	—		—		43,869		43,869		43,869			28,514
Total	$	1,328,862	$	125,634	$	179,628	$	1,634,124	$	198,233		$	136,974
Nine months ended September 30, 2014:
Insurance-Domestic	$	3,138,806	$	347,002	$	82,159	$	3,567,967	$	607,399		$	414,588
Insurance-International	592,721		47,885		—		640,606		41,860			29,938
Reinsurance-Global	510,534		72,102		—		582,636		86,945			60,624
Corporate and eliminations (1)	—		19,676		299,435		319,111		(180,892		)	(119,194		)
Net investment gains	—		—		234,180		234,180		234,180			152,217
Total	$	4,242,061	$	486,665	$	615,774	$	5,344,500	$	789,492		$	538,173
Nine months ended September 30, 2013:
Insurance-Domestic	$	2,769,369	$	299,430	$	80,513	$	3,149,312	$	465,861		$	324,069
Insurance-International	540,365		36,383		—		576,748		51,094			35,794
Reinsurance-Global	533,762		65,656		—		599,418		87,252			61,375
Corporate and eliminations (1)	—		3,831		285,650		289,481		(183,941		)	(114,674		)
Net investment gains	—		—		96,896		96,896		96,896			62,982
Total	$	3,843,496	$	405,300	$	463,059	$	4,711,855	$	517,162		$	369,546

(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)	September 30, 2014		December 31, 2013
Insurance-Domestic	$	16,074,387	$	15,247,807
Insurance-International	1,915,322		1,516,310
Reinsurance-Global	2,801,268		3,103,193
Corporate and eliminations	1,306,620		684,486
Total	$	22,097,597	$	20,551,796

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

	For the Three Months				For the Nine Months
	Ended September 30,				Ended September 30,
(In thousands)	2014		2013		2014		2013
Insurance-Domestic:
Other liability	$	368,818	$	314,878	$	1,070,525	$	917,910
Workers’ compensation	291,297		252,220		824,541		722,422
Short-tail lines	222,561		199,181		642,833		570,868
Commercial automobile	134,197		125,942		385,667		361,964
Professional liability	76,681		66,773		215,240		196,205
Total	1,093,554		958,994		3,138,806		2,769,369
Insurance-International:
Other liability	27,705		18,457		70,036		48,745
Workers’ compensation	18,012		20,847		52,578		65,482
Short-tail lines	100,417		92,213		303,119		248,637
Commercial automobile	29,076		30,898		86,318		97,929
Professional liability	30,319		26,639		80,670		79,572
Total	205,529		189,054		592,721		540,365
Reinsurance-Global:
Casualty	122,741		128,127		372,894		371,571
Property	38,980		52,687		137,640		162,191
Total	161,721		180,814		510,534		533,762
Total	$	1,460,804	$	1,328,862	$	4,242,061	$	3,843,496