Industry Segments

12 Months Ended

Dec. 31, 2014

Segment Reporting [Abstract]

Industry Segments

Industry Segments

The Company’s reportable segments include the following three 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 reporting segments is presented in the following table. Income (loss) before income taxes by segment includes allocated investment income. Identifiable assets by segment are those assets used in or allocated to the operation of each segment.

Revenues
(In thousands)	Earned Premiums		Investment Income		Other		Total		Pre-Tax Income (Loss)			Net Income (Loss)
December 31, 2014:
Insurance-Domestic	$	4,271,933	$	428,632	$	106,853	$	4,807,418	$	796,309		$	539,461
Insurance-International	802,375		55,407		—		857,782		29,779			22,182
Reinsurance-Global	670,110		88,821		—		758,931		115,677			79,720
Corporate, other and eliminations(1)	—		28,025		421,920		449,945		(244,421		)	(158,133		)
Net investment gains	—		—		254,852		254,852		254,852			165,654
Consolidated	$	5,744,418	$	600,885	$	783,625	$	7,128,928	$	952,196		$	648,884
December 31, 2013:
Insurance-Domestic	$	3,782,416	$	404,280	$	107,517	$	4,294,213	$	648,740		$	449,981
Insurance-International	723,151		47,039		—		770,190		56,922			40,292
Reinsurance-Global	720,970		89,090		—		810,060		110,425			78,013
Corporate, other and eliminations(1)	—		3,882		408,645		412,527		(238,743		)	(142,479		)
Net investment gains	—		—		121,544		121,544		121,544			74,118
Consolidated	$	5,226,537	$	544,291	$	637,706	$	6,408,534	$	698,888		$	499,925
December 31, 2012:
Insurance-Domestic	$	3,417,022	$	424,787	$	103,133	$	3,944,942	$	578,500		$	397,942
Insurance-International	631,841		45,796		—		677,637		51,639			35,928
Reinsurance-Global	624,653		106,932		—		731,585		103,690			72,916
Corporate, other and eliminations(1)	—		9,248		249,677		258,925		(242,366		)	(132,996		)
Net investment gains	—		—		210,465		210,465		210,465			136,802
Consolidated	$	4,673,516	$	586,763	$	563,275	$	5,823,554	$	701,928		$	510,592

Identifiable Assets
(In thousands)	December 31, 2014		December 31, 2013
Insurance-Domestic	$	16,065,409	$	15,247,807
Insurance-International	1,879,438		1,516,310
Reinsurance-Global	2,713,554		3,103,193
Corporate, other and eliminations(1)	1,058,290		684,486
Consolidated	$	21,716,691	$	20,551,796

_______________________________________

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

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

(In thousands)	2014		2013		2012
Insurance-Domestic
Other liability	$	1,449,425	$	1,259,376	$	1,104,369
Workers' compensation	1,126,704		995,047		869,042
Short-tail lines	875,898		774,809		733,239
Commercial automobile	526,344		486,759		455,988
Professional liability	293,562		266,425		254,384
Total Insurance-Domestic	4,271,933		3,782,416		3,417,022
Insurance-International
Other liability	92,411		65,528		44,065
Workers' compensation	71,997		84,637		82,066
Short-tail lines	415,123		336,814		276,599
Commercial automobile	116,369		130,020		125,927
Professional liability	106,475		106,152		103,184
Total Insurance-International	802,375		723,151		631,841
Reinsurance-Global
Casualty	487,264		507,790		456,376
Property	182,846		213,180		168,277
Total Reinsurance-Global	670,110		720,970		624,653
Total	$	5,744,418	$	5,226,537	$	4,673,516