Industry Segments

3 Months Ended

Mar. 31, 2015

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 March 31, 2015:
Insurance-Domestic	$	1,117,542	$	82,652	$	25,575	$	1,225,769	$	166,866		$	114,910
Insurance-International	193,734		16,432		—		210,166		21,303			15,129
Reinsurance-Global	160,737		17,041		—		177,778		20,262			14,500
Corporate and eliminations (1)	—		8,114		103,808		111,922		(58,758		)	(38,611		)
Net investment gains	—		—		19,044		19,044		19,044			12,379
Total	$	1,472,013	$	124,239	$	148,427	$	1,744,679	$	168,717		$	118,307
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

________

(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, 2015		December 31, 2014
Insurance-Domestic	$	16,011,219	$	16,036,513
Insurance-International	1,817,696		1,876,347
Reinsurance-Global	2,607,238		2,708,090
Corporate and eliminations	1,410,899		1,058,289
Total	$	21,847,052	$	21,679,239

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

	For the Three Months
	Ended March 31,
(In thousands)	2015		2014
Insurance-Domestic:
Other liability	$	372,039	$	339,633
Workers’ compensation	292,617		263,032
Short-tail lines	227,726		204,766
Commercial automobile	134,957		124,368
Professional liability	90,203		71,708
Total	1,117,542		1,003,507
Insurance-International:
Other liability	24,865		19,375
Workers’ compensation	22,121		17,325
Short-tail lines	95,364		96,274
Commercial automobile	30,603		27,593
Professional liability	20,781		24,757
Total	193,734		185,324
Reinsurance-Global:
Casualty	112,816		125,603
Property	47,921		49,178
Total	160,737		174,781
Total	$	1,472,013	$	1,363,612