Industry Segments

6 Months Ended

Jun. 30, 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 June 30, 2015:
Insurance-Domestic	$	1,159,653	$	93,114	$	24,385	$	1,277,152	$	175,953		$	120,578
Insurance-International	191,729		10,150		—		201,879		7,517			5,518
Reinsurance-Global	141,659		18,066		—		159,725		27,122			18,827
Corporate and eliminations (1)	—		6,253		117,199		123,452		(59,962		)	(39,799		)
Net investment gains	—		—		27,557		27,557		27,557			17,911
Total	$	1,493,041	$	127,583	$	169,141	$	1,789,765	$	178,187		$	123,035
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
Six months ended June 30, 2015
Insurance-Domestic	$	2,277,195	$	175,766	$	49,960	$	2,502,921	$	342,819		$	235,488
Insurance-International	385,463		26,582		—		412,045		28,820			20,647
Reinsurance-Global	302,396		35,107		—		337,503		47,384			33,327
Corporate and eliminations (1)	—		14,367		221,007		235,374		(118,720		)	(78,410		)
Net investment gains	—		—		46,601		46,601		46,601			30,290
Total	$	2,965,054	$	251,822	$	317,568	$	3,534,444	$	346,904		$	241,342
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

________

(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, 2015		December 31, 2014
Insurance-Domestic	$	16,105,299	$	16,036,513
Insurance-International	1,854,074		1,876,347
Reinsurance-Global	2,532,001		2,708,090
Corporate and eliminations	1,198,435		1,058,289
Total	$	21,689,809	$	21,679,239

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)	2015		2014		2015		2014
Insurance-Domestic:
Other liability	$	379,445	$	362,074	$	751,484	$	701,707
Workers’ compensation	325,123		270,212		617,740		533,244
Short-tail lines	229,167		215,506		456,893		420,272
Commercial automobile	138,511		127,102		273,468		251,470
Professional liability	87,407		66,851		177,610		138,559
Total	1,159,653		1,041,745		2,277,195		2,045,252
Insurance-International:
Other liability	21,929		22,956		46,794		42,331
Workers’ compensation	22,673		17,241		44,794		34,566
Short-tail lines	93,992		106,428		189,356		202,702
Commercial automobile	31,498		29,649		62,101		57,242
Professional liability	21,637		25,594		42,418		50,351
Total	191,729		201,868		385,463		387,192
Reinsurance-Global:
Casualty	98,448		124,550		211,264		250,153
Property	43,211		49,482		91,132		98,660
Total	141,659		174,032		302,396		348,813
Total	$	1,493,041	$	1,417,645	$	2,965,054	$	2,781,257