Industry Segments

9 Months Ended

Sep. 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 September 30, 2015:
Insurance-Domestic	$	1,181,923	$	93,394	$	23,021	$	1,298,338	$	191,582		$	130,445
Insurance-International	197,578		13,595		—		211,173		12,527			9,001
Reinsurance-Global	152,057		19,468		—		171,525		22,413			15,807
Corporate and eliminations (1)	—		6,757		119,260		126,017		(51,506		)	(37,684		)
Net investment gains	—		—		53,904		53,904		53,904			35,038
Total	$	1,531,558	$	133,214	$	196,185	$	1,860,957	$	228,920		$	152,607
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
Nine months ended September 30, 2015
Insurance-Domestic	$	3,459,118	$	269,160	$	72,981	$	3,801,259	$	534,401		$	365,933
Insurance-International	583,041		40,177		—		623,218		41,347			29,648
Reinsurance-Global	454,453		54,575		—		509,028		69,797			49,134
Corporate and eliminations (1)	—		21,124		340,267		361,391		(170,226		)	(116,094		)
Net investment gains	—		—		100,505		100,505		100,505			65,328
Total	$	4,496,612	$	385,036	$	513,753	$	5,395,401	$	575,824		$	393,949
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

________

(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, 2015		December 31, 2014
Insurance-Domestic	$	16,298,153	$	16,036,513
Insurance-International	1,821,712		1,876,347
Reinsurance-Global	2,482,325		2,708,090
Corporate and eliminations	1,136,376		1,058,289
Total	$	21,738,566	$	21,679,239

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)	2015		2014		2015		2014
Insurance-Domestic:
Other liability	$	395,400	$	368,818	$	1,146,884	$	1,070,525
Workers’ compensation	322,896		291,297		940,636		824,541
Short-tail lines	230,733		222,561		687,626		642,833
Commercial automobile	138,483		134,197		411,951		385,667
Professional liability	94,411		76,681		272,021		215,240
Total	1,181,923		1,093,554		3,459,118		3,138,806
Insurance-International:
Other liability	22,733		27,705		69,527		70,036
Workers’ compensation	24,849		18,012		69,643		52,578
Short-tail lines	96,624		100,417		285,980		303,119
Commercial automobile	32,177		29,076		94,278		86,318
Professional liability	21,195		30,319		63,613		80,670
Total	197,578		205,529		583,041		592,721
Reinsurance-Global:
Casualty	103,198		122,741		314,462		372,894
Property	48,859		38,980		139,991		137,640
Total	152,057		161,721		454,453		510,534
Total	$	1,531,558	$	1,460,804	$	4,496,612	$	4,242,061