Industry Segments

12 Months Ended

Dec. 31, 2015

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, Asia, and Australia;

• Reinsurance-Global - reinsurance business on a facultative and treaty basis, primarily in the United States, United Kingdom, Continental Europe, Australia, the Asia-Pacific Region, and South Africa.

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, 2015:
Insurance-Domestic	$	4,659,359	$	358,935	$	96,487	$	5,114,781	$	724,667		$	495,082
Insurance-International	772,141		51,522		—		823,663		51,926			37,204
Reinsurance-Global	609,109		74,226		—		683,335		94,852			66,627
Corporate, other and eliminations(1)	—		27,962		464,392		492,354		(231,739		)	(155,230		)
Net investment gains	—		—		92,324		92,324		92,324			60,011
Consolidated	$	6,040,609	$	512,645	$	653,203	$	7,206,457	$	732,030		$	503,694
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

Identifiable Assets
(In thousands)	December 31, 2015		December 31, 2014
Insurance-Domestic	$	16,351,737	$	16,065,409
Insurance-International	1,711,993		1,879,438
Reinsurance-Global	2,441,340		2,713,554
Corporate, other and eliminations(1)	1,225,897		1,058,290
Consolidated	$	21,730,967	$	21,716,691

_______________________________________

(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)	2015		2014		2013
Insurance-Domestic
Other liability	$	1,546,157	$	1,449,425	$	1,259,376
Workers' compensation	1,269,785		1,126,704		995,047
Short-tail lines	925,468		875,898		774,809
Commercial automobile	548,450		526,344		486,759
Professional liability	369,499		293,562		266,425
Total Insurance-Domestic	4,659,359		4,271,933		3,782,416
Insurance-International
Other liability	103,974		92,411		65,528
Workers' compensation	93,728		71,997		84,637
Short-tail lines	373,415		415,123		336,814
Commercial automobile	125,628		116,369		130,020
Professional liability	75,396		106,475		106,152
Total Insurance-International	772,141		802,375		723,151
Reinsurance-Global
Casualty	421,811		487,264		507,790
Property	187,298		182,846		213,180
Total Reinsurance-Global	609,109		670,110		720,970
Total	$	6,040,609	$	5,744,418	$	5,226,537