Industry Segments

3 Months Ended

Mar. 31, 2016

Segment Reporting [Abstract]

Industry Segments

Segments

The Company’s reportable segments include the following two business segments:

• Insurance - primarily commercial insurance business, including excess and surplus lines and admitted lines in the United States, United Kingdom, Continental Europe, South America, Canada, Scandinavia, Asia and Australia; and

• Reinsurance - 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.

Commencing with the first quarter of 2016, the Company changed the aggregation of its business segments. Insurance-Domestic operating units and Insurance-International operating units, previously reported separately, have been aggregated into the Insurance segment. The segment disclosures for prior periods have been revised to be consistent with the new reportable business segment presentation. The segment disclosures for the years ended December 31, 2015, 2014 and 2013, and as of December 31, 2015 and 2014, have also been included herein, revised for the new reportable business segment presentation.

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 tables. 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) to Common Stockholders
Three months ended March 31, 2016:
Insurance	$	1,375,358	$	105,229	$	26,793	$	1,507,380	$	205,915		$	139,270
Reinsurance	151,977		18,401		—		170,378		21,797			15,117
Corporate, other and eliminations (1)	—		6,503		115,607		122,110		(60,379		)	(39,649		)
Net investment gains	—		—		7,343		7,343		7,343			4,773
Consolidated	$	1,527,335	$	130,133	$	149,743	$	1,807,211	$	174,676		$	119,511
Three months ended March 31, 2015:
Insurance	$	1,311,276	$	99,084	$	25,575	$	1,435,935	$	188,169		$	130,039
Reinsurance	160,737		17,041		—		177,778		20,262			14,500
Corporate, other and eliminations (1)	—		8,114		103,808		111,922		(58,758		)	(38,611		)
Net investment gains	—		—		19,044		19,044		19,044			12,379
Consolidated	$	1,472,013	$	124,239	$	148,427	$	1,744,679	$	168,717		$	118,307
Twelve months ended December 31, 2015:
Insurance	$	5,431,500	$	410,457	$	96,487	$	5,938,444	$	776,593		$	532,286
Reinsurance	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
Twelve months ended December 31, 2014
Insurance	$	5,074,308	$	484,039	$	106,853	$	5,665,200	$	826,088		$	561,643
Reinsurance	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
Twelve months ended December 31, 2013
Insurance	$	4,505,567	$	451,319	$	107,517	$	5,064,403	$	705,662		$	490,273
Reinsurance	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

________

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

Identifiable Assets

(In thousands)	March 31, 2016		December 31, 2015		December 31, 2014
Insurance	$	18,232,365	$	18,063,730	$	17,944,847
Reinsurance	2,595,231		2,441,340		2,713,554
Corporate, other and eliminations	1,403,338		1,219,086		1,058,290
Consolidated	$	22,230,934	$	21,724,156	$	21,716,691

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

	For the Three Months
	Ended March 31,
(In thousands)	2016		2015
Insurance:
Other liability	$	422,956	$	396,904
Workers’ compensation	345,503		314,738
Short-tail lines	331,857		323,090
Commercial automobile	156,817		165,560
Professional liability	118,225		110,984
Total Insurance	1,375,358		1,311,276
Reinsurance:
Casualty	100,334		112,816
Property	51,643		47,921
Total Reinsurance	151,977		160,737
Total	$	1,527,335	$	1,472,013