Industry Segments

6 Months Ended

Jun. 30, 2016

Segment Reporting [Abstract]

Industry 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 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 June 30, 2016:
Insurance	$	1,399,865	$	100,162	$	27,603	$	1,527,630	$	183,261		$	123,766
Reinsurance	159,928		19,365		—		179,293		17,073			12,001
Corporate, other and eliminations (1)	—		9,522		133,154		142,676		(48,335		)	(30,906		)
Net investment gains	—		—		6,315		6,315		6,315			4,106
Total	$	1,559,793	$	129,049	$	167,072	$	1,855,914	$	158,314		$	108,967
Three months ended June 30, 2015
Insurance	$	1,351,382	$	103,264	$	24,385	$	1,479,031	$	183,470		$	126,096
Reinsurance	141,659		18,066		—		159,725		27,122			18,827
Corporate, other 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
Six Months Ended June 30, 2016:
Insurance	$	2,775,223	$	205,391	$	54,396	$	3,035,010	$	389,176		$	263,036
Reinsurance	311,905		37,766		—		349,671		38,870			27,117
Corporate, other and eliminations (1)	—		16,025		248,761		264,786		(108,714		)	(70,554		)
Net investment gains	—		—		13,658		13,658		13,658			8,878
Total	$	3,087,128	$	259,182	$	316,815	$	3,663,125	$	332,990		$	228,477
Six Months Ended June 30, 2015:
Insurance	$	2,662,658	$	202,348	$	49,960	$	2,914,966	$	371,639		$	256,135
Reinsurance	302,396		35,107		—		337,503		47,384			33,327
Corporate, other 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

________

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

Identifiable Assets

(In thousands)	June 30, 2016		December 31, 2015
Insurance	$	18,475,060	$	18,063,730
Reinsurance	2,562,790		2,441,340
Corporate, other and eliminations	1,988,013		1,219,086
Consolidated	$	23,025,863	$	21,724,156

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)	2016		2015		2016		2015
Insurance:
Other liability	$	443,120	$	401,374	$	866,075	$	798,278
Workers’ compensation	346,305		347,796		691,808		662,534
Short-tail lines	327,783		323,159		659,640		646,249
Commercial automobile	159,892		170,009		316,709		335,569
Professional liability	122,765		109,044		240,991		220,028
Total Insurance	1,399,865		1,351,382		2,775,223		2,662,658
Reinsurance:
Casualty	96,282		98,448		196,615		211,264
Property	63,646		43,211		115,290		91,132
Total Reinsurance	159,928		141,659		311,905		302,396
Total	$	1,559,793	$	1,493,041	$	3,087,128	$	2,965,054