Industry Segments

3 Months Ended

Mar. 31, 2017

Segment Reporting [Abstract]

Industry Segments

The Company’s reportable segments include the following two business segments, plus a corporate segment:

• Insurance - primarily commercial insurance business, including excess and surplus lines and admitted lines in the United States, United Kingdom, Continental Europe, South America, Canada, Mexico, 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 2017, the Company reclassified two businesses from the Insurance segment to the Reinsurance segment. Reclassifications have been made to the Company's 2016 financial information to conform with this 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 (1)		Pre-Tax Income (Loss)			Net Income (Loss) to Common Stockholders
Three months ended March 31, 2017
Insurance	$	1,413,170	$	111,909	$	18,287	$	1,543,366	$	199,994		$	134,095
Reinsurance	156,872		24,778		—		181,650		4,594			3,099
Corporate, other and eliminations (2)	—		12,171		80,883		93,054		(72,639		)	(47,773		)
Net investment gains	—		—		52,348		52,348		52,348			34,026
Total	$	1,570,042	$	148,858	$	151,518	$	1,870,418	$	184,297		$	123,447
Three months ended March 31, 2016
Insurance	$	1,366,605	$	99,860	$	26,793	$	1,493,258	$	199,651		$	134,778
Reinsurance	160,730		23,770		—		184,500		28,061			19,609
Corporate, other and eliminations (2)	—		6,503		115,607		122,110		(60,379		)	(39,649		)
Net investment gains	—		—		7,343		7,343		7,343			4,773
Total	$	1,527,335	$	130,133	$	149,743	$	1,807,211	$	174,676		$	119,511

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(1) Revenues for Insurance includes $184 million and $200 million for the three months ended March 31, 2017 and 2016, respectively, from foreign countries. Revenues for Reinsurance includes $49 million and $54 million for the three months ended March 31, 2017 and 2016, respectively, from foreign countries.

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

Identifiable Assets

(In thousands)	March 31, 2017		December 31, 2016
Insurance	$	18,932,563	$	19,137,758
Reinsurance	2,750,876		2,524,338
Corporate, other and eliminations	1,863,975		1,687,980
Consolidated	$	23,547,414	$	23,350,076

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

	For the Three Months
	Ended March 31,
(In thousands)	2017		2016
Insurance:
Other liability	$	451,830	$	413,528
Workers’ compensation	361,136		343,581
Short-tail lines (1)	309,234		327,076
Commercial automobile	158,126		156,817
Professional liability	132,844		125,603
Total Insurance	1,413,170		1,366,605
Reinsurance:
Casualty	94,739		104,305
Property	62,133		56,425
Total Reinsurance	156,872		160,730
Total	$	1,570,042	$	1,527,335

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(1) Short-tail lines include commercial multi-peril (non-liability), inland marine, accident and health, fidelity and surety, boiler and machinery and other lines.