Business Segments

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


•	Insurance - predominantly commercial insurance business, including excess and surplus lines, admitted lines and specialty personal lines throughout the United States, as well as insurance business in the United Kingdom, Continental Europe, South America, Canada, Mexico, Scandinavia, Asia and Australia.


•	Reinsurance - reinsurance business on a facultative and treaty basis, primarily in the United States, the 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 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 June 30, 2018
Insurance	$	1,456,008	$	114,333	$	18,707	$	1,589,048	$	198,052		$	156,200
Reinsurance	125,045		22,123		—		147,168		21,303			16,784
Corporate, other and eliminations (2)	—		17,321		87,748		105,069		(59,744		)	(47,918		)
Net realized and unrealized gains on investments	—		—		69,631		69,631		69,631			55,009
Total	$	1,581,053	$	153,777	$	176,086	$	1,910,916	$	229,242		$	180,075
Three months ended June 30, 2017
Insurance	$	1,415,586	$	102,719	$	22,984	$	1,541,289	$	186,134		$	124,442
Reinsurance	153,117		21,491		—		174,608		14,771			10,324
Corporate, other and eliminations (2)	—		11,054		80,645		91,699		(80,397		)	(52,056		)
Net realized and unrealized gains on investments	—		—		40,453		40,453		40,453			26,294
Total	$	1,568,703	$	135,264	$	144,082	$	1,848,049	$	160,961		$	109,004
Six Months Ended June 30, 2018
Insurance	$	2,888,345	$	250,195	$	37,675	$	3,176,215	$	427,080		$	337,826
Reinsurance	260,116		46,773		—		306,889		35,895			28,438
Corporate, other and eliminations (2)	—		31,327		169,637		200,964		(140,838		)	(113,087		)
Net realized and unrealized gains on investments	—		—		118,095		118,095		118,095			93,295
Total	$	3,148,461	$	328,295	$	325,407	$	3,802,163	$	440,232		$	346,472
Six Months Ended June 30, 2017
Insurance	$	2,828,755	$	214,628	$	41,271	$	3,084,654	$	386,127		$	257,458
Reinsurance	309,989		46,269		—		356,258		19,364			13,983
Corporate, other and eliminations (2)	—		23,226		161,528		184,754		(153,034		)	(99,311		)
Net realized and unrealized gains on investments	—		—		92,801		92,801		92,801			60,321
Total	$	3,138,744	$	284,123	$	295,600	$	3,718,467	$	345,258		$	232,451

_________________

(1)Revenues for Insurance from foreign countries for the three months ended June 30, 2018 and 2017 were $176 million and $168 million, and for the six months ended June 30, 2018 and 2017 were $359 million and $347 million, respectively. Revenues for Reinsurance from foreign countries for the three months ended June 30, 2018 and 2017 were $55 million and $50 million, and for the six months ended June 30, 2018 and 2017 were $112 million and $101 million, respectively.


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

Identifiable Assets



(In thousands)	June 30, 2018		December 31, 2017
Insurance	$	19,219,312	$	19,263,193
Reinsurance	2,929,066		3,169,731
Corporate, other and eliminations	2,472,766		1,866,993
Consolidated	$	24,621,144	$	24,299,917

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



	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	For the Three Months Ended June 30,				For the Six Months Ended June 30,
(In thousands)	2018		2017		2018		2017
Insurance:
Other liability	$	474,721	$	460,059	$	938,889	$	911,889
Workers’ compensation	377,346		366,950		743,295		728,086
Short-tail lines (1)	288,398		282,623		583,503		579,413
Commercial automobile	175,812		169,599		351,010		340,170
Professional liability	139,731		136,355		271,648		269,197
Total Insurance	1,456,008		1,415,586		2,888,345		2,828,755

Reinsurance:
Casualty	86,841		93,212		177,411		187,952
Property	38,204		59,905		82,705		122,037
Total Reinsurance	125,045		153,117		260,116		309,989

Total	$	1,581,053	$	1,568,703	$	3,148,461	$	3,138,744

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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.