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 September 30, 2018
Insurance	$	1,488,658	$	146,319	$	19,447	$	1,654,424	$	226,856		$	178,571
Reinsurance	114,827		23,826		—		138,653		14,792			11,567
Corporate, other and eliminations (2)	—		15,979		106,512		122,491		(54,759		)	(45,862		)
Net realized and unrealized gains on investments	—		—		22,334		22,334		22,334			17,644
Total	$	1,603,485	$	186,124	$	148,293	$	1,937,902	$	209,223		$	161,920
Three months ended September 30, 2017
Insurance	$	1,433,729	$	105,924	$	—	$	1,539,653	$	171,478		$	123,240
Reinsurance	147,771		21,528		—		169,299		(57,643		)	(35,074		)
Corporate, other and eliminations (2)	—		15,027		123,404		138,431		(71,681		)	(45,685		)
Net realized and unrealized gains on investments	—		—		183,959		183,959		183,959			119,573
Total	$	1,581,500	$	142,479	$	307,363	$	2,031,342	$	226,113		$	162,054
Nine months ended September 30, 2018
Insurance	$	4,377,003	$	396,514	$	57,123	$	4,830,640	$	653,936		$	516,397
Reinsurance	374,944		70,599		—		445,543		50,687			40,005
Corporate, other and eliminations (2)	—		47,306		276,148		323,454		(195,597		)	(158,949		)
Net realized and unrealized gains on investments	—		—		140,429		140,429		140,429			110,939
Total	$	4,751,947	$	514,419	$	473,700	$	5,740,066	$	649,455		$	508,392
Nine months ended September 30, 2017
Insurance	$	4,262,485	$	320,552	$	—	$	4,583,037	$	557,605		$	381,736
Reinsurance	457,759		67,798		—		525,557		(38,279		)	(20,801		)
Corporate, other and eliminations (2)	—		38,251		326,203		364,454		(224,716		)	(146,324		)
Net realized and unrealized gains on investments	—		—		276,760		276,760		276,760			179,894
Total	$	4,720,244	$	426,601	$	602,963	$	5,749,808	$	571,370		$	394,505

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(1)Revenues for Insurance from foreign countries for the three months ended September 30, 2018 and 2017 were $176 million and $166 million, and for the nine months ended September 30, 2018 and 2017 were $535 million and $513 million, respectively. Revenues for Reinsurance from foreign countries for the three months ended September 30, 2018 and 2017 were $51 million and $49 million, and for the nine months ended September 30, 2018 and 2017 were $163 million and $150 million, respectively.


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

Identifiable Assets



(In thousands)	September 30, 2018		December 31, 2017
Insurance	$	19,511,126	$	19,263,193
Reinsurance	2,940,606		3,169,731
Corporate, other and eliminations	2,403,917		1,866,993
Consolidated	$	24,855,649	$	24,299,917

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



	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
(In thousands)	2018		2017		2018		2017
Insurance:
Other liability	$	482,255	$	466,616	$	1,421,144	$	1,378,505
Workers’ compensation	378,922		378,529		1,122,217		1,106,616
Short-tail lines (1)	299,856		276,737		883,359		856,150
Commercial automobile	185,069		174,400		536,079		514,570
Professional liability	142,556		137,447		414,204		406,644
Total Insurance	1,488,658		1,433,729		4,377,003		4,262,485

Reinsurance:
Casualty	87,039		94,478		264,450		282,430
Property	27,788		53,293		110,494		175,329
Total Reinsurance	114,827		147,771		374,944		457,759

Total	$	1,603,485	$	1,581,500	$	4,751,947	$	4,720,244

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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.