Industry Segments

12 Months Ended

Dec. 31, 2018

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, 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 table. Income 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
Year ended December 31, 2018
Insurance	$	5,864,981	$	518,733	$	72,727	$	6,456,441	$	856,011		$	682,028
Reinsurance	506,524		94,291		—		600,815		62,144			50,144
Corporate, other and eliminations (2)	—		61,211		418,696		479,907		(260,549		)	(213,469		)
Net investment gains	—		—		154,488		154,488		154,488			122,046
Consolidated	$	6,371,505	$	674,235	$	645,911	$	7,691,651	$	812,094		$	640,749

Year ended December 31, 2017
Insurance	$	5,706,443	$	436,178	$	86,864	$	6,229,485	$	756,153		$	535,186
Reinsurance	604,976		91,146		—		696,122		(15,276		)	(5,131		)
Corporate, other and eliminations (2)	—		48,464		374,835		423,299		(303,965		)	(199,269		)
Net investment gains	—		—		335,858		335,858		335,858			218,308
Consolidated	$	6,311,419	$	575,788	$	797,557	$	7,684,764	$	772,770		$	549,094

Year ended December 31, 2016
Insurance	$	5,618,842	$	431,489	$	97,879	$	6,148,210	$	799,139		$	534,613
Reinsurance	674,506		102,617		—		777,123		98,277			68,400
Corporate, other and eliminations (2)	—		30,057		431,789		461,846		(267,983		)	(174,650		)
Net investment gains	—		—		267,005		267,005		267,005			173,553
Consolidated	$	6,293,348	$	564,163	$	796,673	$	7,654,184	$	896,438		$	601,916



Identifiable Assets
(In thousands)	December 31,
	2018		2017
Insurance	$	19,634,329	$	19,263,193
Reinsurance	2,951,115		3,169,731
Corporate, other and eliminations (2)	2,310,533		1,866,993
Consolidated	$	24,895,977	$	24,299,917

_______________________________________

(1) Revenues for Insurance includes $714.2 million, $688.2 million and $733.3 million in 2018, 2017 and 2016, respectively, from foreign countries. Revenues for Reinsurance includes $228.1 million, $201.3 million and $200.5 million in 2018, 2017 and 2016, respectively, from foreign countries.

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

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



(In thousands)	2018		2017		2016
Insurance
Other liability	$	1,912,071	$	1,843,826	$	1,761,748
Workers' compensation	1,489,805		1,481,507		1,402,611
Short-tail lines	1,184,755		1,149,977		1,237,917
Commercial automobile	722,236		685,263		684,626
Professional liability	556,114		545,870		531,940
Total Insurance	5,864,981		5,706,443		5,618,842
Reinsurance
Casualty	362,886		377,650		405,470
Property	143,638		227,326		269,036
Total Reinsurance	506,524		604,976		674,506
Total	$	6,371,505	$	6,311,419	$	6,293,348