Business Segments

3 Months Ended

Mar. 31, 2019

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 & Monoline Excess - 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, as well as monoline excess business in the United States.

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 (1)		Investment Income		Other		Total (2)		Pre-Tax Income (Loss)			Net Income (Loss) to Common Stockholders
Three months ended March 31, 2019
Insurance	$	1,427,034	$	100,041	$	13,244	$	1,540,319	$	184,516		$	145,993
Reinsurance & Monoline Excess	165,822		39,574		—		205,396		44,855			35,525
Corporate, other and eliminations (3)	—		18,639		104,015		122,654		(68,585		)	(55,032		)
Net realized and unrealized gains on investments	—		—		68,653		68,653		68,653			54,236
Total	$	1,592,856	$	158,254	$	185,912	$	1,937,022	$	229,439		$	180,722
Three months ended March 31, 2018
Insurance	$	1,391,289	$	113,497	$	18,968	$	1,523,754	$	198,929		$	157,733
Reinsurance & Monoline Excess	176,119		47,015		—		223,134		44,691			35,546
Corporate, other and eliminations (3)	—		14,006		81,889		95,895		(81,094		)	(65,170		)
Net realized and unrealized gains on investments	—		—		48,464		48,464		48,464			38,287
Total	$	1,567,408	$	174,518	$	149,321	$	1,891,247	$	210,990		$	166,396

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(1)Certain amounts included in earned premiums of each segment are related to inter-segment transactions.

(2)Revenues for Insurance from foreign countries for the three months ended March 31, 2019 and 2018 were $170 million and $183 million, respectively. Revenues for Reinsurance & Monoline Excess from foreign countries for the three months ended March 31, 2019 and 2018 were $59 million and $56 million, respectively.


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

Identifiable Assets



(In thousands)	March 31, 2019		December 31, 2018
Insurance	$	18,591,713	$	18,214,293
Reinsurance & Monoline Excess	4,512,257		4,371,151
Corporate, other and eliminations	2,481,290		2,310,533
Consolidated	$	25,585,260	$	24,895,977

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



	For the Three Months Ended March 31,
	For the Three Months Ended March 31,
(In thousands)	2019		2018
Insurance:
Other liability	$	490,661	$	464,167
Workers’ compensation	326,676		324,978
Short-tail lines (1)	289,091		295,027
Commercial automobile	180,925		175,199
Professional liability	139,681		131,918
Total Insurance	1,427,034		1,391,289

Reinsurance & Monoline Excess:
Casualty reinsurance	90,830		90,570
Monoline excess (2)	38,981		41,048
Property reinsurance	36,011		44,501
Total Reinsurance & Monoline Excess	165,822		176,119

Total	$	1,592,856	$	1,567,408

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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.

(2) Monoline excess includes operations that solely retain risk on an excess basis.