Industry Segments

12 Months Ended

Dec. 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, United Kingdom, Continental Europe, Australia, the Asia-Pacific region and South Africa, as well as operations that solely retain risk on an excess basis.

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 (1)		Investment Income		Other		Total (2)		Pre-Tax Income (Loss)			Net Income (Loss) to Common Stockholders
Year ended December 31, 2019
Insurance	$	5,919,819	$	429,405	$	47,850	$	6,397,074	$	814,862		$	650,510
Reinsurance & Monoline Excess	713,469		164,082		—		877,551		189,188			152,046
Corporate, other and eliminations (3)	—		52,127		454,741		506,868		(271,833		)	(215,967		)
Net investment gains	—		—		120,703		120,703		120,703			95,355
Consolidated	$	6,633,288	$	645,614	$	623,294	$	7,902,196	$	852,920		$	681,944

Year ended December 31, 2018
Insurance	$	5,702,073	$	433,490	$	72,727	$	6,208,290	$	717,154		$	571,381
Reinsurance & Monoline Excess	669,432		179,534		—		848,966		201,001			160,791
Corporate, other and eliminations (3)	—		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	$	5,549,403	$	366,862	$	86,865	$	6,003,130	$	623,746		$	437,953
Reinsurance & Monoline Excess	762,016		160,462		—		922,478		117,131			90,358
Corporate, other and eliminations (3)	—		48,464		374,834		423,298		(303,965		)	(197,525		)
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



Identifiable Assets
(In thousands)	December 31,
	2019		2018
Insurance	$	20,003,202	$	18,214,293
Reinsurance & Monoline Excess	4,709,724		4,371,151
Corporate, other and eliminations (3)	1,930,502		2,310,533
Consolidated	$	26,643,428	$	24,895,977

_______________________________________

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

(2) Revenues for Insurance includes $725.4 million, $714.2 million, and $688.2 million in 2019, 2018, and 2017, respectively, from foreign countries. Revenues for Reinsurance & Monoline Excess includes $249.6 million, $228.1 million, and $201.3 million in 2019, 2018 and 2017, respectively, from foreign countries.

(3) 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)	2019		2018		2017
Insurance
Other liability	$	2,063,401	$	1,912,071	$	1,843,826
Workers' compensation	1,301,980		1,327,206		1,324,801
Short-tail lines	1,223,902		1,184,447		1,184,465
Commercial automobile	750,051		722,236		650,441
Professional liability	580,485		556,113		545,870
Total Insurance	5,919,819		5,702,073		5,549,403
Reinsurance & Monoline Excess
Casualty	405,063		362,886		377,650
Monoline Excess	160,071		162,908		157,039
Property	148,335		143,638		227,327
Total Reinsurance & Monoline Excess	713,469		669,432		762,016
Total	$	6,633,288	$	6,371,505	$	6,311,419