Industry Segments

12 Months Ended

Dec. 31, 2020

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, 2020
Insurance	$	6,067,669	$	375,554	$	35,611	$	6,478,834	$	668,012	$	487,125
Reinsurance & Monoline Excess	863,174		146,029		—		1,009,203		205,587		164,655
Corporate, other and eliminations (3)	—		62,238		445,650		507,888		(271,797)		(214,291)
Net investment gains	—		—		103,000		103,000		103,000		93,181
Consolidated	$	6,930,843	$	583,821	$	584,261	$	8,098,925	$	704,802	$	530,670

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


Identifiable Assets
(In thousands)	December 31,
	2020		2019
Insurance	$	21,739,360	$	20,020,455
Reinsurance & Monoline Excess	4,652,074		4,710,445
Corporate, other and eliminations (3)	2,215,479		1,931,244
Consolidated	$	28,606,913	$	26,662,144

_______________________________________

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

(2) Revenues for Insurance includes $691.5 million, $725.4 million, and $714.2 million in 2020, 2019, and 2018, respectively, from foreign countries. Revenues for Reinsurance & Monoline Excess includes $291.6 million, $249.6 million, and $228.1 million in 2020, 2019 and 2018, 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)	2020		2019		2018
Insurance
Other liability	$	2,237,285	$	2,063,401	$	1,912,071
Short-tail lines	1,247,908		1,223,902		1,184,447
Workers' compensation	1,127,487		1,301,980		1,327,206
Commercial automobile	794,171		750,051		722,236
Professional liability	660,818		580,485		556,113
Total Insurance	6,067,669		5,919,819		5,702,073
Reinsurance & Monoline Excess
Casualty	521,559		405,063		362,886
Monoline Excess	171,522		160,071		162,908
Property	170,093		148,335		143,638
Total Reinsurance & Monoline Excess	863,174		713,469		669,432
Total	$	6,930,843	$	6,633,288	$	6,371,505