Business Segments

3 Months Ended

Mar. 31, 2021

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 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 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, 2021
Insurance	$	1,604,979	$	105,237	$	8,279	$	1,718,495	$	257,109	$	198,708
Reinsurance & Monoline Excess	244,977		37,708		—		282,685		68,649		54,471
Corporate, other and eliminations (3)	—		15,632		105,218		120,850		(64,529)		(52,606)
Net investment gains	—		—		34,839		34,839		34,839		28,952
Total	$	1,849,956	$	158,577	$	148,336	$	2,156,869	$	296,068	$	229,525
Three months ended March 31, 2020
Insurance	$	1,484,955	$	123,458	$	8,473	$	1,616,886	$	175,947	$	140,117
Reinsurance & Monoline Excess	206,463		37,710		—		244,173		36,514		29,187
Corporate, other and eliminations (3)	—		13,595		113,130		126,725		(41,755)		(33,755)
Net investment losses	—		—		(177,174)		(177,174)		(177,174)		(139,967)
Total	$	1,691,418	$	174,763	$	(55,571)	$	1,810,610	$	(6,468)	$	(4,418)

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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, 2021 and 2020 were $196 million and $168 million, respectively. Revenues for Reinsurance & Monoline Excess from foreign countries for the three months ended March 31, 2021 and 2020 were $88 million and $69 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, 2021		December 31, 2020
Insurance	$	21,985,027	$	21,702,328
Reinsurance & Monoline Excess	4,678,740		4,654,158
Corporate, other and eliminations	3,127,507		2,215,479
Consolidated	$	29,791,274	$	28,571,965

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


	For the Three Months Ended March 31,

(In thousands)	2021		2020
Insurance:
Other liability	$	601,902	$	547,129
Short-tail lines (1)	324,740		295,478
Workers' compensation	267,449		301,600
Commercial automobile	220,761		189,643
Professional liability	190,128		151,105
Total Insurance	1,604,979		1,484,955

Reinsurance & Monoline Excess:
Casualty reinsurance	149,638		122,731
Property reinsurance	49,466		41,571
Monoline excess (2)	45,873		42,161
Total Reinsurance & Monoline Excess	244,977		206,463

Total	$	1,849,956	$	1,691,418

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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.