XML 40 R29.htm IDEA: XBRL DOCUMENT v3.21.2
Business Segments
9 Months Ended
Sep. 30, 2021
Segment Reporting [Abstract]  
Business Segments Business Segments
    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 
OtherTotal (2)Pre-Tax Income (Loss)Net Income (Loss) to Common Stockholders
Three months ended September 30, 2021
Insurance$1,819,071 $118,770 $7,289 $1,945,130 $314,000 $252,333 
Reinsurance & Monoline Excess261,947 48,504 — 310,451 52,742 41,964 
Corporate, other and eliminations (3)— 12,577 136,624 149,201 (53,962)(48,235)
Net investment gains— — 19,501 19,501 19,501 15,235 
Total$2,081,018 $179,851 $163,414 $2,424,283 $332,281 $261,297 
Three months ended September 30, 2020
Insurance$1,531,093 $87,828 $9,463 $1,628,384 $178,971 $130,266 
Reinsurance & Monoline Excess217,828 40,306 — 258,134 61,532 49,070 
Corporate, other and eliminations (3)— 14,516 99,807 114,323 (73,067)(57,781)
Net investment gains— — 38,978 38,978 38,978 30,123 
Total$1,748,921 $142,650 $148,248 $2,039,819 $206,414 $151,678 
Nine months ended September 30, 2021
Insurance$5,151,253 $340,710 $23,780 $5,515,743 $862,399 $681,354 
Reinsurance & Monoline Excess751,345 133,092 — 884,437 196,185 155,770 
Corporate, other and eliminations (3)— 32,813 365,841 398,654 (208,699)(172,051)
Net investment gains— — 78,404 78,404 78,404 62,987 
Total$5,902,598 $506,615 $468,025 $6,877,238 $928,289 $728,060 
Nine months ended September 30, 2020
Insurance$4,481,092 $255,392 $25,953 $4,762,437 $431,464 $315,733 
Reinsurance & Monoline Excess636,161 101,477 — 737,638 110,611 88,947 
Corporate, other and eliminations (3)— 45,975 300,715 346,690 (176,369)(139,471)
Net investment losses— — (60,311)(60,311)(60,311)(46,689)
Total$5,117,253 $402,844 $266,357 $5,786,454 $305,395 $218,520 
_________________
(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 September 30, 2021 and 2020 were $220 million and $183 million, respectively, and for the nine months ended September 30, 2021 and 2020 were $638 million and $500 million, respectively. Revenues for Reinsurance & Monoline Excess from foreign countries for the three months ended September 30, 2021 and 2020 were $100 million and $77 million, respectively, and for the nine months ended September 30, 2021 and 2020 were $278 million and $212 million, respectively.
(3) Corporate, other and eliminations represent corporate revenues and expenses that are not allocated to business segments.
Identifiable Assets
(In thousands)September 30,
2021
December 31,
2020
Insurance$23,745,201 $21,702,328 
Reinsurance & Monoline Excess4,857,288 4,654,158 
Corporate, other and eliminations2,941,799 2,215,479 
Consolidated$31,544,288 $28,571,965 
    Net premiums earned by major line of business are as follows:
 For the Three Months
Ended September 30,
For the Nine Months
Ended September 30,
(In thousands)2021202020212020
Insurance:
Other liability$682,362 $561,595 $1,922,669 $1,653,189 
Short-tail lines (1)347,835 326,019 1,012,465 917,466 
Workers' compensation286,474 271,802 845,394 852,101 
Commercial automobile257,314 203,047 715,519 583,024 
Professional liability245,086 168,630 655,206 475,312 
Total Insurance1,819,071 1,531,093 5,151,253 4,481,092 
Reinsurance & Monoline Excess:
Casualty reinsurance164,095 130,186 466,264 383,375 
Monoline excess (2)52,361 43,577 146,481 126,800 
Property reinsurance45,491 44,065 138,600 125,986 
Total Reinsurance & Monoline Excess261,947 217,828 751,345 636,161 
Total$2,081,018 $1,748,921 $5,902,598 $5,117,253 
______________
(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.