Business Segments

3 Months Ended

Mar. 31, 2022

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		Other		Total (2)		Pre-Tax Income (Loss)		Net Income (Loss) to Common Stockholders
Three months ended March 31, 2022
Insurance	$	1,962,835	$	137,654	$	8,676	$	2,109,165	$	382,412	$	315,552
Reinsurance & Monoline Excess	286,252		27,423		—		313,675		57,628		47,080
Corporate, other and eliminations (3)	—		8,435		117,869		126,304		(73,872)		(59,817)
Net investment gains	—		—		366,265		366,265		366,265		287,823
Total	$	2,249,087	$	173,512	$	492,810	$	2,915,409	$	732,433	$	590,638
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

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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, 2022 and 2021 were $235 million and $196 million, respectively. Revenues for Reinsurance & Monoline Excess from foreign countries for the three months ended March 31, 2022 and 2021 were $96 million and $88 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, 2022		December 31, 2021
Insurance	$	25,057,202	$	24,403,918
Reinsurance & Monoline Excess	5,058,976		4,917,985
Corporate, other and eliminations	2,134,776		2,725,973
Consolidated	$	32,250,954	$	32,047,876

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

	For the Three Months Ended March 31,
(In thousands)	2022		2021
Insurance:
Other liability	$	754,456	$	611,404
Short-tail lines (1)	375,212		324,740
Workers' compensation	285,423		267,449
Commercial automobile	282,234		220,761
Professional liability	265,510		180,626
Total Insurance	1,962,835		1,604,979
Reinsurance & Monoline Excess:
Casualty reinsurance	184,122		149,638
Property reinsurance	50,234		49,466
Monoline excess (2)	51,896		45,873
Total Reinsurance & Monoline Excess	286,252		244,977
Total	$	2,249,087	$	1,849,956

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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.