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Business Segments
9 Months Ended
Sep. 30, 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 
OtherTotal (2)Pre-Tax Income (Loss)Net Income (Loss) to Common Stockholders
Three months ended September 30, 2022
Insurance$2,129,014 $134,519 $8,341 $2,271,874 $322,312 $258,521 
Reinsurance & Monoline Excess312,947 55,234 — 368,181 59,561 46,875 
Corporate, other and eliminations (3)— 13,063 138,692 151,755 (28,198)(23,563)
Net investment losses— — (67,410)(67,410)(67,410)(52,954)
Total$2,441,961 $202,816 $79,623 $2,724,400 $286,265 $228,879 
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 
Nine months ended September 30, 2022
Insurance$6,162,005 $386,297 $25,354 $6,573,656 $1,052,185 $850,207 
Reinsurance & Monoline Excess886,200 139,768 — 1,025,968 209,366 167,329 
Corporate, other and eliminations (3)— 21,837 403,937 425,774 (147,590)(119,530)
Net investment gains— — 127,299 127,299 127,299 100,833 
Total$7,048,205 $547,902 $556,590 $8,152,697 $1,241,260 $998,839 
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 
_________________
(1) Certain amounts included in earned premiums of each segment are related to inter-segment transactions.
(2) Revenues for Insurance from foreign operations for the three months ended September 30, 2022 and 2021 were $252 million and $220 million, respectively, and for the nine months ended September 30, 2022 and 2021 were $750 million and $638 million, respectively. Revenues for Reinsurance & Monoline Excess from foreign operations for the three months ended September 30, 2022 and 2021 were $117 million and $100 million, respectively, and for the nine months ended September 30, 2022 and 2021 were $307 million and $278 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,
2022
December 31,
2021
Insurance$26,267,446 $24,403,918 
Reinsurance & Monoline Excess5,012,394 4,917,985 
Corporate, other and eliminations1,796,979 2,725,973 
Consolidated$33,076,819 $32,047,876 


    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)2022202120222021
Insurance:
Other liability$824,595 $691,014 $2,363,349 $1,946,598 
Short-tail lines (1)407,211 347,835 1,184,191 1,012,465 
Workers' compensation307,323 286,474 892,390 845,394 
Commercial automobile307,754 257,314 891,729 715,519 
Professional liability282,131 236,434 830,346 631,277 
Total Insurance2,129,014 1,819,071 6,162,005 5,151,253 
Reinsurance & Monoline Excess:
Casualty reinsurance193,726 164,095 568,507 466,264 
Monoline excess (2)54,675 52,361 161,181 146,481 
Property reinsurance64,546 45,491 156,512 138,600 
Total Reinsurance & Monoline Excess312,947 261,947 886,200 751,345 
Total$2,441,961 $2,081,018 $7,048,205 $5,902,598 
______________
(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.