Business Segments

3 Months Ended

Mar. 31, 2023

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 Asia, Australia, Canada, Continental Europe, Mexico, Scandinavia, South America and the United Kingdom

•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, 2023
Insurance	$	2,181,876	$	166,086	$	9,577	$	2,357,539	$	352,199	$	273,904
Reinsurance & Monoline Excess	309,556		52,055		—		361,611		101,712		82,561
Corporate, other and eliminations (3)	—		5,257		147,587		152,844		(100,850)		(80,499)
Net investment gains	—		—		23,010		23,010		23,010		18,160
Total	$	2,491,432	$	223,398	$	180,174	$	2,895,004	$	376,071	$	294,126
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

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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 operations for the three months ended March 31, 2023 and 2022 were $274 million and $235 million, respectively. Revenues for Reinsurance & Monoline Excess from foreign operations for the three months ended March 31, 2023 and 2022 were $106 million and $96 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, 2023		December 31, 2022
Insurance	$	27,062,484	$	27,012,479
Reinsurance & Monoline Excess	5,191,920		5,195,752
Corporate, other and eliminations	2,041,660		1,606,872
Consolidated	$	34,296,064	$	33,815,103

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

	For the Three Months Ended March 31,
(In thousands)	2023		2022
Insurance:
Other liability	$	857,149	$	749,391
Short-tail lines (1)	430,503		375,212
Commercial automobile	311,422		282,234
Workers' compensation	305,561		285,423
Professional liability	277,241		270,575
Total Insurance	2,181,876		1,962,835
Reinsurance & Monoline Excess:
Casualty reinsurance	193,730		184,122
Monoline excess (2)	58,644		51,896
Property reinsurance	57,182		50,234
Total Reinsurance & Monoline Excess	309,556		286,252
Total	$	2,491,432	$	2,249,087

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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.