Business Segments (Tables)

3 Months Ended

Mar. 31, 2023

Financial Information Of Company Operating Segments


	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 By Segment


(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

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.