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Business Segments
9 Months Ended
Sep. 30, 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 
OtherTotal (2)Pre-Tax Income (Loss)Net Income (Loss) to Common Stockholders
Three months ended September 30, 2023
Insurance$2,319,435 $206,792 $9,143 $2,535,370 $415,279 $329,519 
Reinsurance & Monoline Excess322,479 56,259 — 378,738 106,072 83,314 
Corporate, other and eliminations (3)— 7,893 151,063 158,956 (58,976)(46,226)
Net investment losses— — (42,426)(42,426)(42,426)(33,021)
Total$2,641,914 $270,944 $117,780 $3,030,638 $419,949 $333,586 
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 
Nine months ended September 30, 2023
Insurance$6,747,704 $560,182 $27,570 $7,335,456 $1,153,742 $903,575 
Reinsurance & Monoline Excess938,369 148,525 — 1,086,894 313,290 248,279 
Corporate, other and eliminations (3)— 30,787 429,180 459,967 (253,066)(199,040)
Net investment gains— — 39,239 39,239 39,239 31,206 
Total$7,686,073 $739,494 $495,989 $8,921,556 $1,253,205 $984,020 
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 
_________________
(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, 2023 and 2022 were $298 million and $252 million, respectively, and for the nine months ended September 30, 2023 and 2022 were $852 million and $750 million, respectively. Revenues for Reinsurance & Monoline Excess from foreign operations for the three months ended September 30, 2023 and 2022 were $124 million and $117 million, respectively, and for the nine months ended September 30, 2023 and 2022 were $333 million and $307 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,
2023
December 31,
2022
Insurance$28,862,050 $27,012,479 
Reinsurance & Monoline Excess5,194,783 5,195,752 
Corporate, other and eliminations2,054,515 1,606,872 
Consolidated$36,111,348 $33,815,103 


    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)2023202220232022
Insurance:
Other liability$918,054 $824,595 $2,668,831 $2,363,349 
Short-tail lines (1)490,598 407,211 1,383,654 1,184,191 
Commercial automobile335,572 307,754 965,416 891,729 
Workers' compensation300,694 307,323 905,405 892,390 
Professional liability274,517 282,131 824,398 830,346 
Total Insurance2,319,435 2,129,014 6,747,704 6,162,005 
Reinsurance & Monoline Excess:
Casualty reinsurance192,071 193,726 574,660 568,507 
Monoline excess (2)60,363 54,675 177,853 161,181 
Property reinsurance70,045 64,546 185,856 156,512 
Total Reinsurance & Monoline Excess322,479 312,947 938,369 886,200 
Total$2,641,914 $2,441,961 $7,686,073 $7,048,205 
______________
(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.