XML 48 R34.htm IDEA: XBRL DOCUMENT v3.24.0.1
Industry Segments
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Industry Segments Industry 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, 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 table. Income 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
Year ended December 31, 2023      
Insurance $9,130,324 $793,998 $36,830 $9,961,152 $1,640,438 $1,291,654 
Reinsurance & Monoline Excess1,270,363 211,628 — 1,481,991 438,765 346,782 
Corporate, other and eliminations (3)— 47,209 605,544 652,753 (371,842)(293,869)
Net investment gains— — 47,042 47,042 47,042 36,792 
Consolidated$10,400,687 $1,052,835 $689,416 $12,142,938 $1,754,403 $1,381,359 
Year ended December 31, 2022
Insurance$8,369,062 $550,084 $33,347 $8,952,493 $1,455,658 $1,173,425 
Reinsurance & Monoline Excess1,192,367 194,272 — 1,386,639 316,527 251,386 
Corporate, other and eliminations (3)— 34,829 590,141 624,970 (254,901)(203,476)
Net investment gains— — 202,397 202,397 202,397 159,727 
Consolidated$9,561,429 $779,185 $825,885 $11,166,499 $1,719,681 $1,381,062 
Year ended December 31, 2021
Insurance$7,077,708 $468,821 $32,063 $7,578,592 $1,219,798 $976,184 
Reinsurance & Monoline Excess1,028,323 175,324 — 1,203,647 270,563 215,439 
Corporate, other and eliminations (3)— 27,473 555,122 582,595 (298,088)(242,055)
Net investment gains— — 90,632 90,632 90,632 72,922 
Consolidated$8,106,031 $671,618 $677,817 $9,455,466 $1,282,905 $1,022,490 

Identifiable Assets
(In thousands)December 31,
20232022
Insurance$30,132,743 $27,009,652 
Reinsurance & Monoline Excess5,389,125 5,195,752 
Corporate, other and eliminations (3)1,680,147 1,655,695 
Consolidated$37,202,015 $33,861,099 
_______________________________________
(1) Certain amounts included in earned premiums of each segment are related to inter-segment transactions.
(2) Revenues for Insurance includes $1,171 million, $1,029 million, and $873 million in 2023, 2022 and 2021, respectively, from foreign countries. Revenues for Reinsurance & Monoline Excess includes $463 million, $412 million, and $380 million in 2023, 2022 and 2021, respectively, from foreign countries.
(3) Corporate, other and eliminations represent corporate revenues and expenses and other items that are not allocated to business segments.
Net premiums earned by major line of business were as follows:
(In thousands)202320222021
Insurance   
Other liability$3,613,900 $3,206,846 $2,673,098 
Short-tail lines1,897,070 1,630,371 1,389,068 
Auto1,313,210 1,208,241 990,945 
Workers' compensation1,212,294 1,197,811 1,131,283 
Professional liability1,093,850 1,125,793 893,314 
Total Insurance9,130,324 8,369,062 7,077,708 
Reinsurance & Monoline Excess
Casualty770,920 764,793 643,193 
Property258,317 210,557 183,943 
Monoline Excess241,126 217,017 201,187 
Total Reinsurance & Monoline Excess1,270,363 1,192,367 1,028,323 
Total$10,400,687 $9,561,429 $8,106,031