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Segment Information | 12 Months Ended
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Dec. 31, 2020
Segment Reporting [Abstract] |
Segment Information | The Company classifies its businesses into three underwriting segments — insurance, reinsurance and mortgage — and two other operating segments — ‘other’ and corporate (non-underwriting). The Company determined its reportable segments using the management approach described in accounting guidance regarding disclosures about segments of an enterprise and related information. The accounting policies of the segments are the same as those used for the preparation of the Company’s consolidated financial statements. Intersegment business is allocated to the segment accountable for the underwriting results. The Company’s insurance, reinsurance and mortgage segments each have managers who are responsible for the overall profitability of their respective segments and who are directly accountable to the Company’s chief operating decision makers, the Chief Executive Officer of Arch Capital, Chief Financial Officer and Treasurer of Arch Capital and the President and Chief Underwriting Officer of Arch Capital. The chief operating decision makers do not assess performance, measure return on equity or make resource allocation decisions on a line of business basis. Management measures segment performance for its three underwriting segments based on underwriting income or loss. The Company does not manage its assets by underwriting segment, with the exception of goodwill and intangible assets, and, accordingly, investment income is not allocated to each underwriting segment. The insurance segment consists of the Company’s insurance underwriting units which offer specialty product lines on a worldwide basis. Product lines include: • Construction and national accounts: primary and excess casualty coverages to middle and large accounts in the construction industry and a wide range of products for middle and large national accounts, specializing in loss sensitive primary casualty insurance programs (including large deductible, self-insured retention and retrospectively rated programs). • Excess and surplus casualty: primary and excess casualty insurance coverages, including middle market energy business, and contract binding, which primarily provides casualty coverage through a network of appointed agents to small and medium risks. • Lenders products: collateral protection, debt cancellation and service contract reimbursement products to banks, credit unions, automotive dealerships and original equipment manufacturers and other specialty programs that pertain to automotive lending and leasing. • Professional lines: directors’ and officers’ liability, errors and omissions liability, employment practices liability, fiduciary liability, crime, professional indemnity and other financial related coverages for corporate, private equity, venture capital, real estate investment trust, limited partnership, financial institution and not-for-profit clients of all sizes and medical professional and general liability insurance coverages for the healthcare industry. The business is predominately written on a claims-made basis. • Programs: primarily package policies, underwriting workers’ compensation and umbrella liability business in support of desirable package programs, targeting program managers with unique expertise and niche products offering general liability, commercial automobile, inland marine and property business with minimal catastrophe exposure. • Property, energy, marine and aviation: primary and excess general property insurance coverages, including catastrophe-exposed property coverage, for commercial clients. Coverages for marine include hull, war, specie and liability. Aviation and stand-alone terrorism are also offered. • Travel, accident and health: specialty travel and accident and related insurance products for individual, group travelers, travel agents and suppliers, as well as accident and health, which provides accident, disability and medical plan insurance coverages for employer groups, medical plan members, students and other participant groups. • Other: includes alternative market risks (including captive insurance programs), excess workers’ compensation and employer’s liability insurance coverages for qualified self-insured groups, associations and trusts, and contract and commercial surety coverages, including contract bonds (payment and performance bonds) primarily for medium and large contractors and commercial surety bonds for Fortune 1000 companies and smaller transaction business programs. The reinsurance segment consists of the Company’s reinsurance underwriting units which offer specialty product lines on a worldwide basis. Product lines include: •Casualty: provides coverage to ceding company clients on third party liability and workers’ compensation exposures from ceding company clients, primarily on a treaty basis. Exposures include, among others, executive assurance, professional liability, workers’ compensation, excess and umbrella liability, excess motor and healthcare business. •Marine and aviation: provides coverage for energy, hull, cargo, specie, liability and transit, and aviation business, including airline and general aviation risks. Business written may also include space business, which includes coverages for satellite assembly, launch and operation for commercial space programs. •Other specialty: provides coverage to ceding company clients for proportional motor and other lines including surety, accident and health, workers’ compensation catastrophe, agriculture, trade credit and political risk. •Property catastrophe: provides protection for most catastrophic losses that are covered in the underlying policies written by reinsureds, including hurricane, earthquake, flood, tornado, hail and fire, and coverage for other perils on a case-by-case basis. Property catastrophe reinsurance provides coverage on an excess of loss basis when aggregate losses and loss adjustment expense from a single occurrence of a covered peril exceed the retention specified in the contract. •Property excluding property catastrophe: provides coverage for both personal lines and commercial property exposures and principally covers buildings, structures, equipment and contents. The primary perils in this business include fire, explosion, collapse, riot, vandalism, wind, tornado, flood and earthquake. Business is assumed on both a proportional and excess of loss basis. In addition, facultative business is written which focuses on commercial property risks on an excess of loss basis. •Other. includes life reinsurance business on both a proportional and non-proportional basis, casualty clash business and, in limited instances, non-traditional business which is intended to provide insurers with risk management solutions that complement traditional reinsurance. The mortgage segment includes the Company’s U.S. and international mortgage insurance and reinsurance operations as well as government sponsored enterprise (“GSE”) credit-risk sharing transactions. AMIC and UGRIC (components of “Arch MI U.S.”) are approved as eligible mortgage insurers by Federal National Mortgage Association (“Fannie Mae”) and Federal Home Loan Mortgage Corporation (“Freddie Mac”), each a government sponsored enterprise, or “GSE.”. Arch MI U.S. also includes Arch Mortgage Guaranty Company, which is not a GSE-approved entity. The corporate (non-underwriting) segment results include net investment income, other income (loss), other expenses incurred by the Company, interest expense, net realized gains or losses, net impairment losses included in earnings, equity in net income or loss of investments accounted for using the equity method, net foreign exchange gains or losses, transaction costs and other, income taxes and items related to the Company’s non-cumulative preferred shares. Such amounts exclude the results of the ‘other’ segment. The ‘other’ segment includes the results of Watford (see note 12, “Variable Interest Entity and Noncontrolling Interests”). Watford has its own management and board of directors that is responsible for the overall profitability of the ‘other’ segment. For the ‘other’ segment, performance is measured based on net income or loss. The following tables summarize the Company’s underwriting income or loss by segment, together with a reconciliation of underwriting income or loss to net income available to Arch common shareholders, summary information regarding net premiums written and earned by major line of business and net premiums written by location:
| Year Ended December 31, 2020
| Insurance |  | Reinsurance |  | Mortgage |  | Sub-Total |  | Other |  | Total
Gross premiums written (1) | $ | 4,688,562 |  |  | $ | 3,472,086 |  |  | $ | 1,473,999 |  |  | $ | 9,632,691 |  |  | $ | 728,546 |  |  | $ | 10,088,068 |
Premiums ceded | (1,525,655) |  |  | (1,014,716) |  |  | (194,149) |  |  | (2,732,564) |  |  | (190,957) |  |  | (2,650,352) |
Net premiums written | 3,162,907 |  |  | 2,457,370 |  |  | 1,279,850 |  |  | 6,900,127 |  |  | 537,589 |  |  | 7,437,716 |
Change in unearned premiums | (291,487) |  |  | (295,141) |  |  | 118,085 |  |  | (468,543) |  |  | 22,762 |  |  | (445,781) |
Net premiums earned | 2,871,420 |  |  | 2,162,229 |  |  | 1,397,935 |  |  | 6,431,584 |  |  | 560,351 |  |  | 6,991,935 |
Other underwriting income (loss) | (31) |  |  | 4,454 |  |  | 20,316 |  |  | 24,739 |  |  | 2,045 |  |  | 26,784 |
Losses and loss adjustment expenses | (2,092,453) |  |  | (1,628,320) |  |  | (528,344) |  |  | (4,249,117) |  |  | (440,482) |  |  | (4,689,599) |
Acquisition expenses | (418,483) |  |  | (354,048) |  |  | (134,240) |  |  | (906,771) |  |  | (98,071) |  |  | (1,004,842) |
Other operating expenses | (489,153) |  |  | (168,011) |  |  | (162,202) |  |  | (819,366) |  |  | (55,810) |  |  | (875,176) |
Underwriting income (loss) | $ | (128,700) |  |  | $ | 16,304 |  |  | $ | 593,465 |  |  | 481,069 |  |  | (31,967) |  |  | 449,102 |
Net investment income |  |  |  |  |  |  | 401,908 |  |  | 117,700 |  |  | 519,608 |
Net realized gains (losses) |  |  |  |  |  |  | 813,781 |  |  | 9,679 |  |  | 823,460 |
Equity in net income (loss) of investments accounted for using the equity method |  |  |  |  |  |  | 146,693 |  |  | — |  |  | 146,693 |
Other income (loss) |  |  |  |  |  |  | 16,795 |  |  | — |  |  | 16,795 |
Corporate expenses |  |  |  |  |  |  | (68,492) |  |  | — |  |  | (68,492) |
Transaction costs and other |  |  |  |  |  |  | (9,456) |  |  | (4,040) |  |  | (13,496) |
Amortization of intangible assets |  |  |  |  |  |  | (69,031) |  |  | — |  |  | (69,031) |
Interest expense |  |  |  |  |  |  | (120,214) |  |  | (23,242) |  |  | (143,456) |
Net foreign exchange gains (losses) |  |  |  |  |  |  | (80,161) |  |  | (3,473) |  |  | (83,634) |
Income (loss) before income taxes |  |  |  |  |  |  | 1,512,892 |  |  | 64,657 |  |  | 1,577,549 |
Income tax expense |  |  |  |  |  |  | (111,812) |  |  | (26) |  |  | (111,838) |
Net income (loss) |  |  |  |  |  |  | 1,401,080 |  |  | 64,631 |  |  | 1,465,711 |
Amounts attributable to redeemable noncontrolling interests |  |  |  |  |  |  | (2,997) |  |  | (4,117) |  |  | (7,114) |
Amounts attributable to nonredeemable noncontrolling interests |  |  |  |  |  |  | — |  |  | (53,076) |  |  | (53,076) |
Net income (loss) available to Arch |  |  |  |  |  |  | 1,398,083 |  |  | 7,438 |  |  | 1,405,521 |
Preferred dividends |  |  |  |  |  |  | (41,612) |  |  | — |  |  | (41,612) |
Net income (loss) available to Arch common shareholders |  |  |  |  |  |  | $ | 1,356,471 |  |  | $ | 7,438 |  |  | $ | 1,363,909 |
Underwriting Ratios |  |  |  |  |  |  |  |  |  |  |
Loss ratio | 72.9 | % |  | 75.3 | % |  | 37.8 | % |  | 66.1 | % |  | 78.6 | % |  | 67.1 | %
Acquisition expense ratio | 14.6 | % |  | 16.4 | % |  | 9.6 | % |  | 14.1 | % |  | 17.5 | % |  | 14.4 | %
Other operating expense ratio | 17.0 | % |  | 7.8 | % |  | 11.6 | % |  | 12.7 | % |  | 10.0 | % |  | 12.5 | %
Combined ratio | 104.5 | % |  | 99.5 | % |  | 59.0 | % |  | 92.9 | % |  | 106.1 | % |  | 94.0 | %
Goodwill and intangible assets | $ | 280,978 |  |  | $ | 18,963 |  |  | $ | 385,272 |  |  | $ | 685,213 |  |  | $ | 7,650 |  |  | $ | 692,863 |
Total investable assets |  |  |  |  |  |  | $ | 26,856,295 |  |  | $ | 2,657,612 |  |  | $ | 29,513,907 |
Total assets |  |  |  |  |  |  | 39,791,983 |  |  | 3,490,314 |  |  | 43,282,297 |
Total liabilities |  |  |  |  |  |  | 26,789,149 |  |  | 2,505,707 |  |  | 29,294,856 |
(1) Certain amounts included in the gross premiums written of each segment are related to intersegment transactions. Accordingly, the sum of gross premiums written for each segment does not agree to the total gross premiums written as shown in the table above due to the elimination of intersegment transactions in the total.
| Year Ended December 31, 2019
| Insurance |  | Reinsurance |  | Mortgage |  | Sub-Total |  | Other |  | Total
Gross premiums written (1) | $ | 3,907,993 |  |  | $ | 2,323,223 |  |  | $ | 1,466,265 |  |  | $ | 7,695,645 |  |  | $ | 754,881 |  |  | $ | 8,138,960 |
Premiums ceded | (1,266,267) |  |  | (720,500) |  |  | (204,509) |  |  | (2,189,440) |  |  | (222,019) |  |  | (2,099,893) |
Net premiums written | 2,641,726 |  |  | 1,602,723 |  |  | 1,261,756 |  |  | 5,506,205 |  |  | 532,862 |  |  | 6,039,067 |
Change in unearned premiums | (244,646) |  |  | (136,334) |  |  | 104,584 |  |  | (276,396) |  |  | 23,827 |  |  | (252,569) |
Net premiums earned | 2,397,080 |  |  | 1,466,389 |  |  | 1,366,340 |  |  | 5,229,809 |  |  | 556,689 |  |  | 5,786,498 |
Other underwriting income | — |  |  | 6,444 |  |  | 16,005 |  |  | 22,449 |  |  | 2,412 |  |  | 24,861 |
Losses and loss adjustment expenses | (1,615,475) |  |  | (1,011,329) |  |  | (53,513) |  |  | (2,680,317) |  |  | (453,135) |  |  | (3,133,452) |
Acquisition expenses, net | (361,614) |  |  | (239,032) |  |  | (134,319) |  |  | (734,965) |  |  | (105,980) |  |  | (840,945) |
Other operating expenses | (454,770) |  |  | (141,484) |  |  | (153,092) |  |  | (749,346) |  |  | (51,651) |  |  | (800,997) |
Underwriting income (loss) | $ | (34,779) |  |  | $ | 80,988 |  |  | $ | 1,041,421 |  |  | 1,087,630 |  |  | (51,665) |  |  | 1,035,965 |
Net investment income |  |  |  |  |  |  | 491,067 |  |  | 136,671 |  |  | 627,738 |
Net realized gains (losses) |  |  |  |  |  |  | 348,037 |  |  | 15,161 |  |  | 363,198 |
Equity in net income (loss) of investments accounted for using the equity method |  |  |  |  |  |  | 123,672 |  |  | — |  |  | 123,672 |
Other income (loss) |  |  |  |  |  |  | 2,233 |  |  | — |  |  | 2,233 |
Corporate expenses |  |  |  |  |  |  | (65,667) |  |  | — |  |  | (65,667) |
Transaction costs and other |  |  |  |  |  |  | (14,444) |  |  | — |  |  | (14,444) |
Amortization of intangible assets |  |  |  |  |  |  | (82,104) |  |  | — |  |  | (82,104) |
Interest expense |  |  |  |  |  |  | (93,735) |  |  | (27,137) |  |  | (120,872) |
Net foreign exchange gains (losses) |  |  |  |  |  |  | (9,252) |  |  | (11,357) |  |  | (20,609) |
Income (loss) before income taxes |  |  |  |  |  |  | 1,787,437 |  |  | 61,673 |  |  | 1,849,110 |
Income tax (expense) benefit |  |  |  |  |  |  | (155,790) |  |  | (20) |  |  | (155,810) |
Net income (loss) |  |  |  |  |  |  | 1,631,647 |  |  | 61,653 |  |  | 1,693,300 |
Amounts attributable to redeemable noncontrolling interests |  |  |  |  |  |  | — |  |  | (16,909) |  |  | (16,909) |
Amounts attributable to nonredeemable noncontrolling interests |  |  |  |  |  |  | — |  |  | (40,072) |  |  | (40,072) |
Net income (loss) available to Arch |  |  |  |  |  |  | 1,631,647 |  |  | 4,672 |  |  | 1,636,319 |
Preferred dividends |  |  |  |  |  |  | (41,612) |  |  | — |  |  | (41,612) |
Net income (loss) available to Arch common shareholders |  |  |  |  |  |  | $ | 1,590,035 |  |  | $ | 4,672 |  |  | $ | 1,594,707 |
Underwriting Ratios |  |  |  |  |  |  |  |  |  |  |
Loss ratio | 67.4 | % |  | 69.0 | % |  | 3.9 | % |  | 51.3 | % |  | 81.4 | % |  | 54.2 | %
Acquisition expense ratio | 15.1 | % |  | 16.3 | % |  | 9.8 | % |  | 14.1 | % |  | 19.0 | % |  | 14.5 | %
Other operating expense ratio | 19.0 | % |  | 9.6 | % |  | 11.2 | % |  | 14.3 | % |  | 9.3 | % |  | 13.8 | %
Combined ratio | 101.5 | % |  | 94.9 | % |  | 24.9 | % |  | 79.7 | % |  | 109.7 | % |  | 82.5 | %
Goodwill and intangible assets | $ | 289,021 |  |  | $ | 2,516 |  |  | $ | 438,896 |  |  | $ | 730,433 |  |  | $ | 7,650 |  |  | $ | 738,083 |
Total investable assets |  |  |  |  |  |  | $ | 22,285,676 |  |  | $ | 2,704,589 |  |  | $ | 24,990,265 |
Total assets |  |  |  |  |  |  | 34,374,468 |  |  | 3,510,893 |  |  | 37,885,361 |
Total liabilities |  |  |  |  |  |  | 22,977,636 |  |  | 2,592,173 |  |  | 25,569,809 |
(1) Certain amounts included in the gross premiums written of each segment are related to intersegment transactions. Accordingly, the sum of gross premiums written for each segment does not agree to the total gross premiums written as shown in the table above due to the elimination of intersegment transactions in the total.
| Year Ended December 31, 2018
| Insurance |  | Reinsurance |  | Mortgage |  | Sub-Total |  | Other |  | Total
Gross premiums written (1) | $ | 3,262,332 |  |  | $ | 1,912,522 |  |  | $ | 1,360,708 |  |  | $ | 6,534,423 |  |  | $ | 735,015 |  |  | $ | 6,961,004 |
Premiums ceded | (1,050,207) |  |  | (539,950) |  |  | (202,833) |  |  | (1,791,851) |  |  | (130,840) |  |  | (1,614,257) |
Net premiums written | 2,212,125 |  |  | 1,372,572 |  |  | 1,157,875 |  |  | 4,742,572 |  |  | 604,175 |  |  | 5,346,747 |
Change in unearned premiums | (6,464) |  |  | (111,356) |  |  | 28,361 |  |  | (89,459) |  |  | (25,313) |  |  | (114,772) |
Net premiums earned | 2,205,661 |  |  | 1,261,216 |  |  | 1,186,236 |  |  | 4,653,113 |  |  | 578,862 |  |  | 5,231,975 |
Other underwriting income | — |  |  | (682) |  |  | 13,033 |  |  | 12,351 |  |  | 2,722 |  |  | 15,073 |
Losses and loss adjustment expenses | (1,520,680) |  |  | (846,882) |  |  | (81,289) |  |  | (2,448,851) |  |  | (441,255) |  |  | (2,890,106) |
Acquisition expenses, net | (349,702) |  |  | (211,280) |  |  | (118,595) |  |  | (679,577) |  |  | (125,558) |  |  | (805,135) |
Other operating expenses | (364,138) |  |  | (133,350) |  |  | (142,432) |  |  | (639,920) |  |  | (37,889) |  |  | (677,809) |
Underwriting income (loss) | $ | (28,859) |  |  | $ | 69,022 |  |  | $ | 856,953 |  |  | 897,116 |  |  | (23,118) |  |  | 873,998 |
Net investment income |  |  |  |  |  |  | 437,958 |  |  | 125,675 |  |  | 563,633 |
Net realized gains (losses) |  |  |  |  |  |  | (287,258) |  |  | (120,915) |  |  | (408,173) |
Equity in net income (loss) of investments accounted for using the equity method |  |  |  |  |  |  | 45,641 |  |  | — |  |  | 45,641 |
Other income (loss) |  |  |  |  |  |  | 2,419 |  |  | — |  |  | 2,419 |
Corporate expenses |  |  |  |  |  |  | (58,608) |  |  | — |  |  | (58,608) |
Transaction costs and other |  |  |  |  |  |  | (11,386) |  |  | (9,000) |  |  | (20,386) |
Amortization of intangible assets |  |  |  |  |  |  | (105,670) |  |  | — |  |  | (105,670) |
Interest expense |  |  |  |  |  |  | (101,019) |  |  | (19,465) |  |  | (120,484) |
Net foreign exchange gains (losses) |  |  |  |  |  |  | 58,711 |  |  | 10,691 |  |  | 69,402 |
Income (loss) before income taxes |  |  |  |  |  |  | 877,904 |  |  | (36,132) |  |  | 841,772 |
Income tax benefit |  |  |  |  |  |  | (113,924) |  |  | (27) |  |  | (113,951) |
Net income |  |  |  |  |  |  | 763,980 |  |  | (36,159) |  |  | 727,821 |
Amounts attributable to redeemable noncontrolling interests |  |  |  |  |  |  | — |  |  | (18,357) |  |  | (18,357) |
Amounts attributable to nonredeemable noncontrolling interests |  |  |  |  |  |  | — |  |  | 48,507 |  |  | 48,507 |
Net income (loss) available to Arch |  |  |  |  |  |  | 763,980 |  |  | (6,009) |  |  | 757,971 |
Preferred dividends |  |  |  |  |  |  | (41,645) |  |  | — |  |  | (41,645) |
Loss on redemption of preferred shares |  |  |  |  |  |  | (2,710) |  |  | — |  |  | (2,710) |
Net income (loss) available to Arch common shareholders |  |  |  |  |  |  | $ | 719,625 |  |  | $ | (6,009) |  |  | $ | 713,616 |
Underwriting Ratios |  |  |  |  |  |  |  |  |  |  |
Loss ratio | 68.9 | % |  | 67.1 | % |  | 6.9 | % |  | 52.6 | % |  | 76.2 | % |  | 55.2 | %
Acquisition expense ratio | 15.9 | % |  | 16.8 | % |  | 10.0 | % |  | 14.6 | % |  | 21.7 | % |  | 15.4 | %
Other operating expense ratio | 16.5 | % |  | 10.6 | % |  | 12.0 | % |  | 13.8 | % |  | 6.5 | % |  | 13.0 | %
Combined ratio | 101.3 | % |  | 94.5 | % |  | 28.9 | % |  | 81.0 | % |  | 104.4 | % |  | 83.6 | %
Goodwill and intangible assets | $ | 114,012 |  |  | $ | — |  |  | $ | 513,258 |  |  | $ | 627,270 |  |  | $ | 7,650 |  |  | $ | 634,920 |
Total investable assets |  |  |  |  |  |  | $ | 19,566,861 |  |  | $ | 2,757,663 |  |  | $ | 22,324,524 |
Total assets |  |  |  |  |  |  | 28,845,473 |  |  | 3,372,856 |  |  | 32,218,329 |
Total liabilities |  |  |  |  |  |  | 19,518,395 |  |  | 2,262,255 |  |  | 21,780,650 |
(1) Certain amounts included in the gross premiums written of each segment are related to intersegment transactions. Accordingly, the sum of gross premiums written for each segment does not agree to the total gross premiums written as shown in the table above due to the elimination of intersegment transactions in the total. The following tables provide summary information regarding net premiums earned by major line of business and net premiums written by underwriting location:
INSURANCE SEGMENT | Year Ended December 31,
2020 |  | 2019 |  | 2018
Net premiums earned (1) |  |  |  |  |
Property, energy, marine and aviation | $ | 517,247 |  |  | $ | 298,966 |  |  | $ | 205,069 |
Professional Lines (2) | 655,872 |  | 499,224 |  | 458,425
Programs | 432,854 |  | 414,103 |  | 389,186
Construction and national accounts | 387,934 |  | 325,687 |  | 322,440
Excess and surplus casualty (3) | 270,620 |  | 200,615 |  | 172,424
Travel, accident and health | 190,944 |  | 305,085 |  | 297,147
Lenders products | 114,687 |  | 66,079 |  | 94,248
Other (4) | 301,262 |  | 287,321 |  | 266,722
Total | $ | 2,871,420 |  |  | $ | 2,397,080 |  |  | $ | 2,205,661 |
Net premiums written by underwriting location (1) |  |  |  |  |
United States | $ | 2,158,415 |  |  | $ | 1,983,476 |  |  | $ | 1,736,651 |
Europe | 856,572 |  | 559,214 |  | 401,974
Other | 147,920 |  |  | 99,036 |  |  | 73,500 |
Total | $ | 3,162,907 |  |  | $ | 2,641,726 |  |  | $ | 2,212,125 |
(1) Insurance segment results include premiums assumed through intersegment transactions and exclude premiums ceded through intersegment transactions. (2) Includes professional liability, executive assurance and healthcare business. (3) Includes casualty and contract binding business. (4) Includes alternative markets, excess workers' compensation and surety business.
REINSURANCE SEGMENT | Year Ended December 31,
2020 |  | 2019 |  | 2018
Net premiums earned (1) |  |  |  |  |
Property excluding property catastrophe | $ | 562,208 |  |  | $ | 362,841 |  |  | $ | 287,788 |
Property catastrophe | 237,736 |  | 90,934 |  | 75,249
Other Specialty (2) | 626,409 |  | 478,517 |  | 474,568
Casualty (3) | 549,056 |  | 429,288 |  | 347,034
Marine and aviation | 109,624 |  | 48,274 |  | 39,238
Other (4) | 77,196 |  | 56,535 |  | 37,339
Total | $ | 2,162,229 |  |  | $ | 1,466,389 |  |  | $ | 1,261,216 |
Net premiums written by underwriting location (1) |  |  |  |  |
United States | $ | 687,622 |  |  | $ | 529,943 |  |  | $ | 413,550 |
Bermuda | 1,001,990 |  | 578,618 |  | 487,523 |
Europe and other | 767,758 |  | 494,162 |  | 471,499 |
Total | $ | 2,457,370 |  |  | $ | 1,602,723 |  |  | $ | 1,372,572 |
(1) Reinsurance segment results include premiums assumed through intersegment transactions and exclude premiums ceded through intersegment transactions. (2) Includes proportional motor, surety, accident and health, workers’ compensation catastrophe, agriculture, trade credit and other. (3) Includes executive assurance, professional liability, workers’ compensation, excess motor, healthcare and other. (4) Includes life, casualty clash and other.
MORTGAGE SEGMENT | Year Ended December 31,
2020 |  | 2019 |  | 2018
Net premiums earned by underwriting location |  |  |  |  |
United States | $ | 1,158,563 |  |  | $ | 1,134,849 |  |  | $ | 1,009,765 |
Other | 239,372 |  |  | 231,491 |  |  | 176,471 |
Total | $ | 1,397,935 |  |  | $ | 1,366,340 |  |  | $ | 1,186,236 |
Net premiums written by underwriting location |  |  |  |  |
United States | $ | 1,021,950 |  |  | $ | 1,032,868 |  |  | $ | 948,323 |
Other | 257,900 |  |  | 228,888 |  |  | 209,552 |
Total | $ | 1,279,850 |  |  | $ | 1,261,756 |  |  | $ | 1,157,875 |
OTHER SEGMENT | Year Ended December 31,
2020 |  | 2019 |  | 2018
Net premiums earned (1) |  |  |  |  |
Casualty (2) | $ | 245,272 |  |  | $ | 246,894 |  |  | $ | 277,589 |
Other specialty (3) | 186,717 |  |  | 185,547 |  |  | 204,485 |
Property catastrophe | 23,037 |  |  | 13,399 |  |  | 10,998 |
Property excluding property catastrophe | 1,130 |  |  | 3,503 |  |  | 2,802 |
Marine and aviation | 429 |  |  | — |  |  | — |
Other (4) | 103,766 |  |  | 107,346 |  |  | 82,988 |
Total | $ | 560,351 |  |  | $ | 556,689 |  |  | $ | 578,862 |
Net premiums written by underwriting location (1) |  |  |  |  |
United States | $ | 115,471 |  |  | $ | 127,176 |  |  | $ | 49,800 |
Europe | 97,753 |  |  | 52,065 |  |  | 91,635 |
Bermuda | 324,365 |  |  | 353,621 |  |  | 462,740 |
Total | $ | 537,589 |  |  | $ | 532,862 |  |  | $ | 604,175 |
(1) Other segment results include premiums assumed through intersegment transactions and exclude premiums ceded through intersegment transactions. (2) Includes professional liability, excess motor, programs and other. (3) Includes proportional motor and other. (4) Includes mortgage, US programs and other.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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