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Business Segments | 9 Months Ended
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Sep. 30, 2022
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 the United Kingdom, Continental Europe, South America, Canada, Mexico, Scandinavia, Asia and Australia. •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 September 30, 2022 |  |  |  |  |  |  |  |  |  |
Insurance | $ | 2,129,014 |  |  | $ | 134,519 |  |  | $ | 8,341 |  |  | $ | 2,271,874 |  |  | $ | 322,312 |  |  | $ | 258,521 |
Reinsurance & Monoline Excess | 312,947 |  |  | 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 |
Three months ended September 30, 2021 |  |  |  |  |  |  |  |  |  |
Insurance | $ | 1,819,071 |  |  | $ | 118,770 |  |  | $ | 7,289 |  |  | $ | 1,945,130 |  |  | $ | 314,000 |  |  | $ | 252,333 |
Reinsurance & Monoline Excess | 261,947 |  |  | 48,504 |  |  | — |  |  | 310,451 |  |  | 52,742 |  |  | 41,964 |
Corporate, other and eliminations (3) | — |  |  | 12,577 |  |  | 136,624 |  |  | 149,201 |  |  | (53,962) |  |  | (48,235) |
Net investment gains | — |  |  | — |  |  | 19,501 |  |  | 19,501 |  |  | 19,501 |  |  | 15,235 |
Total | $ | 2,081,018 |  |  | $ | 179,851 |  |  | $ | 163,414 |  |  | $ | 2,424,283 |  |  | $ | 332,281 |  |  | $ | 261,297 |
Nine months ended September 30, 2022 |  |  |  |  |  |  |  |  |  |
Insurance | $ | 6,162,005 |  |  | $ | 386,297 |  |  | $ | 25,354 |  |  | $ | 6,573,656 |  |  | $ | 1,052,185 |  |  | $ | 850,207 |
Reinsurance & Monoline Excess | 886,200 |  |  | 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 |
Nine months ended September 30, 2021 |  |  |  |  |  |  |  |  |  |
Insurance | $ | 5,151,253 |  |  | $ | 340,710 |  |  | $ | 23,780 |  |  | $ | 5,515,743 |  |  | $ | 862,399 |  |  | $ | 681,354 |
Reinsurance & Monoline Excess | 751,345 |  |  | 133,092 |  |  | — |  |  | 884,437 |  |  | 196,185 |  |  | 155,770 |
Corporate, other and eliminations (3) | — |  |  | 32,813 |  |  | 365,841 |  |  | 398,654 |  |  | (208,699) |  |  | (172,051) |
Net investment gains | — |  |  | — |  |  | 78,404 |  |  | 78,404 |  |  | 78,404 |  |  | 62,987 |
Total | $ | 5,902,598 |  |  | $ | 506,615 |  |  | $ | 468,025 |  |  | $ | 6,877,238 |  |  | $ | 928,289 |  |  | $ | 728,060 |
_________________ (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, 2022 and 2021 were $252 million and $220 million, respectively, and for the nine months ended September 30, 2022 and 2021 were $750 million and $638 million, respectively. Revenues for Reinsurance & Monoline Excess from foreign operations for the three months ended September 30, 2022 and 2021 were $117 million and $100 million, respectively, and for the nine months ended September 30, 2022 and 2021 were $307 million and $278 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, 2022 |  | December 31, 2021 |
Insurance | $ | 26,267,446 |  |  | $ | 24,403,918 |  |
Reinsurance & Monoline Excess | 5,012,394 |  |  | 4,917,985 |  |
Corporate, other and eliminations | 1,796,979 |  |  | 2,725,973 |  |
Consolidated | $ | 33,076,819 |  |  | $ | 32,047,876 |  |
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) | 2022 |  | 2021 |  | 2022 |  | 2021
Insurance: |  |  |  |  |  |  |
Other liability | $ | 824,595 |  |  | $ | 691,014 |  |  | $ | 2,363,349 |  |  | $ | 1,946,598 |
Short-tail lines (1) | 407,211 |  |  | 347,835 |  |  | 1,184,191 |  |  | 1,012,465 |
Workers' compensation | 307,323 |  |  | 286,474 |  |  | 892,390 |  |  | 845,394 |
Commercial automobile | 307,754 |  |  | 257,314 |  |  | 891,729 |  |  | 715,519 |
Professional liability | 282,131 |  |  | 236,434 |  |  | 830,346 |  |  | 631,277 |
Total Insurance | 2,129,014 |  |  | 1,819,071 |  |  | 6,162,005 |  |  | 5,151,253 |
Reinsurance & Monoline Excess: |  |  |  |  |  |  |
Casualty reinsurance | 193,726 |  |  | 164,095 |  |  | 568,507 |  |  | 466,264 |
Monoline excess (2) | 54,675 |  |  | 52,361 |  |  | 161,181 |  |  | 146,481 |
Property reinsurance | 64,546 |  |  | 45,491 |  |  | 156,512 |  |  | 138,600 |
Total Reinsurance & Monoline Excess | 312,947 |  |  | 261,947 |  |  | 886,200 |  |  | 751,345 |
Total | $ | 2,441,961 |  |  | $ | 2,081,018 |  |  | $ | 7,048,205 |  |  | $ | 5,902,598 |
______________ (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.

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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=123359005&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=123359005&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=123359005&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=123359005&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=123359005&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=123359005&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=123359005&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=123359005&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=123359005&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=123359005&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=123359005&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=123359005&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=123359005&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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