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Business Segments | 9 Months Ended
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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 |  | Other |  | Total (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 Excess | 322,479 |  |  | 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 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 |
Nine months ended September 30, 2023 |  |  |  |  |  |  |  |  |  |
Insurance | $ | 6,747,704 |  |  | $ | 560,182 |  |  | $ | 27,570 |  |  | $ | 7,335,456 |  |  | $ | 1,153,742 |  |  | $ | 903,575 |
Reinsurance & Monoline Excess | 938,369 |  |  | 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 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 |
_________________ (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 Excess | 5,194,783 |  |  | 5,195,752 |  |
Corporate, other and eliminations | 2,054,515 |  |  | 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) | 2023 |  | 2022 |  | 2023 |  | 2022
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 automobile | 335,572 |  |  | 307,754 |  |  | 965,416 |  |  | 891,729 |
Workers' compensation | 300,694 |  |  | 307,323 |  |  | 905,405 |  |  | 892,390 |
Professional liability | 274,517 |  |  | 282,131 |  |  | 824,398 |  |  | 830,346 |
Total Insurance | 2,319,435 |  |  | 2,129,014 |  |  | 6,747,704 |  |  | 6,162,005 |
Reinsurance & Monoline Excess: |  |  |  |  |  |  |
Casualty reinsurance | 192,071 |  |  | 193,726 |  |  | 574,660 |  |  | 568,507 |
Monoline excess (2) | 60,363 |  |  | 54,675 |  |  | 177,853 |  |  | 161,181 |
Property reinsurance | 70,045 |  |  | 64,546 |  |  | 185,856 |  |  | 156,512 |
Total Reinsurance & Monoline Excess | 322,479 |  |  | 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.

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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 -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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