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Industry Segments | 12 Months Ended
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Dec. 31, 2024
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 and certain program management business. The Company's chief operating decision maker ("CODM") is the President and Chief Executive Officer. The CODM assesses performance, makes decisions and allocates resources for each of the three reportable segments based on their contribution towards the Company's profitability and balance sheet strength. Certain key metrics such as combined ratio and return on allocated capital for the Insurance and Reinsurance & Monoline Excess segments, as well as Corporate segment expenditures, are examples of key components of the assessment, decision-making and resource-allocation process. 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 |  | Expenses |  |  |  |
(In thousands) | Earned Premiums (1) |  | Investment Income |  | Other |  | Total (2) |  | Losses and Loss Expenses |  | Policy Acquisition and Insurance Operating Expenses |  | Other |  | Total |  | Pre-Tax Income (Loss) |  | Net Income (Loss) to Common Stockholders
Year ended December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Insurance | $ | 10,086,308 |  |  | $ | 1,057,738 |  |  | $ | 37,455 |  |  | $ | 11,181,501 |  |  | $ | 6,332,490 |  |  | $ | 2,863,697 |  |  | $ | 43,231 |  |  | $ | 9,239,418 |  |  | $ | 1,942,083 |  |  | $ | 1,503,875 |
Reinsurance & Monoline Excess | 1,462,177 |  |  | 234,728 |  |  | — |  |  | 1,696,905 |  |  | 799,105 |  |  | 431,205 |  |  | — |  |  | 1,230,310 |  |  | 466,595 |  |  | 367,569 |
Corporate, other and eliminations (3) | — |  |  | 40,695 |  |  | 601,943 |  |  | 642,638 |  |  | — |  |  | — |  |  | 904,531 |  |  | 904,531 |  |  | (261,893) |  |  | (203,832) |
Net investment gains | — |  |  | — |  |  | 117,708 |  |  | 117,708 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 117,708 |  |  | 88,503 |
Consolidated | $ | 11,548,485 |  |  | $ | 1,333,161 |  |  | $ | 757,106 |  |  | $ | 13,638,752 |  |  | $ | 7,131,595 |  |  | $ | 3,294,902 |  |  | $ | 947,762 |  |  | $ | 11,374,259 |  |  | $ | 2,264,493 |  |  | $ | 1,756,115 |
Year ended December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Insurance | $ | 9,007,376 |  |  | $ | 783,660 |  |  | $ | 36,830 |  |  | $ | 9,827,866 |  |  | $ | 5,615,526 |  |  | $ | 2,545,310 |  |  | $ | 37,112 |  |  | $ | 8,197,948 |  |  | $ | 1,629,918 |  |  | $ | 1,283,281 |
Reinsurance & Monoline Excess | 1,393,311 |  |  | 221,966 |  |  | — |  |  | 1,615,277 |  |  | 756,616 |  |  | 409,376 |  |  | — |  |  | 1,165,992 |  |  | 449,285 |  |  | 355,155 |
Corporate, other and eliminations (3) | — |  |  | 47,209 |  |  | 605,544 |  |  | 652,753 |  |  | — |  |  | — |  |  | 1,024,595 |  |  | 1,024,595 |  |  | (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 |  |  | $ | 6,372,142 |  |  | $ | 2,954,686 |  |  | $ | 1,061,707 |  |  | $ | 10,388,535 |  |  | $ | 1,754,403 |  |  | $ | 1,381,359 |
Year ended December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Insurance | $ | 8,171,828 |  |  | $ | 543,844 |  |  | $ | 33,347 |  |  | $ | 8,749,019 |  |  | $ | 5,013,614 |  |  | $ | 2,268,649 |  |  | $ | 31,294 |  |  | $ | 7,313,557 |  |  | $ | 1,435,462 |  |  | $ | 1,153,231 |
Reinsurance & Monoline Excess | 1,389,601 |  |  | 200,512 |  |  | — |  |  | 1,590,113 |  |  | 848,136 |  |  | 405,254 |  |  | — |  |  | 1,253,390 |  |  | 336,723 |  |  | 271,580 |
Corporate, other and eliminations (3) | — |  |  | 34,829 |  |  | 590,141 |  |  | 624,970 |  |  | — |  |  | — |  |  | 879,871 |  |  | 879,871 |  |  | (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 |  |  | $ | 5,861,750 |  |  | $ | 2,673,903 |  |  | $ | 911,165 |  |  | $ | 9,446,818 |  |  | $ | 1,719,681 |  |  | $ | 1,381,062 |
Identifiable Assets
(In thousands) | December 31,
| 2024 |  | 2023
Insurance | $ | 33,030,140 |  |  | $ | 29,976,619 |
Reinsurance & Monoline Excess | 5,669,729 |  |  | 5,545,249 |
Corporate, other and eliminations (3) | 1,867,399 |  |  | 1,680,147 |
Consolidated | $ | 40,567,268 |  |  | $ | 37,202,015 |
_______________________________________ (1) Certain amounts included in earned premiums of each segment are related to inter-segment transactions. (2) Revenues for Insurance includes $1,471 million, $1,171 million, and $1,029 million in 2024, 2023 and 2022, respectively, from foreign countries. Revenues for Reinsurance & Monoline Excess includes $485 million, $463 million, and $412 million in 2024, 2023 and 2022, respectively, from foreign countries. (3) Corporate, other and eliminations represent corporate revenues and expenses and certain other items that are not allocated to business segments. Net premiums earned by major line of business were as follows:
(In thousands) |  | 2024 |  | 2023 |  | 2022
Insurance |  |  |  |  |  |
Other liability |  | $ | 4,068,662 |  |  | $ | 3,605,298 |  |  | $ | 3,188,399 |
Short-tail lines (1) |  | 2,201,661 |  |  | 1,825,027 |  |  | 1,562,122 |
Auto |  | 1,481,569 |  |  | 1,270,907 |  |  | 1,097,704 |
Workers' compensation |  | 1,237,888 |  |  | 1,212,294 |  |  | 1,197,810 |
Professional liability |  | 1,096,528 |  |  | 1,093,850 |  |  | 1,125,793 |
Total Insurance |  | 10,086,308 |  |  | 9,007,376 |  |  | 8,171,828 |
Reinsurance & Monoline Excess |  |  |  |  |  |
Casualty (2) |  | 771,329 |  |  | 821,826 |  |  | 893,777 |
Property (2) |  | 424,296 |  |  | 330,359 |  |  | 278,807 |
Monoline Excess (3) |  | 266,552 |  |  | 241,126 |  |  | 217,017 |
Total Reinsurance & Monoline Excess |  | 1,462,177 |  |  | 1,393,311 |  |  | 1,389,601 |
Total |  | $ | 11,548,485 |  |  | $ | 10,400,687 |  |  | $ | 9,561,429 |

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- Definition The entire disclosure for reporting segments including data and tables. 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