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v3.25.2

Business Segments (Tables) | 6 Months Ended
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Jun. 30, 2025
Segment Reporting [Abstract] |
Financial Information Of Company Operating Segments |
| Revenues |  | Expenses |  |  |  |
(In thousands) | Earned Premiums (1) |  | Investment Income (Loss) |  | 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
Three months ended June 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Insurance | $ | 2,728,784 |  |  | $ | 299,476 |  |  | $ | 10,154 |  |  | $ | 3,038,414 |  |  | $ | 1,742,235 |  |  | $ | 772,328 |  |  | $ | 11,179 |  |  | $ | 2,525,742 |  |  | $ | 512,672 |  |  | $ | 393,450 |
Reinsurance & Monoline Excess | 369,401 |  |  | 80,858 |  |  | — |  |  | 450,259 |  |  | 213,189 |  |  | 109,771 |  |  | — |  |  | 322,960 |  |  | 127,299 |  |  | 100,040 |
Corporate, other and eliminations (3) | — |  |  | (1,031) |  |  | 152,193 |  |  | 151,162 |  |  | — |  |  | — |  |  | 300,243 |  |  | 300,243 |  |  | (149,081) |  |  | (116,490) |
Net investment gains | — |  |  | — |  |  | 30,973 |  |  | 30,973 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 30,973 |  |  | 24,288 |
Total | $ | 3,098,185 |  |  | $ | 379,303 |  |  | $ | 193,320 |  |  | $ | 3,670,808 |  |  | $ | 1,955,424 |  |  | $ | 882,099 |  |  | $ | 311,422 |  |  | $ | 3,148,945 |  |  | $ | 521,863 |  |  | $ | 401,288 |
Three months ended June 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Insurance | $ | 2,484,569 |  |  | $ | 303,561 |  |  | $ | 9,591 |  |  | $ | 2,797,721 |  |  | $ | 1,589,569 |  |  | $ | 707,155 |  |  | $ | 10,944 |  |  | $ | 2,307,668 |  |  | $ | 490,053 |  |  | $ | 374,247 |
Reinsurance & Monoline Excess | 361,846 |  |  | 58,472 |  |  | — |  |  | 420,318 |  |  | 191,027 |  |  | 104,842 |  |  | — |  |  | 295,869 |  |  | 124,449 |  |  | 97,638 |
Corporate, other and eliminations (3) | — |  |  | 10,096 |  |  | 144,409 |  |  | 154,505 |  |  | — |  |  | — |  |  | 222,822 |  |  | 222,822 |  |  | (68,317) |  |  | (53,865) |
Net investment losses | — |  |  | — |  |  | (58,512) |  |  | (58,512) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (58,512) |  |  | (46,111) |
Total | $ | 2,846,415 |  |  | $ | 372,129 |  |  | $ | 95,488 |  |  | $ | 3,314,032 |  |  | $ | 1,780,596 |  |  | $ | 811,997 |  |  | $ | 233,766 |  |  | $ | 2,826,359 |  |  | $ | 487,673 |  |  | $ | 371,909 |
Six months ended June 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Insurance | $ | 5,371,291 |  |  | $ | 590,724 |  |  | $ | 20,106 |  |  | $ | 5,982,121 |  |  | $ | 3,429,688 |  |  | $ | 1,507,989 |  |  | $ | 22,267 |  |  | $ | 4,959,944 |  |  | $ | 1,022,177 |  |  | $ | 786,572 |
Reinsurance & Monoline Excess | 739,275 |  |  | 147,288 |  |  | — |  |  | 886,563 |  |  | 426,528 |  |  | 212,356 |  |  | — |  |  | 638,884 |  |  | 247,679 |  |  | 195,883 |
Corporate, other and eliminations (3) | — |  |  | 1,583 |  |  | 300,612 |  |  | 302,195 |  |  | — |  |  | — |  |  | 558,910 |  |  | 558,910 |  |  | (256,715) |  |  | (200,710) |
Net investment gains | — |  |  | — |  |  | 47,328 |  |  | 47,328 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 47,328 |  |  | 37,115 |
Total | $ | 6,110,566 |  |  | $ | 739,595 |  |  | $ | 368,046 |  |  | $ | 7,218,207 |  |  | $ | 3,856,216 |  |  | $ | 1,720,345 |  |  | $ | 581,177 |  |  | $ | 6,157,738 |  |  | $ | 1,060,469 |  |  | $ | 818,860 |
Six months ended June 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Insurance | $ | 4,883,338 |  |  | $ | 548,338 |  |  | $ | 19,014 |  |  | $ | 5,450,690 |  |  | $ | 3,071,121 |  |  | $ | 1,389,749 |  |  | $ | 21,618 |  |  | $ | 4,482,488 |  |  | $ | 968,202 |  |  | $ | 739,337 |
Reinsurance & Monoline Excess | 727,424 |  |  | 111,683 |  |  | — |  |  | 839,107 |  |  | 373,253 |  |  | 213,780 |  |  | — |  |  | 587,033 |  |  | 252,074 |  |  | 199,764 |
Corporate, other and eliminations (3) | — |  |  | 31,946 |  |  | 281,795 |  |  | 313,741 |  |  | — |  |  | — |  |  | 439,540 |  |  | 439,540 |  |  | (125,799) |  |  | (97,757) |
Net investment losses | — |  |  | — |  |  | (32,733) |  |  | (32,733) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (32,733) |  |  | (26,964) |
Total | $ | 5,610,762 |  |  | $ | 691,967 |  |  | $ | 268,076 |  |  | $ | 6,570,805 |  |  | $ | 3,444,374 |  |  | $ | 1,603,529 |  |  | $ | 461,158 |  |  | $ | 5,509,061 |  |  | $ | 1,061,744 |  |  | $ | 814,380 |
Identifiable Assets
(In thousands) | June 30, 2025 |  | December 31, 2024 |
Insurance | $ | 34,532,276 |  |  | $ | 32,911,507 |  |
Reinsurance & Monoline Excess | 5,799,205 |  |  | 5,669,729 |  |
Corporate, other and eliminations (3) | 2,326,576 |  |  | 1,867,399 |  |
Consolidated | $ | 42,658,057 |  |  | $ | 40,448,635 |  |
_________________ (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 June 30, 2025 and 2024 were $361 million and $368 million, respectively, and for the six months ended June 30, 2025 and 2024 were $694 million and $762 million, respectively. Revenues for Reinsurance & Monoline Excess from foreign operations for the three months ended June 30, 2025 and 2024 were $116 million and $117 million, respectively, and for the six months ended June 30, 2025 and 2024 were $246 million and $228 million, respectively. (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 | Net premiums earned by major line of business are as follows:
| For the Three Months Ended June 30, |  | For the Six Months Ended June 30,
(In thousands) | 2025 |  | 2024 |  | 2025 |  | 2024
Insurance: |  |  |  |  |  |  |
Other liability | $ | 1,104,332 |  |  | $ | 1,001,987 |  |  | $ | 2,177,060 |  |  | $ | 1,969,247 |
Short-tail lines (1) | 619,988 |  |  | 538,797 |  |  | 1,216,096 |  |  | 1,049,606 |
Auto | 405,632 |  |  | 361,580 |  |  | 795,581 |  |  | 715,593 |
Workers' compensation | 318,881 |  |  | 310,564 |  |  | 629,910 |  |  | 612,060 |
Professional liability | 279,951 |  |  | 271,641 |  |  | 552,644 |  |  | 536,832 |
Total Insurance | 2,728,784 |  |  | 2,484,569 |  |  | 5,371,291 |  |  | 4,883,338 |
Reinsurance & Monoline Excess: |  |  |  |  |  |  |
Casualty (2) | 184,903 |  |  | 199,080 |  |  | 366,670 |  |  | 396,924 |
Property (2) | 113,136 |  |  | 97,255 |  |  | 233,979 |  |  | 199,638 |
Monoline excess (3) | 71,362 |  |  | 65,511 |  |  | 138,626 |  |  | 130,862 |
Total Reinsurance & Monoline Excess | 369,401 |  |  | 361,846 |  |  | 739,275 |  |  | 727,424 |
Total | $ | 3,098,185 |  |  | $ | 2,846,415 |  |  | $ | 6,110,566 |  |  | $ | 5,610,762 |
______________ (1) Short-tail lines include commercial multi-peril (non-liability), inland marine, accident and health, fidelity and surety, boiler and machinery, high net worth homeowners and other lines. (2) Includes reinsurance casualty and property and certain program management business. (3) Monoline excess includes operations that solely retain risk on an excess basis.

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