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Business Segments | 9 Months Ended
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Sep. 30, 2025
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 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 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 |  | 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
Three months ended September 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Insurance | $ | 2,773,009 |  |  | $ | 260,547 |  |  | $ | 10,037 |  |  | $ | 3,043,593 |  |  | $ | 1,772,377 |  |  | $ | 785,805 |  |  | $ | 10,873 |  |  | $ | 2,569,055 |  |  | $ | 474,538 |  |  | $ | 375,577 |
Reinsurance & Monoline Excess | 383,373 |  |  | 71,622 |  |  | — |  |  | 454,995 |  |  | 196,480 |  |  | 114,507 |  |  | — |  |  | 310,987 |  |  | 144,008 |  |  | 113,061 |
Corporate, other and eliminations (3) | — |  |  | 19,069 |  |  | 171,619 |  |  | 190,688 |  |  | — |  |  | — |  |  | 240,084 |  |  | 240,084 |  |  | (49,396) |  |  | (39,593) |
Net investment gains | — |  |  | — |  |  | 78,960 |  |  | 78,960 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 78,960 |  |  | 61,987 |
Total | $ | 3,156,382 |  |  | $ | 351,238 |  |  | $ | 260,616 |  |  | $ | 3,768,236 |  |  | $ | 1,968,857 |  |  | $ | 900,312 |  |  | $ | 250,957 |  |  | $ | 3,120,126 |  |  | $ | 648,110 |  |  | $ | 511,032 |
Three months ended September 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Insurance | $ | 2,564,490 |  |  | $ | 253,234 |  |  | $ | 9,189 |  |  | $ | 2,826,913 |  |  | $ | 1,619,281 |  |  | $ | 727,910 |  |  | $ | 10,301 |  |  | $ | 2,357,492 |  |  | $ | 469,421 |  |  | $ | 363,026 |
Reinsurance & Monoline Excess | 362,333 |  |  | 57,037 |  |  | — |  |  | 419,370 |  |  | 206,679 |  |  | 107,466 |  |  | — |  |  | 314,145 |  |  | 105,225 |  |  | 82,659 |
Corporate, other and eliminations (3) | — |  |  | 13,485 |  |  | 148,697 |  |  | 162,182 |  |  | — |  |  | — |  |  | 254,293 |  |  | 254,293 |  |  | (92,111) |  |  | (72,008) |
Net investment losses | — |  |  | — |  |  | (8,086) |  |  | (8,086) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (8,086) |  |  | (8,043) |
Total | $ | 2,926,823 |  |  | $ | 323,756 |  |  | $ | 149,800 |  |  | $ | 3,400,379 |  |  | $ | 1,825,960 |  |  | $ | 835,376 |  |  | $ | 264,594 |  |  | $ | 2,925,930 |  |  | $ | 474,449 |  |  | $ | 365,634 |
Nine months ended September 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Insurance | $ | 8,144,300 |  |  | $ | 851,271 |  |  | $ | 30,144 |  |  | $ | 9,025,715 |  |  | $ | 5,202,065 |  |  | $ | 2,293,794 |  |  | $ | 33,141 |  |  | $ | 7,529,000 |  |  | $ | 1,496,715 |  |  | $ | 1,162,148 |
Reinsurance & Monoline Excess | 1,122,648 |  |  | 218,910 |  |  | — |  |  | 1,341,558 |  |  | 623,008 |  |  | 326,863 |  |  | — |  |  | 949,871 |  |  | 391,687 |  |  | 308,944 |
Corporate, other and eliminations (3) | — |  |  | 20,652 |  |  | 472,230 |  |  | 492,882 |  |  | — |  |  | — |  |  | 798,993 |  |  | 798,993 |  |  | (306,111) |  |  | (240,302) |
Net investment gains | — |  |  | — |  |  | 126,288 |  |  | 126,288 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 126,288 |  |  | 99,102 |
Total | $ | 9,266,948 |  |  | $ | 1,090,833 |  |  | $ | 628,662 |  |  | $ | 10,986,443 |  |  | $ | 5,825,073 |  |  | $ | 2,620,657 |  |  | $ | 832,134 |  |  | $ | 9,277,864 |  |  | $ | 1,708,579 |  |  | $ | 1,329,892 |
Nine months ended September 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Insurance | $ | 7,447,828 |  |  | $ | 801,573 |  |  | $ | 28,202 |  |  | $ | 8,277,603 |  |  | $ | 4,690,402 |  |  | $ | 2,117,658 |  |  | $ | 31,920 |  |  | $ | 6,839,980 |  |  | $ | 1,437,623 |  |  | $ | 1,102,363 |
Reinsurance & Monoline Excess | 1,089,757 |  |  | 168,721 |  |  | — |  |  | 1,258,478 |  |  | 579,932 |  |  | 321,247 |  |  | — |  |  | 901,179 |  |  | 357,299 |  |  | 282,423 |
Corporate, other and eliminations (3) | — |  |  | 45,429 |  |  | 430,492 |  |  | 475,921 |  |  | — |  |  | — |  |  | 693,833 |  |  | 693,833 |  |  | (217,912) |  |  | (169,764) |
Net investment losses | — |  |  | — |  |  | (40,818) |  |  | (40,818) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (40,818) |  |  | (35,008) |
Total | $ | 8,537,585 |  |  | $ | 1,015,723 |  |  | $ | 417,876 |  |  | $ | 9,971,184 |  |  | $ | 5,270,334 |  |  | $ | 2,438,905 |  |  | $ | 725,753 |  |  | $ | 8,434,992 |  |  | $ | 1,536,192 |  |  | $ | 1,180,014 |
Identifiable Assets
(In thousands) | September 30, 2025 |  | December 31, 2024 |
Insurance | $ | 35,721,098 |  |  | $ | 32,911,507 |  |
Reinsurance & Monoline Excess | 6,015,394 |  |  | 5,669,729 |  |
Corporate, other and eliminations (3) | 1,978,725 |  |  | 1,867,399 |  |
Consolidated | $ | 43,715,217 |  |  | $ | 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 September 30, 2025 and 2024 were $357 million and $350 million, respectively, and for the nine months ended September 30, 2025 and 2024 were $1,051 million and $1,112 million, respectively. Revenues for Reinsurance & Monoline Excess from foreign operations for the three months ended September 30, 2025 and 2024 were $136 million and $125 million, respectively, and for the nine months ended September 30, 2025 and 2024 were $382 million and $353 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 are as follows:
| For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
(In thousands) | 2025 |  | 2024 |  | 2025 |  | 2024
Insurance: |  |  |  |  |  |  |
Other liability | $ | 1,122,591 |  |  | $ | 1,031,087 |  |  | $ | 3,299,651 |  |  | $ | 3,000,335 |
Short-tail lines (1) | 636,751 |  |  | 563,736 |  |  | 1,852,847 |  |  | 1,613,342 |
Auto | 408,213 |  |  | 376,762 |  |  | 1,203,794 |  |  | 1,092,354 |
Workers' compensation | 318,284 |  |  | 313,154 |  |  | 948,194 |  |  | 925,214 |
Professional liability | 287,170 |  |  | 279,751 |  |  | 839,814 |  |  | 816,583 |
Total Insurance | 2,773,009 |  |  | 2,564,490 |  |  | 8,144,300 |  |  | 7,447,828 |
Reinsurance & Monoline Excess: |  |  |  |  |  |  |
Casualty (2) | 189,767 |  |  | 188,284 |  |  | 556,437 |  |  | 585,208 |
Property (2) | 119,267 |  |  | 108,386 |  |  | 353,246 |  |  | 308,024 |
Monoline excess (3) | 74,339 |  |  | 65,663 |  |  | 212,965 |  |  | 196,525 |
Total Reinsurance & Monoline Excess | 383,373 |  |  | 362,333 |  |  | 1,122,648 |  |  | 1,089,757 |
Total | $ | 3,156,382 |  |  | $ | 2,926,823 |  |  | $ | 9,266,948 |  |  | $ | 8,537,585 |
______________ (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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- 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 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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