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v3.25.3

Business Segments (Tables) | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Financial Information Of Company Operating Segments |
| 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 | 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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