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Business Segments
 9 Months Ended
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.
  RevenuesExpenses  
(In thousands)Earned
Premiums (1)		Investment
Income		OtherTotal (2)Losses and Loss ExpensesPolicy Acquisition and Insurance Operating ExpensesOtherTotalPre-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 Excess383,373 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 Excess362,333 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 Excess1,122,648 218,910 — 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 Excess1,089,757 168,721 — 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 Excess6,015,394 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)2025202420252024
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 
Auto408,213 376,762 1,203,794 1,092,354 
Workers' compensation318,284 313,154 948,194 925,214 
Professional liability287,170 279,751 839,814 816,583 
Total Insurance2,773,009 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 Excess383,373 362,333 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.