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Business Segments (Tables)

9 Months Ended

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.

X

- Definition

Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

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-Topic 280
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-Section 50
-Paragraph 30
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-Publisher FASB
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X

- Definition

Tabular disclosure of entity-wide revenues from external customers for each product or service or each group of similar products or services if the information is not provided as part of the reportable operating segment information.

+ References

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-Name Accounting Standards Codification
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-Section 50
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-Publisher FASB
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