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Segment Reporting | 6 Months Ended
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Jun. 30, 2021
Segment Reporting [Abstract] |
Segment Reporting | 13. SEGMENT REPORTING The Reinsurance operation writes worldwide property and casualty reinsurance and specialty lines of business, on both a treaty and facultative basis, through reinsurance brokers, as well as directly with ceding companies. Business is written in the U.S., Bermuda, and Ireland offices, as well as, through branches in Canada, Singapore, the United Kingdom and Switzerland. The Insurance operation writes property and casualty insurance directly and through brokers, surplus lines brokers and general agents within the U.S., Canada and Europe through its offices in the U.S., Canada, Ireland and branches in Switzerland and the Netherlands. These segments are managed independently, but conform with corporate guidelines with respect to pricing, risk management, control of aggregate catastrophe exposures, capital, investments and support operations. Management generally monitors and evaluates the financial performance of these operating segments based upon their underwriting results. Underwriting results include earned premium less losses and loss adjustment expenses (“LAE”) incurred, commission and brokerage expenses and other underwriting expenses. The Company measures its underwriting results using ratios, in particular loss, commission and brokerage and other underwriting expense ratios, which, respectively, divide incurred losses, commissions and brokerage and other underwriting expenses by premiums earned. The Company does not maintain separate balance sheet data for its operating segments. Accordingly, the Company does not review and evaluate the financial results of its operating segments based upon balance sheet data. The following tables present the underwriting results for the operating segments for the periods indicated:
| Three Months Ended |  | Six Months Ended
Reinsurance | June 30, |  | June 30,
(Dollars in thousands) | 2021 |  | 2020 |  | 2021 |  | 2020
Gross written premiums | $ | 2,148,235 |  | $ | 1,538,348 |  | $ | 4,207,250 |  | $ | 3,316,119
Net written premiums |  | 2,059,919 |  |  | 1,424,089 |  |  | 3,972,868 |  |  | 3,037,183
Premiums earned | $ | 1,920,801 |  | $ | 1,502,256 |  | $ | 3,698,253 |  | $ | 2,987,476
Incurred losses and LAE |  | 1,168,139 |  |  | 1,005,677 |  |  | 2,440,045 |  |  | 2,026,319
Commission and brokerage |  | 473,258 |  |  | 387,339 |  |  | 881,982 |  |  | 757,695
Other underwriting expenses |  | 47,065 |  |  | 39,698 |  |  | 99,061 |  |  | 83,837
Underwriting gain (loss) | $ | 232,339 |  | $ | 69,542 |  | $ | 277,165 |  | $ | 119,625
| Three Months Ended |  | Six Months Ended
Insurance | June 30, |  | June 30,
(Dollars in thousands) | 2021 |  | 2020 |  | 2021 |  | 2020
Gross written premiums | $ | 1,041,905 |  | $ | 830,990 |  | $ | 1,914,323 |  | $ | 1,624,090
Net written premiums |  | 749,492 |  |  | 593,389 |  |  | 1,390,479 |  |  | 1,181,774
Premiums earned | $ | 637,571 |  | $ | 540,149 |  | $ | 1,247,984 |  | $ | 1,091,743
Incurred losses and LAE |  | 418,002 |  |  | 401,339 |  |  | 857,515 |  |  | 811,537
Commission and brokerage |  | 84,490 |  |  | 78,977 |  |  | 164,777 |  |  | 157,143
Other underwriting expenses |  | 93,779 |  |  | 78,432 |  |  | 184,014 |  |  | 163,153
Underwriting gain (loss) | $ | 41,300 |  | $ | (18,599) |  | $ | 41,678 |  | $ | (40,090)
The following table reconciles the underwriting results for the operating segments to income before taxes as reported in the consolidated statements of operations and comprehensive income (loss) for the periods indicated:
| Three Months Ended |  | Six Months Ended
| June 30, |  | June 30,
(Dollars in thousands) | 2021 |  | 2020 |  | 2021 |  | 2020
Underwriting gain (loss) | $ | 273,639 |  | $ | 50,943 |  | $ | 318,843 |  | $ | 79,535
Net investment income |  | 407,095 |  |  | 38,083 |  |  | 667,508 |  |  | 185,883
Net realized capital gains (losses) |  | 104,109 |  |  | 184,648 |  |  | 143,011 |  |  | (25,940)
Corporate expenses |  | (16,168) |  |  | (8,733) |  |  | (28,546) |  |  | (18,566)
Interest, fee and bond issue cost amortization expense |  | (15,607) |  |  | (7,253) |  |  | (31,246) |  |  | (14,836)
Other income (expense) |  | 7,114 |  |  | (20,621) |  |  | 63,707 |  |  | (12,631)
Income (loss) before taxes | $ | 760,181 |  | $ | 237,067 |  | $ | 1,133,276 |  | $ | 193,445
The Company produces business in the U.S., Bermuda and internationally. The net income deriving from and assets residing in the individual foreign countries in which the Company writes business are not identifiable in the Company’s financial records. Based on gross written premium, the table below presents the largest country, other than the U.S., in which the Company writes business, for the periods indicated:
| Three Months Ended |  | Six Months Ended
| June 30, |  | June 30,
(Dollars in thousands) | 2021 |  | 2020 |  | 2021 |  | 2020
United Kingdom gross written premium | $ | 249,314 |  | $ | 236,100 |  | $ | 615,462 |  | $ | 542,808
No other country represented more than 5% of the Company’s revenues.

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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