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Industry Segments
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Industry Segments Industry 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, 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 table. Income 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
Year ended December 31, 2024      
Insurance $10,086,308 $1,057,738 $37,455 $11,181,501 $6,332,490 $2,863,697 $43,231 $9,239,418 $1,942,083 $1,503,875 
Reinsurance & Monoline Excess1,462,177 234,728 — 1,696,905 799,105 431,205 — 1,230,310 466,595 367,569 
Corporate, other and eliminations (3)— 40,695 601,943 642,638 — — 904,531 904,531 (261,893)(203,832)
Net investment gains— — 117,708 117,708 — — — — 117,708 88,503 
Consolidated$11,548,485 $1,333,161 $757,106 $13,638,752 $7,131,595 $3,294,902 $947,762 $11,374,259 $2,264,493 $1,756,115 
Year ended December 31, 2023
Insurance$9,007,376 $783,660 $36,830 $9,827,866 $5,615,526 $2,545,310 $37,112 $8,197,948 $1,629,918 $1,283,281 
Reinsurance & Monoline Excess1,393,311 221,966 — 1,615,277 756,616 409,376 — 1,165,992 449,285 355,155 
Corporate, other and eliminations (3)— 47,209 605,544 652,753 — — 1,024,595 1,024,595 (371,842)(293,869)
Net investment gains— — 47,042 47,042 — — — — 47,042 36,792 
Consolidated$10,400,687 $1,052,835 $689,416 $12,142,938 $6,372,142 $2,954,686 $1,061,707 $10,388,535 $1,754,403 $1,381,359 
Year ended December 31, 2022
Insurance$8,171,828 $543,844 $33,347 $8,749,019 $5,013,614 $2,268,649 $31,294 $7,313,557 $1,435,462 $1,153,231 
Reinsurance & Monoline Excess1,389,601 200,512 — 1,590,113 848,136 405,254 — 1,253,390 336,723 271,580 
Corporate, other and eliminations (3)— 34,829 590,141 624,970 — — 879,871 879,871 (254,901)(203,476)
Net investment gains— — 202,397 202,397 — — — — 202,397 159,727 
Consolidated$9,561,429 $779,185 $825,885 $11,166,499 $5,861,750 $2,673,903 $911,165 $9,446,818 $1,719,681 $1,381,062 

Identifiable Assets
(In thousands)December 31,
20242023
Insurance$33,030,140 $29,976,619 
Reinsurance & Monoline Excess5,669,729 5,545,249 
Corporate, other and eliminations (3)1,867,399 1,680,147 
Consolidated$40,567,268 $37,202,015 
_______________________________________
(1) Certain amounts included in earned premiums of each segment are related to inter-segment transactions.
(2) Revenues for Insurance includes $1,471 million, $1,171 million, and $1,029 million in 2024, 2023 and 2022, respectively, from foreign countries. Revenues for Reinsurance & Monoline Excess includes $485 million, $463 million, and $412 million in 2024, 2023 and 2022, respectively, from foreign countries.
(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 were as follows:
(In thousands)202420232022
Insurance   
Other liability$4,068,662 $3,605,298 $3,188,399 
Short-tail lines (1)2,201,661 1,825,027 1,562,122 
Auto1,481,569 1,270,907 1,097,704 
Workers' compensation1,237,888 1,212,294 1,197,810 
Professional liability1,096,528 1,093,850 1,125,793 
Total Insurance10,086,308 9,007,376 8,171,828 
Reinsurance & Monoline Excess
Casualty (2)771,329 821,826 893,777 
Property (2)424,296 330,359 278,807 
Monoline Excess (3)266,552 241,126 217,017 
Total Reinsurance & Monoline Excess1,462,177 1,393,311 1,389,601 
Total$11,548,485 $10,400,687 $9,561,429