v3.26.1
Business Segments
 6 Months Ended
Jun. 30, 2026
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 Chairman, Chief Executive Officer and President. 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 June 30, 2026
Insurance$2,826,030 $337,470 $10,218 $3,173,718 $1,782,776 $800,490 $11,880 $2,595,146 $578,572 $455,140 
Reinsurance & Monoline Excess361,359 70,757 — 432,116 177,756 108,854 — 286,610 145,506 114,049 
Corporate, other and eliminations (3)— 10,487 154,988 165,475 — — 259,165 259,165 (93,690)(73,593)
Net investment losses— — (55,190)(55,190)— — — — (55,190)(43,335)
Total$3,187,389 $418,714 $110,016 $3,716,119 $1,960,532 $909,344 $271,045 $3,140,921 $575,198 $452,261 
Three months ended June 30, 2025
Insurance$2,728,784 $299,476 $10,154 $3,038,414 $1,742,235 $772,328 $11,179 $2,525,742 $512,672 $393,450 
Reinsurance & Monoline Excess369,401 80,858 — 450,259 213,189 109,771 — 322,960 127,299 100,040 
Corporate, other and eliminations (3)— (1,031)152,193 151,162 — — 300,243 300,243 (149,081)(116,490)
Net investment gains— — 30,973 30,973 — — — — 30,973 24,288 
Total$3,098,185 $379,303 $193,320 $3,670,808 $1,955,424 $882,099 $311,422 $3,148,945 $521,863 $401,288 
Six months ended June 30, 2026
Insurance$5,591,522 $648,712 $20,059 $6,260,293 $3,549,742 $1,583,909 $23,407 $5,157,058 $1,103,235 $888,607 
Reinsurance & Monoline Excess711,039 138,606 — 849,645 346,814 214,619 — 561,433 288,212 236,416 
Corporate, other and eliminations (3)— 35,730 331,750 367,480 — — 496,665 496,665 (129,185)(101,817)
Net investment losses— — (70,965)(70,965)— — — — (70,965)(55,728)
Total$6,302,561 $823,048 $280,844 $7,406,453 $3,896,556 $1,798,528 $520,072 $6,215,156 $1,191,297 $967,478 
Six months ended June 30, 2025
Insurance$5,371,291 $590,724 $20,106 $5,982,121 $3,429,688 $1,507,989 $22,267 $4,959,944 $1,022,177 $786,572 
Reinsurance & Monoline Excess739,275 147,288 — 886,563 426,528 212,356 — 638,884 247,679 195,883 
Corporate, other and eliminations (3)— 1,583 300,612 302,195 — — 558,910 558,910 (256,715)(200,710)
Net investment gains— — 47,328 47,328 — — — — 47,328 37,115 
Total$6,110,566 $739,595 $368,046 $7,218,207 $3,856,216 $1,720,345 $581,177 $6,157,738 $1,060,469 $818,860 
Identifiable Assets
(In thousands)June 30,
2026		December 31,
2025
Insurance$37,259,095 $35,686,306 
Reinsurance & Monoline Excess5,750,756 5,891,538 
Corporate, other and eliminations (3)2,667,262 2,348,999 
Consolidated$45,677,113 $43,926,843 
_________________
(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 June 30, 2026 and 2025 were $386 million and $361 million, respectively, and for the six months ended June 30, 2026 and 2025 were $763 million and $694 million, respectively. Revenues for Reinsurance & Monoline Excess from foreign operations for the three months ended June 30, 2026 and 2025 were $118 million and $116 million, respectively, and for the six months ended June 30, 2026 and 2025 were $231 million and $246 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 June 30,		For the Six Months
Ended June 30,
(In thousands)2026202520262025
Insurance:
Other liability$1,127,144 $1,104,332 $2,224,985 $2,177,060 
Short-tail lines (1)663,471 619,988 1,315,994 1,216,096 
Auto424,879 405,632 838,371 795,581 
Workers' compensation315,434 318,881 629,176 629,910 
Professional liability295,102 279,951 582,996 552,644 
Total Insurance2,826,030 2,728,784 5,591,522 5,371,291 
Reinsurance & Monoline Excess:
Casualty (2)174,630 184,903 346,349 366,670 
Property (2)110,751 113,136 212,603 233,979 
Monoline excess (3)75,978 71,362 152,087 138,626 
Total Reinsurance & Monoline Excess361,359 369,401 711,039 739,275 
Total$3,187,389 $3,098,185 $6,302,561 $6,110,566 
______________
(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.