The following tables present segment results for Alleghanys three reportable segments and for corporate activities for the three and six months ended June 30, 2020 and 2019: Reinsurance Segment Insurance Segment Three Months Ended June 30, 2020 Property Casualty &amp; other (1) Total RSUI Cap Specialty Total Subtotal Alleghany Capital Total Segments Corporate Activities Consolidated ($ in millions) Gross premiums written $ 413.3 $ 740.6 $ 1,153.9 $ 474.7 $ 101.2 $ 575.9 $ 1,729.8 $  $ 1,729.8 $ (8.6 ) $ 1,721.2 Net premiums written 355.8 730.7 1,086.5 300.0 91.5 391.5 1,478.0  1,478.0  1,478.0 Net premiums earned 328.7 742.3 1,071.0 241.5 82.4 323.9 1,394.9  1,394.9  1,394.9 Net loss and LAE 273.4 504.8 778.2 196.0 50.2 246.2 1,024.4  1,024.4  1,024.4 Commissions, brokerage and other underwriting expenses 96.8 226.3 323.1 52.7 34.2 86.9 410.0  410.0  410.0 Underwriting (loss) profit (2) $ (41.5 ) $ 11.2 $ (30.3 ) $ (7.2 ) $ (2.0 ) $ (9.2 ) (39.5 )  (39.5 )  (39.5 ) Net investment income 115.4  115.4 3.3 118.7 Change in the fair value of equity securities 242.2  242.2  242.2 Net realized capital gains (10.1 ) 16.4 6.3 (44.4 ) (38.1 ) Change in allowance for credit losses on available for sale securities 16.6  16.6 0.4 17.0 Noninsurance revenue 8.3 483.2 491.5 1.2 492.7 Other operating expenses 33.3 473.6 506.9 3.4 510.3 Corporate administration 0.5  0.5 18.1 18.6 Amortization of intangible assets 0.2 11.9 12.1  12.1 Interest expense 6.8 4.3 11.1 11.1 22.2 Earnings (losses) before income taxes $ 292.1 $ 9.8 $ 301.9 $ (72.1 ) $ 229.8 Reinsurance Segment Insurance Segment Three Months Ended June 30, 2019 Property Casualty &amp; other (1) Total RSUI Cap Specialty Total Subtotal Alleghany Capital Total Segments Corporate Activities Consolidated ($ in millions) Gross premiums written $ 381.6 $ 829.1 $ 1,210.7 $ 372.4 $ 93.8 $ 466.2 $ 1,676.9 $  $ 1,676.9 $ (6.1 ) $ 1,670.8 Net premiums written 305.9 807.0 1,112.9 246.9 86.7 333.6 1,446.5  1,446.5  1,446.5 Net premiums earned 303.2 771.7 1,074.9 202.4 78.7 281.1 1,356.0  1,356.0  1,356.0 Net loss and LAE 136.2 508.9 645.1 105.6 46.1 151.7 796.8  796.8  796.8 Commissions, brokerage and other underwriting expenses 103.8 250.1 353.9 57.9 32.5 90.4 444.3  444.3  444.3 Underwriting profit (2) $ 63.2 $ 12.7 $ 75.9 $ 38.9 $ 0.1 $ 39.0 114.9  114.9  114.9 Net investment income 138.3 0.9 139.2 3.5 142.7 Change in the fair value of equity securities 143.3  143.3 0.4 143.7 Net realized capital gains 12.2 0.2 12.4  12.4 Change in allowance for credit losses on available for sale securities      Noninsurance revenue 6.6 593.7 600.3 3.6 603.9 Other operating expenses 26.2 548.3 574.5 7.0 581.5 Corporate administration 1.8  1.8 24.2 26.0 Amortization of intangible assets 0.4 8.4 8.8  8.8 Interest expense 6.8 4.7 11.5 13.6 25.1 Earnings (losses) before income taxes $ 380.1 $ 33.4 $ 413.5 $ (37.3 ) $ 376.2 Reinsurance Segment Insurance Segment Six Months Ended June 30, 2020 Property Casualty &amp; other (1) Total RSUI Cap Specialty Total Subtotal Alleghany Capital Total Segments Corporate Activities Consolidated ($ in millions) Gross premiums written $ 825.9 $ 1,655.5 $ 2,481.4 $ 840.6 $ 186.7 $ 1,027.3 $ 3,508.7 $  $ 3,508.7 $ (16.9 ) $ 3,491.8 Net premiums written 668.7 1,628.8 2,297.5 544.5 169.7 714.2 3,011.7  3,011.7  3,011.7 Net premiums earned 650.1 1,554.0 2,204.1 470.9 164.3 635.2 2,839.3  2,839.3  2,839.3 Net loss and LAE 521.3 1,119.1 1,640.4 311.9 99.5 411.4 2,051.8  2,051.8  2,051.8 Commissions, brokerage and other underwriting expenses 202.2 470.7 672.9 110.6 67.9 178.5 851.4  851.4  851.4 Underwriting (loss) profit (2) $ (73.4 ) $ (35.8 ) $ (109.2 ) $ 48.4 $ (3.1 ) $ 45.3 (63.9 )  (63.9 )  (63.9 ) Net investment income 225.0 1.8 226.8 3.9 230.7 Change in the fair value of equity securities (279.4 )  (279.4 ) (1.4 ) (280.8 ) Net realized capital gains 35.1 21.4 56.5 (81.6 ) (25.1 ) Change in allowance for credit losses on available for sale securities (14.1 )  (14.1 ) (0.3 ) (14.4 ) Noninsurance revenue 15.6 940.5 956.1 4.5 960.6 Other operating expenses 43.1 924.3 967.4 9.6 977.0 Corporate administration (1.6 )  (1.6 ) 5.8 4.2 Amortization of intangible assets 0.5 21.2 21.7  21.7 Interest expense 13.5 8.1 21.6 19.0 40.6 Earnings (losses) before income taxes $ (137.2 ) $ 10.1 $ (127.1 ) $ (109.3 ) $ (236.4 ) Reinsurance Segment Insurance Segment Six Months Ended June 30, 2019 Property Casualty &amp; other (1) Total RSUI Cap Specialty Total Subtotal Alleghany Capital Total Segments Corporate Activities Consolidated ($ in millions) Gross premiums written $ 796.7 $ 1,645.6 $ 2,442.3 $ 671.4 $ 176.6 $ 848.0 $ 3,290.3 $  $ 3,290.3 $ (12.9 ) $ 3,277.4 Net premiums written 622.1 1,598.4 2,220.5 448.3 163.3 611.6 2,832.1  2,832.1  2,832.1 Net premiums earned 612.1 1,492.0 2,104.1 394.8 154.4 549.2 2,653.3  2,653.3  2,653.3 Net loss and LAE 298.8 999.5 1,298.3 199.9 91.1 291.0 1,589.3  1,589.3  1,589.3 Commissions, brokerage and other underwriting expenses 207.5 482.4 689.9 111.4 63.1 174.5 864.4  864.4  864.4 Underwriting profit (2) $ 105.8 $ 10.1 $ 115.9 $ 83.5 $ 0.2 $ 83.7 199.6  199.6  199.6 Net investment income 256.3 2.2 258.5 7.3 265.8 Change in the fair value of equity securities 532.4  532.4 3.6 536.0 Net realized capital gains 16.2 0.6 16.8  16.8 Change in allowance for credit losses on available for sale securities (10.0 )  (10.0 )  (10.0 ) Noninsurance revenue 12.0 1,098.7 1,110.7 7.3 1,118.0 Other operating expenses 55.8 1,013.8 1,069.6 14.3 1,083.9 Corporate administration 2.8  2.8 42.5 45.3 Amortization of intangible assets 0.6 15.1 15.7  15.7 Interest expense 13.6 9.0 22.6 26.1 48.7 Earnings (losses) before income taxes $ 933.7 $ 63.6 $ 997.3 $ (64.7 ) $ 932.6 (1) Primarily consists of the following reinsurance lines of business: directors and officers liability; errors and omissions liability; general liability; medical malpractice; ocean marine and aviation; auto liability; accident and health; mortgage reinsurance; surety; and credit. (2) Underwriting profit represents net premiums earned less net loss and LAE and commissions, brokerage and other underwriting expenses, all as determined in accordance with GAAP, and does not include net investment income, change in the fair value of equity securities, net realized capital gains, change in allowance for credit losses on available for sale securities, noninsurance revenue, other operating expenses, corporate administration, amortization of intangible assets or interest expense. Underwriting profit does not replace earnings before income taxes determined in accordance with GAAP as a measure of profitability. Rather, Alleghany believes that underwriting profit enhances the understanding of its reinsurance and insurance segments operating results by highlighting net earnings attributable to their underwriting performance. Earnings before income taxes (a GAAP measure) may show a profit despite an underlying underwriting loss. Where underwriting losses persist over extended periods, a reinsurance or an insurance companys ability to continue as an ongoing concern may be at risk. Therefore, Alleghany views underwriting profit as an important measure in the overall evaluation of performance.