SEGMENT INFORMATION

6 Months Ended

Jun. 30, 2016

Segment Reporting [Abstract]

SEGMENT INFORMATION

Our underwriting operations are organized around our global underwriting platforms, AXIS Insurance and AXIS Re. Therefore we have determined that we have two reportable segments, insurance and reinsurance. We do not allocate our assets by segment, with the exception of goodwill and intangible assets, as we evaluate the underwriting results of each segment separately from the results of our investment portfolio.

The following tables summarize the underwriting results of our reportable segments, as well as the carrying values of allocated goodwill and intangible assets:

	2016									2015
Three months ended and at June 30,	Insurance			Reinsurance			Total			Insurance			Reinsurance			Total
Gross premiums written	$	784,017		$	536,417		$	1,320,434		$	761,126		$	427,287		$	1,188,413
Net premiums written	526,764			480,586			1,007,350			534,263			412,281			946,544
Net premiums earned	439,279			507,711			946,990			452,322			488,889			941,211
Other insurance related income (loss)	(234		)	(658		)	(892		)	269			3,217			3,486
Net losses and loss expenses	(306,141		)	(326,153		)	(632,294		)	(297,534		)	(282,619		)	(580,153		)
Acquisition costs	(61,829		)	(127,296		)	(189,125		)	(66,920		)	(116,343		)	(183,263		)
General and administrative expenses	(82,487		)	(32,332		)	(114,819		)	(88,420		)	(36,013		)	(124,433		)
Underwriting income (loss)	$	(11,412	)	$	21,272		9,860			$	(283	)	$	57,131		56,848
Corporate expenses							(31,927		)							(24,049		)
Net investment income							91,730									88,544
Net realized investment gains (losses)							21,010									(11,110		)
Foreign exchange (losses) gains							56,602									(22,108		)
Interest expense and financing costs							(12,914		)							(12,939		)
Income before income taxes							$	134,361								$	75,186
Net loss and loss expense ratio	69.7		%	64.2		%	66.8		%	65.8		%	57.8		%	61.6		%
Acquisition cost ratio	14.1		%	25.1		%	20.0		%	14.8		%	23.8		%	19.5		%
General and administrative expense ratio	18.7		%	6.4		%	15.4		%	19.5		%	7.4		%	15.8		%
Combined ratio	102.5		%	95.7		%	102.2		%	100.1		%	89.0		%	96.9		%
Goodwill and intangible assets	$	85,954		$	—		$	85,954		$	101,053		$	—		$	101,053

	2016									2015
Six months ended and at June 30,	Insurance			Reinsurance			Total			Insurance			Reinsurance			Total
Gross premiums written	$	1,437,365		$	1,842,230		$	3,279,595		$	1,363,850		$	1,503,495		$	2,867,345
Net premiums written	999,926			1,693,230			2,693,156			971,004			1,431,086			2,402,090
Net premiums earned	877,958			971,373			1,849,331			899,789			945,475			1,845,264
Other insurance related income (loss)	(96		)	(998		)	(1,094		)	269			10,893			11,162
Net losses and loss expenses	(580,546		)	(550,710		)	(1,131,256		)	(583,307		)	(509,174		)	(1,092,481		)
Acquisition costs	(123,227		)	(246,534		)	(369,761		)	(131,375		)	(223,430		)	(354,805		)
General and administrative expenses	(168,064		)	(70,345		)	(238,409		)	(176,109		)	(75,393		)	(251,502		)
Underwriting income	$	6,025		$	102,786		108,811			$	9,267		$	148,371		157,638
Corporate expenses							(58,239		)							(60,221		)
Net investment income							140,896									180,651
Net realized investment losses							(45,500		)							(53,662		)
Foreign exchange gains							55,986									41,112
Interest expense and financing costs							(25,747		)							(25,196		)
Income before income taxes							$	176,207								$	240,322
Net loss and loss expense ratio	66.1		%	56.7		%	61.2		%	64.8		%	53.9		%	59.2		%
Acquisition cost ratio	14.0		%	25.4		%	20.0		%	14.6		%	23.6		%	19.2		%
General and administrative expense ratio	19.2		%	7.2		%	16.0		%	19.6		%	8.0		%	16.9		%
Combined ratio	99.3		%	89.3		%	97.2		%	99.0		%	85.5		%	95.3		%
Goodwill and intangible assets	$	85,954		$	—		$	85,954		$	101,053		$	—		$	101,053