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SEGMENT INFORMATION
 3 Months Ended
Mar. 31, 2017
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.
Insurance
Our insurance segment provides insurance coverage on a worldwide basis. The product lines in this segment are property, marine, terrorism, aviation, credit and political risk, professional lines, liability and accident and health.
 
Reinsurance
Our reinsurance segment provides non-life treaty reinsurance to insurance companies on a worldwide basis. The product lines in this segment are catastrophe, property, professional lines, credit and surety, motor, liability, agriculture, engineering and marine and other. The reinsurance segment also writes derivative based risk management products designed to address weather and commodity price risks.

The following tables summarize the underwriting results of our reportable segments, as well as the carrying values of allocated goodwill and intangible assets:
 
  
2017
 
2016
 
 
Three months ended and at March 31,
Insurance
 
Reinsurance
 
Total
 
Insurance
 
Reinsurance
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gross premiums written
$
694,006

 
$
1,217,865

 
$
1,911,871

 
$
653,349

 
$
1,305,812

 
$
1,959,161

 
 
Net premiums written
505,329

 
1,003,630

 
1,508,959

 
473,163

 
1,212,643

 
1,685,806

 
 
Net premiums earned
458,430

 
480,273

 
938,703

 
438,678

 
463,662

 
902,340

 
 
Other insurance related income (loss)
42

 
(3,825
)
 
(3,783
)
 
137

 
(340
)
 
(203
)
 
 
Net losses and loss expenses
(286,903
)
 
(320,039
)
 
(606,942
)
 
(274,405
)
 
(224,557
)
 
(498,962
)
 
 
Acquisition costs
(68,157
)
 
(121,635
)
 
(189,792
)
 
(61,398
)
 
(119,237
)
 
(180,635
)
 
 
General and administrative expenses
(90,448
)
 
(31,353
)
 
(121,801
)
 
(85,576
)
 
(38,013
)
 
(123,589
)
 
 
Underwriting income
$
12,964

 
$
3,421

 
16,385

 
$
17,436

 
$
81,515

 
98,951

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Corporate expenses
 
 
 
 
(39,459
)
 
 
 
 
 
(26,312
)
 
 
Net investment income
 
 
 
 
98,664

 
 
 
 
 
49,164

 
 
Net realized investment losses
 
 
 
 
(25,050
)
 
 
 
 
 
(66,508
)
 
 
Foreign exchange losses
 
 
 
 
(21,465
)
 
 
 
 
 
(616
)
 
 
Interest expense and financing costs
 
 
 
 
(12,791
)
 
 
 
 
 
(12,833
)
 
 
Income before income taxes and interest in income (loss) of equity method investments
 
 
 
 
$
16,284

 
 
 
 
 
$
41,846

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net loss and loss expense ratio
62.6
%
 
66.6
%
 
64.7
%
 
62.6
%
 
48.4
%
 
55.3
%
 
 
Acquisition cost ratio
14.9
%
 
25.3
%
 
20.2
%
 
14.0
%
 
25.7
%
 
20.0
%
 
 
General and administrative expense ratio
19.7
%
 
6.6
%
 
17.2
%
 
19.5
%
 
8.2
%
 
16.6
%
 
 
Combined ratio
97.2
%
 
98.5
%
 
102.1
%
 
96.1
%
 
82.3
%
 
91.9
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Goodwill and intangible assets
$
84,613

 
$
—

 
$
84,613

 
$
86,446

 
$
—

 
$
86,446