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SEGMENT INFORMATION
 6 Months Ended
Jun. 30, 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 June 30,
Insurance
 
Reinsurance
 
Total
 
Insurance
 
Reinsurance
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gross premiums written
$
796,023

 
$
566,304

 
$
1,362,327

 
$
784,017

 
$
536,417

 
$
1,320,434

 
 
Net premiums written
527,678

 
428,339

 
956,017

 
526,764

 
480,586

 
1,007,350

 
 
Net premiums earned
493,836

 
487,595

 
981,431

 
439,279

 
507,711

 
946,990

 
 
Other insurance related income (losses)
508

 
2,052

 
2,560

 
(234
)
 
(658
)
 
(892
)
 
 
Net losses and loss expenses
(325,728
)
 
(279,604
)
 
(605,332
)
 
(306,141
)
 
(326,153
)
 
(632,294
)
 
 
Acquisition costs
(81,276
)
 
(123,085
)
 
(204,361
)
 
(61,829
)
 
(127,296
)
 
(189,125
)
 
 
General and administrative expenses
(87,822
)
 
(29,464
)
 
(117,286
)
 
(82,487
)
 
(32,332
)
 
(114,819
)
 
 
Underwriting income (loss)
$
(482
)
 
$
57,494

 
57,012

 
$
(11,412
)
 
$
21,272

 
9,860

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Corporate expenses
 
 
 
 
(30,530
)
 
 
 
 
 
(31,927
)
 
 
Net investment income
 
 
 
 
106,063

 
 
 
 
 
91,730

 
 
Net realized investment gains (losses)
 
 
 
 
(4,392
)
 
 
 
 
 
21,010

 
 
Foreign exchange (losses) gains
 
 
 
 
(36,118
)
 
 
 
 
 
56,602

 
 
Interest expense and financing costs
 
 
 
 
(12,751
)
 
 
 
 
 
(12,914
)
 
 
Bargain purchase gain
 
 
 
 
15,044

 
 
 
 
 
—

 
 
Income before income taxes and interest in income (loss) of equity method investments
 
 
 
 
$
94,328

 
 
 
 
 
$
134,361

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net loss and loss expense ratio
66.0
%
 
57.3
%
 
61.7
%
 
69.7
%
 
64.2
%
 
66.8
%
 
 
Acquisition cost ratio
16.5
%
 
25.2
%
 
20.8
%
 
14.1
%
 
25.1
%
 
20.0
%
 
 
General and administrative expense ratio
17.7
%
 
6.1
%
 
15.1
%
 
18.7
%
 
6.4
%
 
15.4
%
 
 
Combined ratio
100.2
%
 
88.6
%
 
97.6
%
 
102.5
%
 
95.7
%
 
102.2
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Goodwill and intangible assets
$
86,220

 
$
—

 
$
86,220

 
$
85,954

 
$
—

 
$
85,954

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

  
 
  
2017
 
2016
 
 
Six months ended and at June 30,
Insurance
 
Reinsurance
 
Total
 
Insurance
 
Reinsurance
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gross premiums written
$
1,490,030

 
$
1,784,169

 
$
3,274,199

 
$
1,437,365

 
$
1,842,230

 
$
3,279,595

 
 
Net premiums written
1,033,008

 
1,431,968

 
2,464,976

 
999,926

 
1,693,230

 
2,693,156

 
 
Net premiums earned
952,265

 
967,868

 
1,920,133

 
877,958

 
971,373

 
1,849,331

 
 
Other insurance related income (losses)
551

 
(1,773
)
 
(1,222
)
 
(96
)
 
(998
)
 
(1,094
)
 
 
Net losses and loss expenses
(612,630
)
 
(599,643
)
 
(1,212,273
)
 
(580,546
)
 
(550,710
)
 
(1,131,256
)
 
 
Acquisition costs
(149,433
)
 
(244,720
)
 
(394,153
)
 
(123,227
)
 
(246,534
)
 
(369,761
)
 
 
General and administrative expenses
(178,270
)
 
(60,816
)
 
(239,086
)
 
(168,064
)
 
(70,345
)
 
(238,409
)
 
 
Underwriting income
$
12,483

 
$
60,916

 
73,399

 
$
6,025

 
$
102,786

 
108,811

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Corporate expenses
 
 
 
 
(69,989
)
 
 
 
 
 
(58,239
)
 
 
Net investment income
 
 
 
 
204,728

 
 
 
 
 
140,896

 
 
Net realized investment losses
 
 
 
 
(29,443
)
 
 
 
 
 
(45,500
)
 
 
Foreign exchange (losses) gains
 
 
 
 
(57,583
)
 
 
 
 
 
55,986

 
 
Interest expense and financing costs
 
 
 
 
(25,543
)
 
 
 
 
 
(25,747
)
 
 
Bargain purchase gain
 
 
 
 
15,044

 
 
 
 
 
—

 
 
Income before income taxes and interest in income (loss) of equity method investments
 
 
 
 
$
110,613

 
 
 
 
 
$
176,207

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net loss and loss expense ratio
64.3
%
 
62.0
%
 
63.1
%
 
66.1
%
 
56.7
%
 
61.2
%
 
 
Acquisition cost ratio
15.7
%
 
25.3
%
 
20.5
%
 
14.0
%
 
25.4
%
 
20.0
%
 
 
General and administrative expense ratio
18.7
%
 
6.2
%
 
16.2
%
 
19.2
%
 
7.2
%
 
16.0
%
 
 
Combined ratio
98.7
%
 
93.5
%
 
99.8
%
 
99.3
%
 
89.3
%
 
97.2
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Goodwill and intangible assets
$
86,220

 
$
—

 
$
86,220

 
$
85,954

 
$
—

 
$
85,954