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SEGMENT INFORMATION (Tables)
 6 Months Ended
Jun. 30, 2017
Segment Reporting [Abstract]  
UNDERWRITING RESULTS OF REPORTABLE SEGMENTS
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