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SEGMENT INFORMATION
 9 Months Ended
Sep. 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 September 30,
Insurance
 
Reinsurance
 
Total
 
Insurance
 
Reinsurance
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gross premiums written
$
744,366

 
$
441,208

 
$
1,185,574

 
$
675,430

 
$
284,532

 
$
959,962

 
 
Net premiums written
500,022

 
332,721

 
832,743

 
433,131

 
162,300

 
595,431

 
 
Net premiums earned
496,004

 
521,127

 
1,017,131

 
444,691

 
489,724

 
934,415

 
 
Other insurance related income (losses)
526

 
(3,723
)
 
(3,197
)
 
39

 
5,905

 
5,944

 
 
Net losses and loss expenses
(628,865
)
 
(606,502
)
 
(1,235,367
)
 
(273,226
)
 
(259,102
)
 
(532,328
)
 
 
Acquisition costs
(74,231
)
 
(120,493
)
 
(194,724
)
 
(61,755
)
 
(128,055
)
 
(189,810
)
 
 
General and administrative expenses
(75,038
)
 
(21,658
)
 
(96,696
)
 
(84,588
)
 
(29,635
)
 
(114,223
)
 
 
Underwriting income (loss)
$
(281,604
)
 
$
(231,249
)
 
(512,853
)
 
$
25,161

 
$
78,837

 
103,998

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Corporate expenses
 
 
 
 
(27,933
)
 
 
 
 
 
(28,683
)
 
 
Net investment income
 
 
 
 
95,169

 
 
 
 
 
116,923

 
 
Net realized investment gains
 
 
 
 
14,632

 
 
 
 
 
5,205

 
 
Foreign exchange (losses) gains
 
 
 
 
(32,510
)
 
 
 
 
 
13,795

 
 
Interest expense and financing costs
 
 
 
 
(12,835
)
 
 
 
 
 
(12,839
)
 
 
Transaction related expenses
 
 
 
 
(5,970
)
 
 
 
 
 
—

 
 
Income (loss) before income taxes and interest in income (loss) of equity method investments
 
 
 
 
$
(482,300
)
 
 
 
 
 
$
198,399

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net loss and loss expense ratio
126.8
%
 
116.4
%
 
121.5
%
 
61.4
%
 
52.9
%
 
57.0
%
 
 
Acquisition cost ratio
15.0
%
 
23.1
%
 
19.1
%
 
13.9
%
 
26.1
%
 
20.3
%
 
 
General and administrative expense ratio
15.1
%
 
4.2
%
 
12.3
%
 
19.1
%
 
6.1
%
 
15.3
%
 
 
Combined ratio
156.9
%
 
143.7
%
 
152.9
%
 
94.4
%
 
85.1
%
 
92.6
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Goodwill and intangible assets
$
87,206

 
$
—

 
$
87,206

 
$
85,501

 
$
—

 
$
85,501

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

  
 
  
2017
 
2016
 
 
Nine months ended and at September 30,
Insurance
 
Reinsurance
 
Total
 
Insurance
 
Reinsurance
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gross premiums written
$
2,234,395

 
$
2,225,377

 
$
4,459,772

 
$
2,112,796

 
$
2,126,762

 
$
4,239,558

 
 
Net premiums written
1,533,029

 
1,764,689

 
3,297,718

 
1,433,058

 
1,855,529

 
3,288,587

 
 
Net premiums earned
1,448,270

 
1,488,995

 
2,937,265

 
1,322,649

 
1,461,097

 
2,783,746

 
 
Other insurance related income (losses)
1,077

 
(5,497
)
 
(4,420
)
 
(57
)
 
4,907

 
4,850

 
 
Net losses and loss expenses
(1,241,495
)
 
(1,206,145
)
 
(2,447,640
)
 
(853,771
)
 
(809,813
)
 
(1,663,584
)
 
 
Acquisition costs
(223,665
)
 
(365,214
)
 
(588,879
)
 
(184,982
)
 
(374,588
)
 
(559,570
)
 
 
General and administrative expenses
(253,308
)
 
(82,474
)
 
(335,782
)
 
(252,652
)
 
(99,980
)
 
(352,632
)
 
 
Underwriting income (loss)
$
(269,121
)
 
$
(170,335
)
 
(439,456
)
 
$
31,187

 
$
181,623

 
212,810

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Corporate expenses
 
 
 
 
(97,922
)
 
 
 
 
 
(86,922
)
 
 
Net investment income
 
 
 
 
299,899

 
 
 
 
 
257,818

 
 
Net realized investment losses
 
 
 
 
(14,811
)
 
 
 
 
 
(40,295
)
 
 
Foreign exchange (losses) gains
 
 
 
 
(90,093
)
 
 
 
 
 
69,781

 
 
Interest expense and financing costs
 
 
 
 
(38,377
)
 
 
 
 
 
(38,586
)
 
 
Bargain purchase gain
 
 
 
 
15,044

 
 
 
 
 
—

 
 
Transaction related expenses
 
 
 
 
(5,970
)
 
 
 
 
 
—

 
 
Income (loss) before income taxes and interest in income (loss) of equity method investments
 
 
 
 
$
(371,686
)
 
 
 
 
 
$
374,606

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net loss and loss expense ratio
85.7
%
 
81.0
%
 
83.3
%
 
64.6
%
 
55.4
%
 
59.8
%
 
 
Acquisition cost ratio
15.4
%
 
24.5
%
 
20.0
%
 
14.0
%
 
25.6
%
 
20.1
%
 
 
General and administrative expense ratio
17.6
%
 
5.6
%
 
14.8
%
 
19.0
%
 
6.9
%
 
15.8
%
 
 
Combined ratio
118.7
%
 
111.1
%
 
118.1
%
 
97.6
%
 
87.9
%
 
95.7
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Goodwill and intangible assets
$
87,206

 
$
—

 
$
87,206

 
$
85,501

 
$
—

 
$
85,501