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SEGMENT INFORMATION (Tables)
 9 Months Ended
Sep. 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 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