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SEGMENT INFORMATION (Tables)
 12 Months Ended
Dec. 31, 2017
Segment Reporting [Abstract]  
UNDERWRITING RESULTS OF REPORTABLE SEGMENTS
The following tables summarize the underwriting results of the reportable segments, as well as the carrying values of allocated goodwill and intangible assets:
 
 
 
 
 
 
 
 
 
At and year ended December 31, 2017
Insurance
 
Reinsurance
 
Total
 
 
 
 
 
 
 
 
 
 
Gross premiums written
$
3,127,837

 
$
2,428,436

 
$
5,556,273

 
 
Net premiums written
2,087,734

 
1,939,409

 
4,027,143

 
 
Net premiums earned
2,106,363

 
2,042,397

 
4,148,760

 
 
Other insurance related income (losses)
3,458

 
(4,698
)
 
(1,240
)
 
 
Net losses and loss expenses
(1,661,032
)
 
(1,626,740
)
 
(3,287,772
)
 
 
Acquisition costs
(332,749
)
 
(490,842
)
 
(823,591
)
 
 
General and administrative expenses
(344,012
)
 
(105,471
)
 
(449,483
)
 
 
Underwriting loss
$
(227,972
)
 
$
(185,354
)
 
(413,326
)
 
 
 
 
 
 
 
 
 
 
Corporate expenses
 
 
 
 
(129,945
)
 
 
Net investment income
 
 
 
 
400,805

 
 
Net realized investment losses
 
 
 
 
28,226

 
 
Foreign exchange losses
 
 
 
 
(134,737
)
 
 
Interest expense and financing costs
 
 
 
 
(54,811
)
 
 
Bargain purchase gain
 
 
 
 
15,044

 
 
Transaction and reorganization expenses
 
 
 
 
(26,718
)
 
 
Amortization of value of business acquired
 
 
 
 
(50,104
)
 
 
Amortization of intangibles
 
 
 
 
(2,543
)
 
 
Loss before income taxes and interest in income (loss) of equity method investments
 
 
 
 
$
(368,109
)
 
 
 
 
 
 
 
 
 
 
Net loss and loss expense ratio
78.9
%
 
79.6
%
 
79.2
%
 
 
Acquisition cost ratio
15.8
%
 
24.0
%
 
19.9
%
 
 
General and administrative expense ratio
16.3
%
 
5.2
%
 
14.0
%
 
 
Combined ratio
111.0
%
 
108.8
%
 
113.1
%
 
 
 
 
 
 
 
 
 
 
Goodwill and intangible assets
$
566,828

 
$
—

 
$
566,828

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
At and year ended December 31, 2016
Insurance
 
Reinsurance
 
Total
 
 
 
 
 
 
 
 
 
 
Gross premiums written
$
2,720,242

 
$
2,249,966

 
$
4,970,208

 
 
Net premiums written
1,807,125

 
1,945,849

 
3,752,974

 
 
Net premiums earned
1,777,321

 
1,928,304

 
3,705,625

 
 
Other insurance related income
89

 
7,133

 
7,222

 
 
Net losses and loss expenses
(1,141,933
)
 
(1,062,264
)
 
(2,204,197
)
 
 
Acquisition costs
(251,120
)
 
(495,756
)
 
(746,876
)
 
 
General and administrative expenses
(346,857
)
 
(135,844
)
 
(482,701
)
 
 
Underwriting income
$
37,500

 
$
241,573

 
279,073

 
 
 
 
 
 
 
 
 
 
Corporate expenses
 
 
 
 
(120,016
)
 
 
Net investment income
 
 
 
 
353,335

 
 
Net realized investment loss
 
 
 
 
(60,525
)
 
 
Foreign exchange gains
 
 
 
 
121,295

 
 
Interest expense and financing costs
 
 
 
 
(51,360
)
 
 
Income before income taxes and interest in income (loss) of equity method investments
 
 
 
 
$
521,802

 
 
 
 
 
 
 
 
 
 
Net loss and loss expense ratio
64.3
%
 
55.1
%
 
59.5
%
 
 
Acquisition cost ratio
14.1
%
 
25.7
%
 
20.2
%
 
 
General and administrative expense ratio
19.5
%
 
7.0
%
 
16.2
%
 
 
Combined ratio
97.9
%
 
87.8
%
 
95.9
%
 
 
 
 
 
 
 
 
 
 
Goodwill and intangible assets
$
85,049

 
$
—

 
$
85,049

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
At and year ended December 31, 2015
Insurance
 
Reinsurance
 
Total
 
 
 
 
 
 
 
 
 
 
Gross premiums written
$
2,583,081

 
$
2,020,649

 
$
4,603,730

 
 
Net premiums written
1,759,359

 
1,915,307

 
3,674,666

 
 
Net premiums earned
1,798,191

 
1,888,226

 
3,686,417

 
 
Other insurance related income (losses)
1,036

 
(3,989
)
 
(2,953
)
 
 
Net losses and loss expenses
(1,154,928
)
 
(1,021,271
)
 
(2,176,199
)
 
 
Acquisition costs
(261,208
)
 
(456,904
)
 
(718,112
)
 
 
General and administrative expenses
(341,658
)
 
(145,253
)
 
(486,911
)
 
 
Underwriting income
$
41,433

 
$
260,809

 
302,242

 
 
 
 
 
 
 
 
 
 
Corporate expenses
 
 
 
 
(109,910
)
 
 
Net investment income
 
 
 
 
305,336

 
 
Net realized investment loss
 
 
 
 
(138,491
)
 
 
Foreign exchange gains
 
 
 
 
102,312

 
 
Interest expense and financing costs
 
 
 
 
(50,963
)
 
 
Termination fee received
 
 
 
 
280,000

 
 
Transaction and reorganization expenses
 
 
 
 
(45,867
)
 
 
Income before income taxes and interest in income (loss) of equity method investments
 
 
 
 
$
644,659

 
 
 
 
 
 
 
 
 
 
Net loss and loss expense ratio
64.2
%
 
54.1
%
 
59.0
%
 
 
Acquisition cost ratio
14.5
%
 
24.2
%
 
19.5
%
 
 
General and administrative expense ratio
19.1
%
 
7.7
%
 
16.2
%
 
 
Combined ratio
97.8
%
 
86.0
%
 
94.7
%
 
 
 
 
 
 
 
 
 
 
Goodwill and intangible assets
$
86,858

 
$
—

 
$
86,858

 
 
 
 
 
 
 
 
 
GROSS PREMIUMS WRITTEN BY GEOGRAPHICAL LOCATION OF SUBSIDIARIES
The following table presents gross premiums written by the geographical location of the Company's subsidiaries:
 
 
 
 
 
 
 
 
 
Year ended December 31,
2017
 
2016
 
2015
 
 
 
 
 
 
 
 
 
 
Bermuda
$
529,425

 
$
465,980

 
$
525,226

 
 
Ireland
1,569,956

 
1,650,229

 
1,532,753

 
 
U.S.
2,814,933

 
2,562,789

 
2,364,099

 
 
Lloyd's of London
641,959

 
291,210

 
181,652

 
 
Total gross premium written
$
5,556,273

 
$
4,970,208

 
$
4,603,730

 
 
 
 
 
 
 
 
 
NET PREMIUMS EARNED BY SEGMENT AND LINE OF BUSINESS
The following table presents net premiums earned by segment and line of business:    
 
 
 
 
 
 
 
 
 
Year ended December 31,
2017
 
2016
 
2015
 
 
 
 
 
 
 
 
 
 
Insurance
 
 
 
 
 
 
 
Property
$
543,342

 
$
426,918

 
$
432,587

 
 
Marine
181,533

 
150,046

 
183,696

 
 
Terrorism
36,084

 
33,279

 
36,818

 
 
Aviation
75,107

 
44,980

 
45,659

 
 
Credit and Political Risk
56,432

 
57,964

 
63,583

 
 
Professional Lines
519,759

 
510,806

 
596,430

 
 
Liability
188,770

 
169,182

 
161,614

 
 
Accident and Health
489,046

 
384,146

 
277,804

 
 
Discontinued lines - Novae
16,290

 
—

 
—

 
 
Total Insurance
2,106,363

 
1,777,321

 
1,798,191

 
 
 
 
 
 
 
 
 
 
Reinsurance
 
 
 
 
 
 
 
Catastrophe
209,470

 
199,825

 
216,020

 
 
Property
304,376

 
272,403

 
306,083

 
 
Professional Lines
226,622

 
289,868

 
310,915

 
 
Credit and Surety
244,186

 
252,210

 
250,208

 
 
Motor
371,501

 
318,863

 
299,883

 
 
Liability
351,940

 
332,479

 
297,000

 
 
Agriculture
195,391

 
142,501

 
129,346

 
 
Engineering
66,291

 
62,833

 
61,043

 
 
Marine and Other
64,449

 
57,322

 
17,728

 
 
Discontinued lines - Novae
8,171

 
—

 
—

 
 
Total Reinsurance
2,042,397

 
1,928,304

 
1,888,226

 
 
 
 
 
 
 
 
 
 
Total
$
4,148,760

 
$
3,705,625

 
$
3,686,417