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SEGMENT INFORMATION
 6 Months Ended
Jun. 30, 2019
Segment Reporting [Abstract]  
SEGMENT INFORMATION
AXIS Capital's underwriting operations are organized around its global underwriting platforms, AXIS Insurance and AXIS Re. The Company has determined that it has two reportable segments, insurance and reinsurance. The Company does not allocate its assets by segment, with the exception of goodwill and intangible assets, as it evaluates the underwriting results of each segment separately from the results of its investment portfolio.

Insurance
The Company's insurance segment offers specialty insurance products to a variety of niche markets on a worldwide basis. The product lines in this segment are property, marine, terrorism, aviation, credit and political risk, professional lines, liability, accident and health, and discontinued lines - Novae.
 
Reinsurance
The Company's reinsurance segment provides 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, marine and other accident and health, and discontinued lines - Novae.

The following tables present the underwriting results of the Company's reportable segments, as well as the carrying values of allocated goodwill and intangible assets:
 
  
2019
 
2018
 
 
Three months ended and at June 30,
Insurance
 
Reinsurance
 
Total
 
Insurance
 
Reinsurance
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gross premiums written
$
968,325

 
$
679,435

 
$
1,647,760

 
$
1,026,644

 
$
624,181

 
$
1,650,825

 
 
Net premiums written
591,909

 
478,412

 
1,070,321

 
598,179

 
402,276

 
1,000,455

 
 
Net premiums earned
537,260

 
586,347

 
1,123,607

 
577,271

 
608,277

 
1,185,548

 
 
Other insurance related income (losses)
(695
)
 
3,620

 
2,925

 
1,214

 
2,516

 
3,730

 
 
Net losses and loss expenses
(308,703
)
 
(363,760
)
 
(672,463
)
 
(328,773
)
 
(377,868
)
 
(706,641
)
 
 
Acquisition costs
(111,655
)
 
(130,708
)
 
(242,363
)
 
(90,864
)
 
(141,088
)
 
(231,952
)
 
 
General and administrative expenses
(104,898
)
 
(28,149
)
 
(133,047
)
 
(102,369
)
 
(32,590
)
 
(134,959
)
 
 
Underwriting income
$
11,309

 
$
67,350

 
78,659

 
$
56,479

 
$
59,247

 
115,726

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net investment income
 
 
 
 
137,949

 
 
 
 
 
109,960

 
 
Net investment gains (losses)
 
 
 
 
21,225

 
 
 
 
 
(45,093
)
 
 
Corporate expenses
 
 
 
 
(32,348
)
 
 
 
 
 
(30,254
)
 
 
Foreign exchange gains
 
 
 
 
12,381

 
 
 
 
 
44,099

 
 
Interest expense and financing costs
 
 
 
 
(15,607
)
 
 
 
 
 
(17,098
)
 
 
Transaction and reorganization expenses
 
 
 
 
(3,276
)
 
 
 
 
 
(18,772
)
 
 
Amortization of value of business acquired
 
 
 
 
(7,194
)
 
 
 
 
 
(53,407
)
 
 
Amortization of intangible assets
 
 
 
 
(2,912
)
 
 
 
 
 
(4,029
)
 
 
Income before income taxes and interest in income of equity method investments
 
 
 
 
$
188,877

 
 
 
 
 
$
101,132

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net losses and loss expenses ratio
57.5
%
 
62.0
%
 
59.8
%
 
57.0
%
 
62.1
%
 
59.6
%
 
 
Acquisition cost ratio
20.8
%
 
22.3
%
 
21.6
%
 
15.7
%
 
23.2
%
 
19.6
%
 
 
General and administrative expense ratio
19.5
%
 
4.8
%
 
14.7
%
 
17.7
%
 
5.4
%
 
13.9
%
 
 
Combined ratio
97.8
%
 
89.1
%
 
96.1
%
 
90.4
%
 
90.7
%
 
93.1
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total intangible assets
$
353,428

 
$
—

 
$
353,428

 
$
450,073

 
$
—

 
$
450,073

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
  
2019
 
2018
 
 
Six months ended and at June 30,
Insurance
 
Reinsurance
 
Total
 
Insurance
 
Reinsurance
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gross premiums written
$
1,819,421

 
$
2,411,565

 
$
4,230,986

 
$
1,907,492

 
$
2,406,128

 
$
4,313,620

 
 
Net premiums written
1,121,149

 
1,726,232

 
2,847,381

 
1,146,071

 
1,840,255

 
2,986,326

 
 
Net premiums earned
1,094,022

 
1,163,797

 
2,257,819

 
1,157,330

 
1,195,620

 
2,352,950

 
 
Other insurance related income
1,046

 
8,806

 
9,852

 
1,833

 
8,502

 
10,335

 
 
Net losses and loss expenses
(622,479
)
 
(714,012
)
 
(1,336,491
)
 
(650,312
)
 
(717,674
)
 
(1,367,986
)
 
 
Acquisition costs
(229,430
)
 
(273,351
)
 
(502,781
)
 
(178,193
)
 
(283,019
)
 
(461,212
)
 
 
General and administrative expenses
(210,932
)
 
(60,988
)
 
(271,920
)
 
(204,738
)
 
(69,886
)
 
(274,624
)
 
 
Underwriting income
$
32,227

 
$
124,252

 
156,479

 
$
125,920

 
$
133,543

 
259,463

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net investment income
 
 
 
 
245,254

 
 
 
 
 
210,961

 
 
Net investment gains (losses)
 
 
 
 
33,996

 
 
 
 
 
(59,923
)
 
 
Corporate expenses
 
 
 
 
(68,566
)
 
 
 
 
 
(60,425
)
 
 
Foreign exchange gains
 
 
 
 
5,325

 
 
 
 
 
6,239

 
 
Interest expense and financing costs
 
 
 
 
(31,502
)
 
 
 
 
 
(33,861
)
 
 
Transaction and reorganization expenses
 
 
 
 
(18,096
)
 
 
 
 
 
(31,825
)
 
 
Amortization of value of business acquired
 
 
 
 
(20,298
)
 
 
 
 
 
(110,517
)
 
 
Amortization of intangible assets
 
 
 
 
(5,914
)
 
 
 
 
 
(6,811
)
 
 
Income before income taxes and interest in income of equity method investments
 
 
 
 
$
296,678

 
 
 
 
 
$
173,301

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net losses and loss expenses ratio
56.9
%
 
61.4
%
 
59.2
%
 
56.2
%
 
60.0
%
 
58.1
%
 
 
Acquisition cost ratio
21.0
%
 
23.5
%
 
22.3
%
 
15.4
%
 
23.7
%
 
19.6
%
 
 
General and administrative expense ratio
19.2
%
 
5.2
%
 
15.0
%
 
17.7
%
 
5.8
%
 
14.3
%
 
 
Combined ratio
97.1
%
 
90.1
%
 
96.5
%
 
89.3
%
 
89.5
%
 
92.0
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total intangible assets
$
353,428

 
$
—

 
$
353,428

 
$
450,073

 
$
—

 
$
450,073