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SEGMENT INFORMATION
 9 Months Ended
Sep. 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 September 30,
Insurance
 
Reinsurance
 
Total
 
Insurance
 
Reinsurance
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gross premiums written
$
894,902

 
$
511,604

 
$
1,406,506

 
$
969,364

 
$
454,343

 
$
1,423,707

 
 
Net premiums written
517,050

 
339,031

 
856,081

 
602,070

 
317,868

 
919,938

 
 
Net premiums earned
536,451

 
620,856

 
1,157,307

 
614,795

 
609,280

 
1,224,075

 
 
Other insurance related income
733

 
800

 
1,533

 
1,526

 
6,949

 
8,475

 
 
Net losses and loss expenses
(338,966
)
 
(511,947
)
 
(850,913
)
 
(415,488
)
 
(379,471
)
 
(794,959
)
 
 
Acquisition costs
(115,551
)
 
(144,475
)
 
(260,026
)
 
(111,888
)
 
(136,426
)
 
(248,314
)
 
 
General and administrative expenses
(100,559
)
 
(26,060
)
 
(126,619
)
 
(100,656
)
 
(29,595
)
 
(130,251
)
 
 
Underwriting income (loss)
$
(17,892
)
 
$
(60,826
)
 
(78,718
)
 
$
(11,711
)
 
$
70,737

 
59,026

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net investment income
 
 
 
 
115,763

 
 
 
 
 
114,421

 
 
Net investment gains (losses)
 
 
 
 
14,527

 
 
 
 
 
(17,628
)
 
 
Corporate expenses
 
 
 
 
(28,903
)
 
 
 
 
 
(24,643
)
 
 
Foreign exchange (losses) gains
 
 
 
 
59,543

 
 
 
 
 
(8,305
)
 
 
Interest expense and financing costs
 
 
 
 
(18,042
)
 
 
 
 
 
(16,897
)
 
 
Transaction and reorganization expenses
 
 
 
 
(11,215
)
 
 
 
 
 
(16,300
)
 
 
Amortization of value of business acquired
 
 
 
 
(4,368
)
 
 
 
 
 
(39,018
)
 
 
Amortization of intangible assets
 
 
 
 
(2,831
)
 
 
 
 
 
(1,753
)
 
 
Income before income taxes and interest in income of equity method investments
 
 
 
 
$
45,756

 
 
 
 
 
$
48,903

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net losses and loss expenses ratio
63.2
%
 
82.5
%
 
73.5
%
 
67.6
%
 
62.3
%
 
64.9
%
 
 
Acquisition cost ratio
21.5
%
 
23.3
%
 
22.5
%
 
18.2
%
 
22.4
%
 
20.3
%
 
 
General and administrative expense ratio
18.8
%
 
4.1
%
 
13.4
%
 
16.4
%
 
4.8
%
 
12.7
%
 
 
Combined ratio
103.5
%
 
109.9
%
 
109.4
%
 
102.2
%
 
89.5
%
 
97.9
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total intangible assets
$
346,356

 
$
—

 
$
346,356

 
$
408,441

 
$
—

 
$
408,441

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
  
2019
 
2018
 
 
Nine months ended and at September 30,
Insurance
 
Reinsurance
 
Total
 
Insurance
 
Reinsurance
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gross premiums written
$
2,714,322

 
$
2,923,169

 
$
5,637,491

 
$
2,876,856

 
$
2,860,471

 
$
5,737,327

 
 
Net premiums written
1,638,197

 
2,065,263

 
3,703,460

 
1,748,142

 
2,158,122

 
3,906,264

 
 
Net premiums earned
1,630,473

 
1,784,653

 
3,415,126

 
1,772,126

 
1,804,900

 
3,577,026

 
 
Other insurance related income
1,779

 
9,606

 
11,385

 
3,359

 
15,452

 
18,811

 
 
Net losses and loss expenses
(961,444
)
 
(1,225,959
)
 
(2,187,403
)
 
(1,065,799
)
 
(1,097,146
)
 
(2,162,945
)
 
 
Acquisition costs
(344,981
)
 
(417,826
)
 
(762,807
)
 
(290,082
)
 
(419,445
)
 
(709,527
)
 
 
General and administrative expenses
(311,491
)
 
(87,049
)
 
(398,540
)
 
(305,394
)
 
(99,481
)
 
(404,875
)
 
 
Underwriting income
$
14,336

 
$
63,425

 
77,761

 
$
114,210

 
$
204,280

 
318,490

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net investment income
 
 
 
 
361,014

 
 
 
 
 
325,380

 
 
Net investment gains (losses)
 
 
 
 
48,522

 
 
 
 
 
(77,551
)
 
 
Corporate expenses
 
 
 
 
(97,468
)
 
 
 
 
 
(85,069
)
 
 
Foreign exchange (losses) gains
 
 
 
 
64,868

 
 
 
 
 
(2,066
)
 
 
Interest expense and financing costs
 
 
 
 
(49,545
)
 
 
 
 
 
(50,758
)
 
 
Transaction and reorganization expenses
 
 
 
 
(29,310
)
 
 
 
 
 
(48,125
)
 
 
Amortization of value of business acquired
 
 
 
 
(24,666
)
 
 
 
 
 
(149,535
)
 
 
Amortization of intangible assets
 
 
 
 
(8,744
)
 
 
 
 
 
(8,564
)
 
 
Income before income taxes and interest in income of equity method investments
 
 
 
 
$
342,432

 
 
 
 
 
$
222,202

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net losses and loss expenses ratio
59.0
%
 
68.7
%
 
64.1
%
 
60.1
%
 
60.8
%
 
60.5
%
 
 
Acquisition cost ratio
21.2
%
 
23.4
%
 
22.3
%
 
16.4
%
 
23.2
%
 
19.8
%
 
 
General and administrative expense ratio
19.0
%
 
4.9
%
 
14.5
%
 
17.2
%
 
5.5
%
 
13.7
%
 
 
Combined ratio
99.2
%
 
97.0
%
 
100.9
%
 
93.7
%
 
89.5
%
 
94.0
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total intangible assets
$
346,356

 
$
—

 
$
346,356

 
$
408,441

 
$
—

 
$
408,441