SEGMENT INFORMATION

3 Months Ended

Mar. 31, 2020

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:


	2020															2019
Three months ended and at March 31,	Insurance			Reinsurance			Total			Insurance			Reinsurance			Total

Gross premiums written	$	940,715		$	1,490,443		$	2,431,158		$	851,096		$	1,732,130		$	2,583,226
Net premiums written	581,650			1,097,394			1,679,044			529,239			1,247,820			1,777,059
Net premiums earned	562,064			526,561			1,088,625			556,762			577,450			1,134,212
Other insurance related income (loss)	647			(9,354)			(8,707)			1,742			5,187			6,929
Net losses and loss expenses	(471,812)			(436,261)			(908,073)			(313,776)			(350,252)			(664,028)
Acquisition costs	(112,751)			(125,899)			(238,650)			(117,775)			(142,643)			(260,418)
General and administrative expenses	(100,778)			(29,184)			(129,962)			(106,034)			(32,839)			(138,873)
Underwriting income (loss)	$	(122,630)		$	(74,137)		(196,767)			$	20,919		$	56,903		77,822

Net investment income							93,101									107,303
Net investment gains (losses)							(62,877)									12,767
Corporate expenses							(27,098)									(36,218)
Foreign exchange (losses) gains							61,683									(7,056)
Interest expense and financing costs							(23,472)									(15,895)
Reorganization expenses							982									(14,820)
Amortization of value of business acquired							(1,799)									(13,104)
Amortization of intangible assets							(2,870)									(3,003)
Income (loss) before income taxes and interest in income (loss) of equity method investments							$	(159,117)								$	107,796

Net losses and loss expenses ratio	83.9		%	82.9		%	83.4		%	56.4		%	60.7		%	58.5		%
Acquisition cost ratio	20.1		%	23.9		%	21.9		%	21.2		%	24.7		%	23.0		%
General and administrative expense ratio	17.9		%	5.5		%	14.5		%	19.0		%	5.6		%	15.4		%
Combined ratio	121.9		%	112.3		%	119.8		%	96.6		%	91.0		%	96.9		%

Goodwill and intangible assets	$	329,824		$	—		$	329,824		$	340,766		$	—		$	340,766