SEGMENT INFORMATION (Tables)

6 Months Ended

Jun. 30, 2020

UNDERWRITING RESULTS OF REPORTABLE SEGMENTS

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 June 30,	Insurance			Reinsurance			Total			Insurance			Reinsurance			Total

Gross premiums written	$	1,037,568		$	678,615		$	1,716,183		$	968,325		$	679,435		$	1,647,760
Net premiums written	602,761			453,173			1,055,934			591,909			478,412			1,070,321
Net premiums earned	577,019			526,984			1,104,003			537,260			586,347			1,123,607
Other insurance related income (loss)	755			1,241			1,996			(695)			3,620			2,925
Net losses and loss expenses	(337,367)			(338,894)			(676,261)			(308,703)			(363,760)			(672,463)
Acquisition costs	(116,259)			(112,243)			(228,502)			(111,655)			(130,708)			(242,363)
General and administrative expenses	(89,751)			(24,073)			(113,824)			(104,898)			(28,149)			(133,047)
Underwriting income	$	34,397		$	53,015		87,412			$	11,309		$	67,350		78,659

Net investment income							45,040									137,949
Net investment gains							53,043									21,225
Corporate expenses							(26,828)									(32,348)
Foreign exchange (losses) gains							(9,709)									12,381
Interest expense and financing costs							(20,595)									(15,607)
Reorganization expenses							(392)									(3,276)
Amortization of value of business acquired							(1,285)									(7,194)
Amortization of intangible assets							(2,855)									(2,912)
Income before income taxes and interest in income of equity method investments							$	123,831								$	188,877

Net losses and loss expenses ratio	58.5		%	64.3		%	61.3		%	57.5		%	62.0		%	59.8		%
Acquisition cost ratio	20.1		%	21.3		%	20.7		%	20.8		%	22.3		%	21.6		%
General and administrative expense ratio	15.6		%	4.6		%	12.7		%	19.5		%	4.8		%	14.7		%
Combined ratio	94.2		%	90.2		%	94.7		%	97.8		%	89.1		%	96.1		%

Goodwill and intangible assets	$	327,095		$	—		$	327,095		$	353,428		$	—		$	353,428


	2020															2019
Six months ended and at June 30,	Insurance			Reinsurance			Total			Insurance			Reinsurance			Total

Gross premiums written	$	1,978,283		$	2,169,058		$	4,147,341		$	1,819,421		$	2,411,565		$	4,230,986
Net premiums written	1,184,411			1,550,567			2,734,978			1,121,149			1,726,232			2,847,381
Net premiums earned	1,139,083			1,053,545			2,192,628			1,094,022			1,163,797			2,257,819
Other insurance related income (loss)	1,403			(8,113)			(6,710)			1,046			8,806			9,852
Net losses and loss expenses	(809,180)			(775,155)			(1,584,335)			(622,479)			(714,012)			(1,336,491)
Acquisition costs	(229,010)			(238,142)			(467,152)			(229,430)			(273,351)			(502,781)
General and administrative expenses	(190,529)			(53,257)			(243,786)			(210,932)			(60,988)			(271,920)
Underwriting income (loss)	$	(88,233)		$	(21,122)		(109,355)			$	32,227		$	124,252		156,479

Net investment income							138,140									245,254
Net investment gains (losses)							(9,831)									33,996
Corporate expenses							(53,926)									(68,566)
Foreign exchange gains							51,974									5,325
Interest expense and financing costs							(44,067)									(31,502)
Reorganization expenses							591									(18,096)
Amortization of value of business acquired							(3,083)									(20,298)
Amortization of intangible assets							(5,725)									(5,914)
Income (loss) before income taxes and interest in income (loss) of equity method investments							$	(35,282)								$	296,678

Net losses and loss expenses ratio	71.0		%	73.6		%	72.3		%	56.9		%	61.4		%	59.2		%
Acquisition cost ratio	20.1		%	22.6		%	21.3		%	21.0		%	23.5		%	22.3		%
General and administrative expense ratio	16.8		%	5.0		%	13.5		%	19.2		%	5.2		%	15.0		%
Combined ratio	107.9		%	101.2		%	107.1		%	97.1		%	90.1		%	96.5		%

Goodwill and intangible assets	$	327,095		$	—		$	327,095		$	353,428		$	—		$	353,428