SEGMENT INFORMATION

9 Months Ended

Sep. 30, 2020

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:

	2020									2019
Three months ended and at September 30,	Insurance			Reinsurance			Total			Insurance			Reinsurance			Total
Gross premiums written	$	935,817		$	395,361		$	1,331,178		$	894,902		$	511,604		$	1,406,506
Net premiums written	544,857			271,125			815,982			517,050			339,031			856,081
Net premiums earned	570,184			521,128			1,091,312			536,451			620,856			1,157,307
Other insurance related income	688			752			1,440			733			800			1,533
Net losses and loss expenses	(443,389)			(436,288)			(879,677)			(338,966)			(511,947)			(850,913)
Acquisition costs	(114,569)			(115,995)			(230,564)			(115,551)			(144,475)			(260,026)
Underwriting-related general and administrative expenses	(94,379)			(23,456)			(117,835)			(100,559)			(26,060)			(126,619)
Underwriting loss	$	(81,465)		$	(53,859)		(135,324)			$	(17,892)		$	(60,826)		(78,718)
Net investment income							101,956									115,763
Net investment gains							55,609									14,527
Corporate expenses							(20,988)									(28,903)
Foreign exchange (losses) gains							(60,734)									59,543
Interest expense and financing costs							(15,574)									(18,042)
Reorganization expenses							(1,413)									(11,215)
Amortization of value of business acquired							(1,028)									(4,368)
Amortization of intangible assets							(2,838)									(2,831)
Income (loss) before income taxes and interest in income (loss) of equity method investments							$	(80,334)								$	45,756
Net losses and loss expenses ratio	77.8		%	83.7		%	80.6		%	63.2		%	82.5		%	73.5		%
Acquisition cost ratio	20.1		%	22.3		%	21.1		%	21.5		%	23.3		%	22.5		%
General and administrative expense ratio	16.5		%	4.5		%	12.8		%	18.8		%	4.1		%	13.4		%
Combined ratio	114.4		%	110.5		%	114.5		%	103.5		%	109.9		%	109.4		%
Goodwill and intangible assets	$	324,365		$	—		$	324,365		$	346,356		$	—		$	346,356

	2020									2019
Nine months ended and at September 30,	Insurance			Reinsurance			Total			Insurance			Reinsurance			Total
Gross premiums written	$	2,914,100		$	2,564,419		$	5,478,519		$	2,714,322		$	2,923,169		$	5,637,491
Net premiums written	1,729,268			1,821,692			3,550,960			1,638,197			2,065,263			3,703,460
Net premiums earned	1,709,268			1,574,673			3,283,941			1,630,473			1,784,653			3,415,126
Other insurance related income (loss)	2,091			(7,361)			(5,270)			1,779			9,606			11,385
Net losses and loss expenses	(1,252,569)			(1,211,443)			(2,464,012)			(961,444)			(1,225,959)			(2,187,403)
Acquisition costs	(343,579)			(354,137)			(697,716)			(344,981)			(417,826)			(762,807)
Underwriting-related general and administrative expenses	(284,909)			(76,714)			(361,623)			(311,491)			(87,049)			(398,540)
Underwriting income (loss)	$	(169,698)		$	(74,982)		(244,680)			$	14,336		$	63,425		77,761
Net investment income							240,098									361,014
Net investment gains							45,777									48,522
Corporate expenses							(74,915)									(97,468)
Foreign exchange (losses) gains							(8,760)									64,868
Interest expense and financing costs							(59,641)									(49,545)
Reorganization expenses							(822)									(29,310)
Amortization of value of business acquired							(4,111)									(24,666)
Amortization of intangible assets							(8,564)									(8,744)
Income (loss) before income taxes and interest in income (loss) of equity method investments							$	(115,618)								$	342,432
Net losses and loss expenses ratio	73.3		%	76.9		%	75.0		%	59.0		%	68.7		%	64.1		%
Acquisition cost ratio	20.1		%	22.5		%	21.2		%	21.2		%	23.4		%	22.3		%
General and administrative expense ratio	16.7		%	4.9		%	13.4		%	19.0		%	4.9		%	14.5		%
Combined ratio	110.1		%	104.3		%	109.6		%	99.2		%	97.0		%	100.9		%
Goodwill and intangible assets	$	324,365		$	—		$	324,365		$	346,356		$	—		$	346,356