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SEGMENT INFORMATION
 6 Months Ended
Jun. 30, 2021
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.

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, credit and surety, professional lines, motor, liability, engineering, agriculture, marine and aviation, 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 amounts of allocated goodwill and intangible assets:
  20212020
Three months ended and at June 30,InsuranceReinsuranceTotalInsuranceReinsuranceTotal
Gross premiums written$1,268,472$672,714$1,941,186$1,037,568$678,615$1,716,183
Net premiums written712,885490,9731,203,858602,761453,1731,055,934
Net premiums earned631,675525,2661,156,941577,019526,9841,104,003
Other insurance related income5525,2655,8177551,2411,996
Net losses and loss expenses(332,175)(334,298)(666,473)(337,367)(338,894)(676,261)
Acquisition costs(106,963)(112,107)(219,070)(116,259)(112,243)(228,502)
Underwriting-related general and administrative expenses(99,569)(29,392)(128,961)(89,751)(24,073)(113,824)
Underwriting income$93,520$54,734148,254$34,397$53,01587,412
Net investment income104,67245,040
Net investment gains73,29353,043
Corporate expenses(33,491)(26,828)
Foreign exchange losses(19,602)(9,709)
Interest expense and financing costs(15,235)(20,595)
Reorganization expenses—(392)
Amortization of value of business acquired(1,028)(1,285)
Amortization of intangible assets(3,324)(2,855)
Income before income taxes and interest in income of equity method investments$253,539$123,831
Net losses and loss expenses ratio52.6 %63.6 %57.6 %58.5 %64.3 %61.3 %
Acquisition cost ratio16.9 %21.3 %18.9 %20.1 %21.3 %20.7 %
General and administrative expense ratio15.8 %5.7 %14.1 %15.6 %4.6 %12.7 %
Combined ratio85.3 %90.6 %90.6 %94.2 %90.2 %94.7 %
Goodwill and intangible assets$315,087$—$315,087$327,095$—$327,095
  

2.    SEGMENT INFORMATION (CONTINUED)

20212020
Six months ended and at June 30,InsuranceReinsuranceTotalInsuranceReinsuranceTotal
Gross premiums written$2,371,670$2,104,997$4,476,667$1,978,283$2,169,058$4,147,341
Net premiums written1,420,6991,562,0452,982,7441,184,4111,550,5672,734,978
Net premiums earned1,247,9621,012,7012,260,6631,139,0831,053,5452,192,628
Other insurance related income (loss)9677,6318,5981,403(8,113)(6,710)
Net losses and loss expenses(689,072)(692,118)(1,381,190)(809,180)(775,155)(1,584,335)
Acquisition costs(224,642)(213,299)(437,941)(229,010)(238,142)(467,152)
Underwriting-related general and administrative expenses(202,872)(58,757)(261,629)(190,529)(53,257)(243,786)
Underwriting income (loss)$132,343$56,158188,501$(88,233)$(21,122)(109,355)
Net investment income218,836138,140
Net investment gains (losses)102,936(9,831)
Corporate expenses(59,231)(53,926)
Foreign exchange (losses) gains(23,716)51,974
Interest expense and financing costs(30,806)(44,067)
Reorganization expenses—591
Amortization of value of business acquired(2,056)(3,083)
Amortization of intangible assets(6,013)(5,725)
Income (loss) before income taxes and interest in income (loss) of equity method investments$388,451$(35,282)
Net losses and loss expenses ratio55.2 %68.3 %61.1 %71.0 %73.6 %72.3 %
Acquisition cost ratio18.0 %21.1 %19.4 %20.1 %22.6 %21.3 %
General and administrative expense ratio16.3 %5.8 %14.2 %16.8 %5.0 %13.5 %
Combined ratio89.5 %95.2 %94.7 %107.9 %101.2 %107.1 %
Goodwill and intangible assets$315,087$—$315,087$327,095$—$327,095