SEGMENT INFORMATION (Tables)

6 Months Ended

Jun. 30, 2021

UNDERWRITING RESULTS OF REPORTABLE SEGMENTS

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:


	2021									2020
Three months ended and at June 30,	Insurance			Reinsurance			Total			Insurance			Reinsurance			Total

Gross premiums written	$	1,268,472		$	672,714		$	1,941,186		$	1,037,568		$	678,615		$	1,716,183
Net premiums written	712,885			490,973			1,203,858			602,761			453,173			1,055,934
Net premiums earned	631,675			525,266			1,156,941			577,019			526,984			1,104,003
Other insurance related income	552			5,265			5,817			755			1,241			1,996
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		$	54,734		148,254			$	34,397		$	53,015		87,412

Net investment income							104,672									45,040
Net investment gains							73,293									53,043
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 ratio	52.6		%	63.6		%	57.6		%	58.5		%	64.3		%	61.3		%
Acquisition cost ratio	16.9		%	21.3		%	18.9		%	20.1		%	21.3		%	20.7		%
General and administrative expense ratio	15.8		%	5.7		%	14.1		%	15.6		%	4.6		%	12.7		%
Combined ratio	85.3		%	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)


	2021									2020
Six months ended and at June 30,	Insurance			Reinsurance			Total			Insurance			Reinsurance			Total

Gross premiums written	$	2,371,670		$	2,104,997		$	4,476,667		$	1,978,283		$	2,169,058		$	4,147,341
Net premiums written	1,420,699			1,562,045			2,982,744			1,184,411			1,550,567			2,734,978
Net premiums earned	1,247,962			1,012,701			2,260,663			1,139,083			1,053,545			2,192,628
Other insurance related income (loss)	967			7,631			8,598			1,403			(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		$	56,158		188,501			$	(88,233)		$	(21,122)		(109,355)

Net investment income							218,836									138,140
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 ratio	55.2		%	68.3		%	61.1		%	71.0		%	73.6		%	72.3		%
Acquisition cost ratio	18.0		%	21.1		%	19.4		%	20.1		%	22.6		%	21.3		%
General and administrative expense ratio	16.3		%	5.8		%	14.2		%	16.8		%	5.0		%	13.5		%
Combined ratio	89.5		%	95.2		%	94.7		%	107.9		%	101.2		%	107.1		%

Goodwill and intangible assets	$	315,087		$	—		$	315,087		$	327,095		$	—		$	327,095