SEGMENT INFORMATION

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

SEGMENT INFORMATION

SEGMENT INFORMATION

The Company'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 professional lines, property, liability, cyber, marine and aviation, accident and health, and credit and political risk.

Reinsurance

The Company's reinsurance segment provides treaty reinsurance to insurance companies on a worldwide basis. The product lines in this segment are liability, accident and health, professional lines, credit and surety, motor, agriculture, marine and aviation, catastrophe, property, and engineering.

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:

	2023									2022
Three months ended and at September 30,	Insurance			Reinsurance			Total			Insurance			Reinsurance			Total
Gross premiums written	$	1,457,624		$	448,254		$	1,905,878		$	1,317,890		$	389,918		$	1,707,808
Net premiums written	885,252			90,105			975,357			777,789			258,995			1,036,784
Net premiums earned	885,714			436,850			1,322,564			782,101			502,765			1,284,866
Other insurance related income (loss)	(22)			10,366			10,344			151			941			1,092
Net losses and loss expenses	(491,368)			(292,572)			(783,940)			(519,006)			(422,905)			(941,911)
Acquisition costs	(169,384)			(94,005)			(263,389)			(139,436)			(101,075)			(240,511)
Underwriting-related general and administrative expenses	(120,330)			(18,271)			(138,601)			(108,072)			(24,498)			(132,570)
Underwriting income (loss)	$	104,610		$	42,368		146,978			$	15,738		$	(44,772)		(29,034)
Net investment income							154,201									88,177
Net investment gains (losses)							(53,114)									(146,458)
Corporate expenses							(40,682)									(25,675)
Foreign exchange gains							50,570									135,660
Interest expense and financing costs							(16,445)									(15,915)
Reorganization expenses							(28,997)									(6,213)
Amortization of intangible assets							(2,729)									(2,729)
Income (loss) before income taxes and interest in income (loss) of equity method investments							209,782									(2,187)
Income tax (expense) benefit							(24,624)									363
Interest in income (loss) of equity method investments							2,940									(7,560)
Net income (loss)							188,098									(9,384)
Preferred share dividends							7,563									7,563
Net income (loss) available (attributable) to common shareholders							$	180,535								$	(16,947)
Net losses and loss expenses ratio	55.5		%	67.0		%	59.3		%	66.4		%	84.1		%	73.3		%
Acquisition cost ratio	19.1		%	21.5		%	19.9		%	17.8		%	20.1		%	18.7		%
General and administrative expense ratio	13.6		%	4.2		%	13.5		%	13.8		%	4.9		%	12.3		%
Combined ratio	88.2		%	92.7		%	92.7		%	98.0		%	109.1		%	104.3		%
Goodwill and intangible assets	$	290,413		$	—		$	290,413		$	301,330		$	—		$	301,330

	2023									2022
Nine months ended September 30,	Insurance			Reinsurance			Total			Insurance			Reinsurance			Total
Gross premiums written	$	4,557,386		$	2,014,846		$	6,572,232		$	4,114,776		$	2,341,123		$	6,455,899
Net premiums written	2,788,849			1,241,221			4,030,070			2,491,120			1,675,382			4,166,502
Net premiums earned	2,544,920			1,273,588			3,818,508			2,303,640			1,516,523			3,820,163
Other insurance related income	90			16,354			16,444			470			9,528			9,998
Net losses and loss expenses	(1,398,486)			(842,354)			(2,240,840)			(1,346,585)			(1,097,611)			(2,444,196)
Acquisition costs	(473,413)			(273,614)			(747,027)			(422,979)			(323,464)			(746,443)
Underwriting-related general and administrative expenses	(350,494)			(61,757)			(412,251)			(330,598)			(82,471)			(413,069)
Underwriting income	$	322,617		$	112,217		434,834			$	203,948		$	22,505		226,453
Net investment income							424,802									271,744
Net investment gains (losses)							(97,671)									(414,231)
Corporate expenses							(102,345)									(79,803)
Foreign exchange gains							11,755									236,934
Interest expense and financing costs							(50,077)									(46,720)
Reorganization expenses							(28,997)									(21,941)
Amortization of intangible assets							(8,188)									(8,188)
Income before income taxes and interest in income of equity method investments							584,113									164,248
Income tax (expense) benefit							(68,078)									5,304
Interest in income of equity method investments							2,835									5,040
Net income							518,870									174,592
Preferred share dividends							22,688									22,688
Net income available to common shareholders							$	496,182								$	151,904
Net losses and loss expenses ratio	55.0		%	66.1		%	58.7		%	58.5		%	72.4		%	64.0		%
Acquisition cost ratio	18.6		%	21.5		%	19.6		%	18.4		%	21.3		%	19.5		%
General and administrative expense ratio	13.7		%	4.9		%	13.4		%	14.3		%	5.4		%	12.9		%
Combined ratio	87.3		%	92.5		%	91.7		%	91.2		%	99.1		%	96.4		%
Goodwill and intangible assets	$	290,413		$	—		$	290,413		$	301,330		$	—		$	301,330