v2.4.0.8
SEGMENT INFORMATION
 6 Months Ended
Jun. 30, 2013
Segment Reporting [Abstract]  
SEGMENT INFORMATION [Text Block]
Our underwriting operations are organized around our global underwriting platforms, AXIS Insurance and AXIS Re. Therefore we have determined that we have two reportable segments, insurance and reinsurance. We do not allocate our assets by segment, with the exception of goodwill and intangible assets, as we evaluate the underwriting results of each segment separately from the results of our investment portfolio.

The following table summarizes the underwriting results of our reportable segments, as well as the carrying values of allocated goodwill and intangible assets:
 
  
2013
 
2012
 
 
Three months ended and at June 30,
Insurance
 
Reinsurance
 
Total
 
Insurance
 
Reinsurance
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gross premiums written
$
781,055

 
$
438,750

 
$
1,219,805

 
$
675,009

 
$
339,366

 
$
1,014,375

 
 
Net premiums written
559,584

 
433,823

 
993,407

 
465,238

 
336,337

 
801,575

 
 
Net premiums earned
422,345

 
523,528

 
945,873

 
386,580

 
464,023

 
850,603

 
 
Other insurance related income
435

 
—

 
435

 
299

 
—

 
299

 
 
Net losses and loss expenses
(330,992
)
 
(311,907
)
 
(642,899
)
 
(225,900
)
 
(241,737
)
 
(467,637
)
 
 
Acquisition costs
(58,749
)
 
(110,970
)
 
(169,719
)
 
(58,654
)
 
(97,743
)
 
(156,397
)
 
 
General and administrative expenses
(88,526
)
 
(35,243
)
 
(123,769
)
 
(77,770
)
 
(29,359
)
 
(107,129
)
 
 
Underwriting income (loss)
$
(55,487
)
 
$
65,408

 
9,921

 
$
24,555

 
$
95,184

 
119,739

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Corporate expenses
 
 
 
 
(25,265
)
 
 
 
 
 
(54,202
)
 
 
Net investment income
 
 
 
 
83,112

 
 
 
 
 
74,449

 
 
Net realized investment gains
 
 
 
 
16,235

 
 
 
 
 
30,405

 
 
Foreign exchange gains
 
 
 
 
10,320

 
 
 
 
 
36,162

 
 
Interest expense and financing costs
 
 
 
 
(15,260
)
 
 
 
 
 
(15,170
)
 
 
Income before income taxes
 
 
 
 
$
79,063

 
 
 
 
 
$
191,383

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net loss and loss expense ratio
78.4
%
 
59.6
%
 
68.0
%
 
58.4
%
 
52.1
%
 
55.0
%
 
 
Acquisition cost ratio
13.9
%
 
21.2
%
 
17.9
%
 
15.2
%
 
21.1
%
 
18.4
%
 
 
General and administrative expense ratio
20.9
%
 
6.7
%
 
15.8
%
 
20.1
%
 
6.3
%
 
18.9
%
 
 
Combined ratio
113.2
%
 
87.5
%
 
101.7
%
 
93.7
%
 
79.5
%
 
92.3
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Goodwill and intangible assets
$
91,370

 
$
—

 
$
91,370

 
$
98,203

 
$
—

 
$
98,203

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

  
 
  
2013
 
2012
 
 
Six months ended and at June 30,
Insurance
 
Reinsurance
 
Total
 
Insurance
 
Reinsurance
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gross premiums written
$
1,377,769

 
$
1,588,518

 
$
2,966,287

 
$
1,199,689

 
$
1,339,856

 
$
2,539,545

 
 
Net premiums written
992,264

 
1,571,582

 
2,563,846

 
843,853

 
1,324,909

 
2,168,762

 
 
Net premiums earned
824,224

 
995,687

 
1,819,911

 
776,837

 
920,131

 
1,696,968

 
 
Other insurance related income
1,030

 
—

 
1,030

 
931

 
—

 
931

 
 
Net losses and loss expenses
(548,328
)
 
(532,985
)
 
(1,081,313
)
 
(467,623
)
 
(510,705
)
 
(978,328
)
 
 
Acquisition costs
(116,009
)
 
(199,200
)
 
(315,209
)
 
(119,808
)
 
(204,985
)
 
(324,793
)
 
 
General and administrative expenses
(175,415
)
 
(68,283
)
 
(243,698
)
 
(155,214
)
 
(57,133
)
 
(212,347
)
 
 
Underwriting income (loss)
$
(14,498
)
 
$
195,219

 
180,721

 
$
35,123

 
$
147,308

 
182,431

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Corporate expenses
 
 
 
 
(46,810
)
 
 
 
 
 
(72,637
)
 
 
Net investment income
 
 
 
 
192,019

 
 
 
 
 
190,472

 
 
Net realized investment gains
 
 
 
 
60,713

 
 
 
 
 
44,896

 
 
Foreign exchange gains
 
 
 
 
45,201

 
 
 
 
 
15,715

 
 
Interest expense and financing costs
 
 
 
 
(31,095
)
 
 
 
 
 
(30,807
)
 
 
Income before income taxes
 
 
 
 
$
400,749

 
 
 
 
 
$
330,070

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net loss and loss expense ratio
66.5
%
 
53.5
%
 
59.4
%
 
60.2
%
 
55.5
%
 
57.7
%
 
 
Acquisition cost ratio
14.1
%
 
20.0
%
 
17.3
%
 
15.4
%
 
22.3
%
 
19.1
%
 
 
General and administrative expense ratio
21.3
%
 
6.9
%
 
16.0
%
 
20.0
%
 
6.2
%
 
16.8
%
 
 
Combined ratio
101.9
%
 
80.4
%
 
92.7
%
 
95.6
%
 
84.0
%
 
93.6
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Goodwill and intangible assets
$
91,370

 
$
—

 
$
91,370

 
$
98,203

 
$
—

 
$
98,203