| SEGMENT INFORMATION [Text Block] |
Our underwriting operations are organized around our global underwriting platforms, AXIS Insurance and AXIS Reinsurance. 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. Insurance Our insurance segment provides insurance coverage on a worldwide basis. The product lines in this segment are property, marine, terrorism, aviation, credit and political risk, professional lines, liability and accident and health. Reinsurance Our reinsurance segment provides non-life 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 and other. The following tables summarize the underwriting results of our reportable segments, as well as the carrying values of allocated goodwill and intangible assets: | | | | | | | | | | | | | | | | | | | | | | | | At and year ended December 31, 2013 | Insurance | | Reinsurance | | Total | | | | | | | | | | | Gross premiums written | $ | 2,559,138 |
| | $ | 2,137,903 |
| | $ | 4,697,041 |
| | | Net premiums written | 1,813,538 |
| | 2,114,662 |
| | 3,928,200 |
| | | Net premiums earned | 1,722,762 |
| | 1,984,303 |
| | 3,707,065 |
| | | Other insurance related income | 2,436 |
| | 1,988 |
| | 4,424 |
| | | Net losses and loss expenses | (1,050,402 | ) | | (1,083,793 | ) | | (2,134,195 | ) | | | Acquisition costs | (242,363 | ) | | (421,828 | ) | | (664,191 | ) | | | General and administrative expenses | (347,684 | ) | | (137,450 | ) | | (485,134 | ) | | | Underwriting income | $ | 84,749 |
| | $ | 343,220 |
| | 427,969 |
| | | | | | | | | | | Corporate expenses | | | | | (90,256 | ) | | | Net investment income | | | | | 409,312 |
| | | Net realized investment gains | | | | | 75,564 |
| | | Foreign exchange losses | | | | | (26,143 | ) | | | Interest expense and financing costs | | | | | (61,979 | ) | | | Income before income taxes | | | | | $ | 734,467 |
| | | | | | | | | | | Net loss and loss expense ratio | 61.0 | % | | 54.6 | % | | 57.6 | % | | | Acquisition cost ratio | 14.1 | % | | 21.3 | % | | 17.9 | % | | | General and administrative expense ratio | 20.1 | % | | 6.9 | % | | 15.5 | % | | | Combined ratio | 95.2 | % | | 82.8 | % | | 91.0 | % | | | | | | | | | | | Goodwill and intangible assets | $ | 89,528 |
| | $ | — |
| | $ | 89,528 |
| | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | At and year ended December 31, 2012 | Insurance | | Reinsurance | | Total | | | | | | | | | | | Gross premiums written | $ | 2,309,481 |
| | $ | 1,830,162 |
| | $ | 4,139,643 |
| | | Net premiums written | 1,522,245 |
| | 1,815,211 |
| | 3,337,456 |
| | | Net premiums earned | 1,558,058 |
| | 1,857,405 |
| | 3,415,463 |
| | | Other insurance related income | 2,676 |
| | — |
| | 2,676 |
| | | Net losses and loss expenses | (953,564 | ) | | (1,142,464 | ) | | (2,096,028 | ) | | | Acquisition costs | (226,859 | ) | | (400,794 | ) | | (627,653 | ) | | | General and administrative expenses | (314,834 | ) | | (116,487 | ) | | (431,321 | ) | | | Underwriting income | $ | 65,477 |
| | $ | 197,660 |
| | 263,137 |
| | | | | | | | | | | Corporate expenses | | | | | (129,660 | ) | | | Net investment income | | | | | 380,957 |
| | | Net realized investment gains | | | | | 127,469 |
| | | Foreign exchange losses | | | | | (29,512 | ) | | | Interest expense and financing costs | | | | | (61,863 | ) | | | Income before income taxes | | | | | $ | 550,528 |
| | | | | | | | | | | Net loss and loss expense ratio | 61.2 | % | | 61.5 | % | | 61.4 | % | | | Acquisition cost ratio | 14.6 | % | | 21.6 | % | | 18.4 | % | | | General and administrative expense ratio | 20.2 | % | | 6.3 | % | | 16.4 | % | | | Combined ratio | 96.0 | % | | 89.4 | % | | 96.2 | % | | | | | | | | | | | Goodwill and intangible assets | $ | 97,493 |
| | $ | — |
| | $ | 97,493 |
| | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | At and year ended December 31, 2011 | Insurance | | Reinsurance | | Total | | | | | | | | | | | Gross premiums written | $ | 2,121,829 |
| | $ | 1,974,324 |
| | $ | 4,096,153 |
| | | Net premiums written | 1,466,134 |
| | 1,953,300 |
| | 3,419,434 |
| | | Net premiums earned | 1,429,687 |
| | 1,885,274 |
| | 3,314,961 |
| | | Other insurance related income | 2,396 |
| | — |
| | 2,396 |
| | | Net losses and loss expenses | (919,319 | ) | | (1,755,733 | ) | | (2,675,052 | ) | | | Acquisition costs | (199,583 | ) | | (387,886 | ) | | (587,469 | ) | | | General and administrative expenses | (278,147 | ) | | (103,915 | ) | | (382,062 | ) | | | Underwriting income (loss) | $ | 35,034 |
| | $ | (362,260 | ) | | (327,226 | ) | | | | | | | | | | | Corporate expenses | | | | | (77,089 | ) | | | Net investment income | | | | | 362,430 |
| | | Net realized investment gains | | | | | 121,439 |
| | | Foreign exchange gains | | | | | 44,582 |
| | | Interest expense and financing costs | | | | | (62,598 | ) | | | Income before income taxes | | | | | $ | 61,538 |
| | | | | | | | | | | Net loss and loss expense ratio | 64.3 | % | | 93.1 | % | | 80.7 | % | | | Acquisition cost ratio | 14.0 | % | | 20.6 | % | | 17.7 | % | | | General and administrative expense ratio | 19.4 | % | | 5.5 | % | | 13.9 | % | | | Combined ratio | 97.7 | % | | 119.2 | % | | 112.3 | % | | | | | | | | | | | Goodwill and intangible assets | $ | 99,590 |
| | $ | — |
| | $ | 99,590 |
| | | | | | | | | |
The following table presents our gross premiums written by the geographical location of our subsidiaries: | | | | | | | | | | | | | | | | | | | | | | | | Year ended December 31, | 2013 | | 2012 | | 2011 | | | | | | | | | | | Bermuda | $ | 718,904 |
| | $ | 684,588 |
| | $ | 822,237 |
| | | Europe | 1,699,748 |
| | 1,561,701 |
| | 1,493,692 |
| | | United States | 2,278,389 |
| | 1,893,354 |
| | 1,780,224 |
| | | Total gross premium written | $ | 4,697,041 |
| | $ | 4,139,643 |
| | $ | 4,096,153 |
| | | | | | | | | |
The following table presents our net premiums earned by segment and line of business: | | | | | | | | | | | | | | | | | | | | | | | | Year ended December 31, | 2013 | | 2012 | | 2011 | | | | | | | | | | | Insurance | | | | | | | | Property | $ | 462,364 |
| | $ | 408,943 |
| | $ | 385,291 |
| | | Marine | 179,057 |
| | 171,165 |
| | 152,123 |
| | | Terrorism | 39,298 |
| | 38,605 |
| | 35,213 |
| | | Aviation | 48,489 |
| | 60,363 |
| | 70,681 |
| | | Credit and political risk | 68,192 |
| | 87,103 |
| | 97,680 |
| | | Professional lines | 586,200 |
| | 563,500 |
| | 536,238 |
| | | Liability | 110,623 |
| | 86,873 |
| | 89,555 |
| | | Accident & health | 228,539 |
| | 141,506 |
| | 62,906 |
| | | Total Insurance | 1,722,762 |
| | 1,558,058 |
| | 1,429,687 |
| | | | | | | | | | | Reinsurance | | | | | | | | Catastrophe | 380,199 |
| | 375,088 |
| | 456,858 |
| | | Property | 350,970 |
| | 351,470 |
| | 356,022 |
| | | Professional lines | 304,754 |
| | 297,726 |
| | 281,025 |
| | | Credit and surety | 279,943 |
| | 277,185 |
| | 263,912 |
| | | Motor | 221,844 |
| | 237,006 |
| | 202,830 |
| | | Liability | 234,736 |
| | 220,874 |
| | 230,872 |
| | | Agriculture | 126,490 |
| | 17,116 |
| | 15,031 |
| | | Engineering | 66,243 |
| | 68,402 |
| | 65,727 |
| | | Other | 19,124 |
| | 12,538 |
| | 12,997 |
| | | Total Reinsurance | 1,984,303 |
| | 1,857,405 |
| | 1,885,274 |
| | | | | | | | | | | Total | $ | 3,707,065 |
| | $ | 3,415,463 |
| | $ | 3,314,961 |
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