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v2.4.1.9

INCOME TAXES (DETAILS 2) (USD $) In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012
--- | --- | --- | ---
Deferred tax assets |  |  |
Discounting of loss reserves | $ 59,852 us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsLossReserves | $ 59,023 us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsLossReserves |
Unearned premiums | 39,661 us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsUnearnedPremiumsReserve | 39,146 us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsUnearnedPremiumsReserve |
Operating loss carryforwards | 26,016 us-gaap_DeferredTaxAssetsOperatingLossCarryforwards | 20,316 us-gaap_DeferredTaxAssetsOperatingLossCarryforwards |
Accruals not currently deductible | 44,082 us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities | 39,018 us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities |
Other investment adjustments and impairments | 4,001 us-gaap_DeferredTaxAssetsInvestments | 7,859 us-gaap_DeferredTaxAssetsInvestments |
Tax credits | 15,412 us-gaap_DeferredTaxAssetsTaxCreditCarryforwards | 11,886 us-gaap_DeferredTaxAssetsTaxCreditCarryforwards |
Depreciation | 0 us-gaap_DeferredTaxAssetsPropertyPlantAndEquipment | 2,410 us-gaap_DeferredTaxAssetsPropertyPlantAndEquipment |
Other deferred tax assets | 1,324 us-gaap_DeferredTaxAssetsOther | 2,906 us-gaap_DeferredTaxAssetsOther |
Deferred tax assets before valulation allowance | 190,348 us-gaap_DeferredTaxAssetsGross | 182,564 us-gaap_DeferredTaxAssetsGross |
Valuation allowance | (34,094)us-gaap_DeferredTaxAssetsValuationAllowance | (25,542)us-gaap_DeferredTaxAssetsValuationAllowance |
Deferred tax assets net of valuation allowance | 156,254 us-gaap_DeferredTaxAssetsNet | 157,022 us-gaap_DeferredTaxAssetsNet |
Deferred tax liabilities |  |  |
Deferred acquisition costs | (37,712)us-gaap_DeferredTaxLiabilitiesDeferredExpenseDeferredPolicyAcquisitionCost | (37,226)us-gaap_DeferredTaxLiabilitiesDeferredExpenseDeferredPolicyAcquisitionCost |
Net unrealized gains on investments | (12,792)axs_DeferredTaxLiabilitiesNetUnrealizedGainsOnSecurities | (23,200)axs_DeferredTaxLiabilitiesNetUnrealizedGainsOnSecurities |
Amortization of intangible assets and goodwill | (10,778)us-gaap_DeferredTaxLiabilitiesGoodwillAndIntangibleAssets | (10,059)us-gaap_DeferredTaxLiabilitiesGoodwillAndIntangibleAssets |
Accrued market discounts | (707)axs_DeferredTaxLiabilitiesAccruedMarketDiscounts | (1,151)axs_DeferredTaxLiabilitiesAccruedMarketDiscounts |
Equalization reserves | (3,554)axs_DeferredTaxLiabilitiesEqualizationReserves | (2,080)axs_DeferredTaxLiabilitiesEqualizationReserves |
Other deferred tax liabilities | (1,306)us-gaap_DeferredTaxLiabilitiesOther | (3,048)us-gaap_DeferredTaxLiabilitiesOther |
Deferred tax liabilities | (66,849)us-gaap_DeferredIncomeTaxLiabilities | (76,764)us-gaap_DeferredIncomeTaxLiabilities |
Net deferred tax assets | $ 89,405 us-gaap_DeferredTaxAssetsLiabilitiesNet | $ 80,258 us-gaap_DeferredTaxAssetsLiabilitiesNet | $ 52,794 us-gaap_DeferredTaxAssetsLiabilitiesNet

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