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SEGMENT INFORMATION
 3 Months Ended
Mar. 31, 2015
Segment Reporting [Abstract]  
SEGMENT INFORMATION
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 tables summarize the underwriting results of our reportable segments, as well as the carrying values of allocated goodwill and intangible assets:
 
  
2015
 
2014
 
 
Three months ended and at March 31,
Insurance
 
Reinsurance
 
Total
 
Insurance
 
Reinsurance
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gross premiums written
$
602,724

 
$
1,076,208

 
$
1,678,932

 
$
601,721

 
$
1,219,678

 
$
1,821,399

 
 
Net premiums written
436,740

 
1,026,812

 
1,463,552

 
456,692

 
1,207,892

 
1,664,584

 
 
Net premiums earned
447,467

 
458,755

 
906,222

 
449,214

 
496,735

 
945,949

 
 
Other insurance related income
—

 
7,676

 
7,676

 
—

 
3,082

 
3,082

 
 
Net losses and loss expenses
(285,773
)
 
(233,164
)
 
(518,937
)
 
(279,423
)
 
(264,784
)
 
(544,207
)
 
 
Acquisition costs
(64,455
)
 
(107,247
)
 
(171,702
)
 
(65,057
)
 
(106,979
)
 
(172,036
)
 
 
General and administrative expenses
(87,689
)
 
(39,656
)
 
(127,345
)
 
(87,946
)
 
(36,076
)
 
(124,022
)
 
 
Underwriting income
$
9,550

 
$
86,364

 
95,914

 
$
16,788

 
$
91,978

 
108,766

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Corporate expenses
 
 
 
 
(36,172
)
 
 
 
 
 
(28,707
)
 
 
Net investment income
 
 
 
 
92,110

 
 
 
 
 
82,744

 
 
Net realized investment gains (losses)
 
 
 
 
(42,553
)
 
 
 
 
 
10,620

 
 
Foreign exchange (losses) gains
 
 
 
 
63,220

 
 
 
 
 
(4,233
)
 
 
Interest expense and financing costs
 
 
 
 
(12,257
)
 
 
 
 
 
(16,594
)
 
 
Income before income taxes
 
 
 
 
$
160,262

 
 
 
 
 
$
152,596

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net loss and loss expense ratio
63.9
%
 
50.8
%
 
57.3
%
 
62.2
%
 
53.3
%
 
57.5
%
 
 
Acquisition cost ratio
14.4
%
 
23.4
%
 
18.9
%
 
14.5
%
 
21.5
%
 
18.2
%
 
 
General and administrative expense ratio
19.6
%
 
8.6
%
 
18.1
%
 
19.6
%
 
7.3
%
 
16.2
%
 
 
Combined ratio
97.9
%
 
82.8
%
 
94.3
%
 
96.3
%
 
82.1
%
 
91.9
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Goodwill and intangible assets
$
88,508

 
$
—

 
$
88,508

 
$
90,350

 
$
—

 
$
90,350