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SEGMENT INFORMATION (TABLES)
 6 Months Ended
Jun. 30, 2015
Segment Reporting [Abstract]  
UNDERWRITING RESULTS OF REPORTABLE SEGMENTS
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 June 30,
Insurance
 
Reinsurance
 
Total
 
Insurance
 
Reinsurance
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gross premiums written
$
761,126

 
$
427,287

 
$
1,188,413

 
$
754,110

 
$
477,169

 
$
1,231,279

 
 
Net premiums written
534,263

 
412,281

 
946,544

 
541,097

 
459,065

 
1,000,162

 
 
Net premiums earned
452,322

 
488,889

 
941,211

 
457,670

 
542,730

 
1,000,400

 
 
Other insurance related income
269

 
3,217

 
3,486

 
—

 
1,683

 
1,683

 
 
Net losses and loss expenses
(297,534
)
 
(282,619
)
 
(580,153
)
 
(290,466
)
 
(275,363
)
 
(565,829
)
 
 
Acquisition costs
(66,920
)
 
(116,343
)
 
(183,263
)
 
(71,039
)
 
(120,823
)
 
(191,862
)
 
 
General and administrative expenses
(88,420
)
 
(36,013
)
 
(124,433
)
 
(83,512
)
 
(34,299
)
 
(117,811
)
 
 
Underwriting income (loss)
$
(283
)
 
$
57,131

 
56,848

 
$
12,653

 
$
113,928

 
126,581

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Corporate expenses
 
 
 
 
(24,049
)
 
 
 
 
 
(33,270
)
 
 
Net investment income
 
 
 
 
88,544

 
 
 
 
 
114,867

 
 
Net realized investment gains (losses)
 
 
 
 
(11,110
)
 
 
 
 
 
33,261

 
 
Foreign exchange losses
 
 
 
 
(22,108
)
 
 
 
 
 
(9,705
)
 
 
Interest expense and financing costs
 
 
 
 
(12,939
)
 
 
 
 
 
(19,975
)
 
 
Income before income taxes
 
 
 
 
$
75,186

 
 
 
 
 
$
211,759

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net loss and loss expense ratio
65.8
%
 
57.8
%
 
61.6
%
 
63.5
%
 
50.7
%
 
56.6
%
 
 
Acquisition cost ratio
14.8
%
 
23.8
%
 
19.5
%
 
15.5
%
 
22.3
%
 
19.2
%
 
 
General and administrative expense ratio
19.5
%
 
7.4
%
 
15.8
%
 
18.2
%
 
6.3
%
 
15.0
%
 
 
Combined ratio
100.1
%
 
89.0
%
 
96.9
%
 
97.2
%
 
79.3
%
 
90.8
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Goodwill and intangible assets
$
101,053

 
$
—

 
$
101,053

 
$
90,025

 
$
—

 
$
90,025

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
2015
 
2014
 
 
Six months ended and at June 30,
Insurance
 
Reinsurance
 
Total
 
Insurance
 
Reinsurance
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gross premiums written
$
1,363,850

 
$
1,503,495

 
$
2,867,345

 
$
1,355,831

 
$
1,696,847

 
$
3,052,678

 
 
Net premiums written
971,004

 
1,431,086

 
2,402,090

 
997,789

 
1,666,957

 
2,664,746

 
 
Net premiums earned
899,789

 
945,475

 
1,845,264

 
906,884

 
1,039,465

 
1,946,349

 
 
Other insurance related income
269

 
10,893

 
11,162

 
—

 
4,766

 
4,766

 
 
Net losses and loss expenses
(583,307
)
 
(509,174
)
 
(1,092,481
)
 
(569,889
)
 
(540,147
)
 
(1,110,036
)
 
 
Acquisition costs
(131,375
)
 
(223,430
)
 
(354,805
)
 
(136,096
)
 
(227,803
)
 
(363,899
)
 
 
General and administrative expenses
(176,109
)
 
(75,393
)
 
(251,502
)
 
(171,459
)
 
(70,375
)
 
(241,834
)
 
 
Underwriting income
$
9,267

 
$
148,371

 
157,638

 
$
29,440

 
$
205,906

 
235,346

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Corporate expenses
 
 
 
 
(60,221
)
 
 
 
 
 
(61,976
)
 
 
Net investment income
 
 
 
 
180,651

 
 
 
 
 
197,610

 
 
Net realized investment gains (losses)
 
 
 
 
(53,662
)
 
 
 
 
 
43,882

 
 
Foreign exchange (losses) gains
 
 
 
 
41,112

 
 
 
 
 
(13,939
)
 
 
Interest expense and financing costs
 
 
 
 
(25,196
)
 
 
 
 
 
(36,569
)
 
 
Income before income taxes
 
 
 
 
$
240,322

 
 
 
 
 
$
364,354

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net loss and loss expense ratio
64.8
%
 
53.9
%
 
59.2
%
 
62.8
%
 
52.0
%
 
57.0
%
 
 
Acquisition cost ratio
14.6
%
 
23.6
%
 
19.2
%
 
15.0
%
 
21.9
%
 
18.7
%
 
 
General and administrative expense ratio
19.6
%
 
8.0
%
 
16.9
%
 
19.0
%
 
6.7
%
 
15.6
%
 
 
Combined ratio
99.0
%
 
85.5
%
 
95.3
%
 
96.8
%
 
80.6
%
 
91.3
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Goodwill and intangible assets
$
101,053

 
$
—

 
$
101,053

 
$
90,025

 
$
—

 
$
90,025