XML 30 R9.htm IDEA: XBRL DOCUMENT v3.3.0.814
SEGMENT INFORMATION
 9 Months Ended
Sep. 30, 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 September 30,
Insurance
 
Reinsurance
 
Total
 
Insurance
 
Reinsurance
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gross premiums written
$
606,704

 
$
329,879

 
$
936,583

 
$
555,283

 
$
341,531

 
$
896,814

 
 
Net premiums written
381,118

 
296,099

 
677,217

 
363,571

 
323,652

 
687,223

 
 
Net premiums earned
444,550

 
474,791

 
919,341

 
461,805

 
504,333

 
966,138

 
 
Other insurance related income
542

 
616

 
1,158

 
—

 
7,702

 
7,702

 
 
Net losses and loss expenses
(283,272
)
 
(277,115
)
 
(560,387
)
 
(289,207
)
 
(262,857
)
 
(552,064
)
 
 
Acquisition costs
(69,118
)
 
(113,626
)
 
(182,744
)
 
(71,264
)
 
(114,686
)
 
(185,950
)
 
 
General and administrative expenses
(85,814
)
 
(35,309
)
 
(121,123
)
 
(85,750
)
 
(36,612
)
 
(122,362
)
 
 
Underwriting income
$
6,888

 
$
49,357

 
56,245

 
$
15,584

 
$
97,880

 
113,464

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Corporate expenses
 
 
 
 
(23,604
)
 
 
 
 
 
(30,554
)
 
 
Net investment income
 
 
 
 
45,685

 
 
 
 
 
66,562

 
 
Net realized investment gains (losses)
 
 
 
 
(69,957
)
 
 
 
 
 
77,448

 
 
Foreign exchange gains
 
 
 
 
28,088

 
 
 
 
 
72,292

 
 
Interest expense and financing costs
 
 
 
 
(12,918
)
 
 
 
 
 
(20,344
)
 
 
Termination fee received
 
 
 
 
280,000

 
 
 
 
 
—

 
 
Reorganization and related expenses
 
 
 
 
(45,867
)
 
 
 
 
 
—

 
 
Income before income taxes
 
 
 
 
$
257,672

 
 
 
 
 
$
278,868

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net loss and loss expense ratio
63.7
%
 
58.4
%
 
61.0
%
 
62.6
%
 
52.1
%
 
57.1
%
 
 
Acquisition cost ratio
15.5
%
 
23.9
%
 
19.9
%
 
15.4
%
 
22.7
%
 
19.2
%
 
 
General and administrative expense ratio
19.4
%
 
7.4
%
 
15.7
%
 
18.6
%
 
7.3
%
 
15.9
%
 
 
Combined ratio
98.6
%
 
89.7
%
 
96.6
%
 
96.6
%
 
82.1
%
 
92.2
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Goodwill and intangible assets
$
87,329

 
$
—

 
$
87,329

 
$
88,740

 
$
—

 
$
88,740

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

  
 
  
2015
 
2014
 
 
Nine months ended and at September 30,
Insurance
 
Reinsurance
 
Total
 
Insurance
 
Reinsurance
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gross premiums written
$
1,970,554

 
$
1,833,374

 
$
3,803,928

 
$
1,911,102

 
$
2,038,377

 
$
3,949,479

 
 
Net premiums written
1,352,122

 
1,727,185

 
3,079,307

 
1,361,351

 
1,990,607

 
3,351,958

 
 
Net premiums earned
1,344,339

 
1,420,266

 
2,764,605

 
1,368,683

 
1,543,799

 
2,912,482

 
 
Other insurance related income
811

 
11,508

 
12,319

 
—

 
12,468

 
12,468

 
 
Net losses and loss expenses
(866,580
)
 
(786,288
)
 
(1,652,868
)
 
(859,093
)
 
(803,004
)
 
(1,662,097
)
 
 
Acquisition costs
(200,493
)
 
(337,056
)
 
(537,549
)
 
(207,360
)
 
(342,488
)
 
(549,848
)
 
 
General and administrative expenses
(261,924
)
 
(110,701
)
 
(372,625
)
 
(257,208
)
 
(106,987
)
 
(364,195
)
 
 
Underwriting income
$
16,153

 
$
197,729

 
213,882

 
$
45,022

 
$
303,788

 
348,810

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Corporate expenses
 
 
 
 
(83,826
)
 
 
 
 
 
(92,530
)
 
 
Net investment income
 
 
 
 
226,336

 
 
 
 
 
264,171

 
 
Net realized investment gains (losses)
 
 
 
 
(123,618
)
 
 
 
 
 
121,329

 
 
Foreign exchange gains
 
 
 
 
69,200

 
 
 
 
 
58,353

 
 
Interest expense and financing costs
 
 
 
 
(38,114
)
 
 
 
 
 
(56,913
)
 
 
Termination fee received
 
 
 
 
280,000

 
 
 
 
 
—

 
 
Reorganization and related expenses
 
 
 
 
(45,867
)
 
 
 
 
 
—

 
 
Income before income taxes
 
 
 
 
$
497,993

 
 
 
 
 
$
643,220

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net loss and loss expense ratio
64.5
%
 
55.4
%
 
59.8
%
 
62.8
%
 
52.0
%
 
57.1
%
 
 
Acquisition cost ratio
14.9
%
 
23.7
%
 
19.4
%
 
15.2
%
 
22.2
%
 
18.9
%
 
 
General and administrative expense ratio
19.5
%
 
7.8
%
 
16.5
%
 
18.7
%
 
6.9
%
 
15.6
%
 
 
Combined ratio
98.9
%
 
86.9
%
 
95.7
%
 
96.7
%
 
81.1
%
 
91.6
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Goodwill and intangible assets
$
87,329

 
$
—

 
$
87,329

 
$
88,740

 
$
—

 
$
88,740