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SEGMENT INFORMATION
 12 Months Ended
Dec. 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.
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 reinsurance segment also writes derivative based risk management products designed to address weather and commodity price risks.
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, 2015
Insurance
 
Reinsurance
 
Total
 
 
 
 
 
 
 
 
 
 
Gross premiums written
$
2,583,081

 
$
2,020,649

 
$
4,603,730

 
 
Net premiums written
1,759,359

 
1,915,307

 
3,674,666

 
 
Net premiums earned
1,798,191

 
1,888,226

 
3,686,417

 
 
Other insurance related income (loss)
1,036

 
(3,989
)
 
(2,953
)
 
 
Net losses and loss expenses
(1,154,928
)
 
(1,021,271
)
 
(2,176,199
)
 
 
Acquisition costs
(261,208
)
 
(456,904
)
 
(718,112
)
 
 
General and administrative expenses
(341,658
)
 
(145,253
)
 
(486,911
)
 
 
Underwriting income
$
41,433

 
$
260,809

 
302,242

 
 
 
 
 
 
 
 
 
 
Corporate expenses
 
 
 
 
(109,910
)
 
 
Net investment income
 
 
 
 
305,336

 
 
Net realized investment losses
 
 
 
 
(138,491
)
 
 
Foreign exchange gains
 
 
 
 
102,312

 
 
Interest expense and financing costs
 
 
 
 
(50,963
)
 
 
Termination fee received
 
 
 
 
280,000

 
 
Reorganization and related expenses
 
 
 
 
(45,867
)
 
 
Income before income taxes
 
 
 
 
$
644,659

 
 
 
 
 
 
 
 
 
 
Net loss and loss expense ratio
64.2
%
 
54.1
%
 
59.0
%
 
 
Acquisition cost ratio
14.5
%
 
24.2
%
 
19.5
%
 
 
General and administrative expense ratio
19.1
%
 
7.7
%
 
16.2
%
 
 
Combined ratio
97.8
%
 
86.0
%
 
94.7
%
 
 
 
 
 
 
 
 
 
 
Goodwill and intangible assets
$
86,858

 
$
—

 
$
86,858

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
At and year ended December 31, 2014
Insurance
 
Reinsurance
 
Total
 
 
 
 
 
 
 
 
 
 
Gross premiums written
$
2,535,415

 
$
2,176,104

 
$
4,711,519

 
 
Net premiums written
1,779,501

 
2,127,474

 
3,906,975

 
 
Net premiums earned
1,830,544

 
2,040,455

 
3,870,999

 
 
Other insurance related income (loss)
(11
)
 
661

 
650

 
 
Net losses and loss expenses
(1,131,880
)
 
(1,054,842
)
 
(2,186,722
)
 
 
Acquisition costs
(278,804
)
 
(458,393
)
 
(737,197
)
 
 
General and administrative expenses
(341,214
)
 
(144,987
)
 
(486,201
)
 
 
Underwriting income
$
78,635

 
$
382,894

 
461,529

 
 
 
 
 
 
 
 
 
 
Corporate expenses
 
 
 
 
(135,675
)
 
 
Net investment income
 
 
 
 
342,766

 
 
Net realized investment gains
 
 
 
 
132,108

 
 
Foreign exchange gains
 
 
 
 
104,439

 
 
Interest expense and financing costs
 
 
 
 
(74,695
)
 
 
Income before income taxes
 
 
 
 
$
830,472

 
 
 
 
 
 
 
 
 
 
Net loss and loss expense ratio
61.8
%
 
51.7
%
 
56.5
%
 
 
Acquisition cost ratio
15.2
%
 
22.5
%
 
19.0
%
 
 
General and administrative expense ratio
18.7
%
 
7.1
%
 
16.1
%
 
 
Combined ratio
95.7
%
 
81.3
%
 
91.6
%
 
 
 
 
 
 
 
 
 
 
Goodwill and intangible assets
$
88,960

 
$
—

 
$
88,960

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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

 
 
 
 
 
 
 
 
 
 
The following table presents our gross premiums written by the geographical location of our subsidiaries:
 
 
 
 
 
 
 
 
 
Year ended December 31,
2015
 
2014
 
2013
 
 
 
 
 
 
 
 
 
 
Bermuda
$
525,226

 
$
618,273

 
$
718,904

 
 
Europe
1,714,405

 
1,784,139

 
1,699,748

 
 
United States
2,364,099

 
2,309,107

 
2,278,389

 
 
Total gross premium written
$
4,603,730

 
$
4,711,519

 
$
4,697,041

 
 
 
 
 
 
 
 
 

The following table presents our net premiums earned by segment and line of business:
 
 
 
 
 
 
 
 
 
Year ended December 31,
2015
 
2014
 
2013
 
 
 
 
 
 
 
 
 
 
Insurance
 
 
 
 
 
 
 
Property
$
432,587

 
$
444,197

 
$
462,364

 
 
Marine
183,696

 
178,229

 
179,057

 
 
Terrorism
36,818

 
35,876

 
39,298

 
 
Aviation
45,659

 
41,192

 
48,489

 
 
Credit and Political Risk
63,583

 
63,095

 
68,192

 
 
Professional Lines
596,430

 
629,365

 
586,200

 
 
Liability
161,614

 
146,819

 
110,623

 
 
Accident and Health
277,804

 
291,771

 
228,539

 
 
Total Insurance
1,798,191

 
1,830,544

 
1,722,762

 
 
 
 
 
 
 
 
 
 
Reinsurance
 
 
 
 
 
 
 
Catastrophe
216,020

 
325,307

 
380,199

 
 
Property
306,083

 
312,443

 
350,970

 
 
Professional Lines
310,915

 
336,058

 
304,754

 
 
Credit and Surety
250,208

 
263,013

 
279,943

 
 
Motor
299,883

 
268,678

 
221,844

 
 
Liability
297,000

 
289,223

 
234,736

 
 
Agriculture
129,346

 
164,628

 
126,490

 
 
Engineering
61,043

 
61,143

 
66,243

 
 
Other
17,728

 
19,962

 
19,124

 
 
Total Reinsurance
1,888,226

 
2,040,455

 
1,984,303

 
 
 
 
 
 
 
 
 
 
Total
$
3,686,417

 
$
3,870,999

 
$
3,707,065