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SEGMENT INFORMATION
 3 Months Ended
Mar. 31, 2016
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:
 
  
2016
 
2015
 
 
Three months ended and at March 31,
Insurance
 
Reinsurance
 
Total
 
Insurance
 
Reinsurance
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gross premiums written
$
653,349

 
$
1,305,812

 
$
1,959,161

 
$
602,724

 
$
1,076,208

 
$
1,678,932

 
 
Net premiums written
473,163

 
1,212,643

 
1,685,806

 
436,740

 
1,018,806

 
1,455,546

 
 
Net premiums earned
438,678

 
463,662

 
902,340

 
447,467

 
456,586

 
904,053

 
 
Other insurance related income (loss)
137

 
(340
)
 
(203
)
 
—

 
7,676

 
7,676

 
 
Net losses and loss expenses
(274,405
)
 
(224,557
)
 
(498,962
)
 
(285,773
)
 
(226,555
)
 
(512,328
)
 
 
Acquisition costs
(61,398
)
 
(119,237
)
 
(180,635
)
 
(64,455
)
 
(107,087
)
 
(171,542
)
 
 
General and administrative expenses
(85,576
)
 
(38,013
)
 
(123,589
)
 
(87,689
)
 
(39,380
)
 
(127,069
)
 
 
Underwriting income
$
17,436

 
$
81,515

 
98,951

 
$
9,550

 
$
91,240

 
100,790

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Corporate expenses
 
 
 
 
(26,312
)
 
 
 
 
 
(36,172
)
 
 
Net investment income
 
 
 
 
49,164

 
 
 
 
 
92,107

 
 
Net realized investment losses
 
 
 
 
(66,508
)
 
 
 
 
 
(42,553
)
 
 
Foreign exchange (losses) gains
 
 
 
 
(616
)
 
 
 
 
 
63,220

 
 
Interest expense and financing costs
 
 
 
 
(12,833
)
 
 
 
 
 
(12,257
)
 
 
Income before income taxes
 
 
 
 
$
41,846

 
 
 
 
 
$
165,135

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net loss and loss expense ratio
62.6
%
 
48.4
%
 
55.3
%
 
63.9
%
 
49.6
%
 
56.7
%
 
 
Acquisition cost ratio
14.0
%
 
25.7
%
 
20.0
%
 
14.4
%
 
23.5
%
 
19.0
%
 
 
General and administrative expense ratio
19.5
%
 
8.2
%
 
16.6
%
 
19.6
%
 
8.6
%
 
18.0
%
 
 
Combined ratio
96.1
%
 
82.3
%
 
91.9
%
 
97.9
%
 
81.7
%
 
93.7
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Goodwill and intangible assets
$
86,446

 
$
—

 
$
86,446

 
$
88,508

 
$
—

 
$
88,508