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SEGMENT INFORMATION (TABLES)
 6 Months Ended
Jun. 30, 2016
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:
 
  
2016
 
2015
 
 
Three months ended and at June 30,
Insurance
 
Reinsurance
 
Total
 
Insurance
 
Reinsurance
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gross premiums written
$
784,017

 
$
536,417

 
$
1,320,434

 
$
761,126

 
$
427,287

 
$
1,188,413

 
 
Net premiums written
526,764

 
480,586

 
1,007,350

 
534,263

 
412,281

 
946,544

 
 
Net premiums earned
439,279

 
507,711

 
946,990

 
452,322

 
488,889

 
941,211

 
 
Other insurance related income (loss)
(234
)
 
(658
)
 
(892
)
 
269

 
3,217

 
3,486

 
 
Net losses and loss expenses
(306,141
)
 
(326,153
)
 
(632,294
)
 
(297,534
)
 
(282,619
)
 
(580,153
)
 
 
Acquisition costs
(61,829
)
 
(127,296
)
 
(189,125
)
 
(66,920
)
 
(116,343
)
 
(183,263
)
 
 
General and administrative expenses
(82,487
)
 
(32,332
)
 
(114,819
)
 
(88,420
)
 
(36,013
)
 
(124,433
)
 
 
Underwriting income (loss)
$
(11,412
)
 
$
21,272

 
9,860

 
$
(283
)
 
$
57,131

 
56,848

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Corporate expenses
 
 
 
 
(31,927
)
 
 
 
 
 
(24,049
)
 
 
Net investment income
 
 
 
 
91,730

 
 
 
 
 
88,544

 
 
Net realized investment gains (losses)
 
 
 
 
21,010

 
 
 
 
 
(11,110
)
 
 
Foreign exchange (losses) gains
 
 
 
 
56,602

 
 
 
 
 
(22,108
)
 
 
Interest expense and financing costs
 
 
 
 
(12,914
)
 
 
 
 
 
(12,939
)
 
 
Income before income taxes
 
 
 
 
$
134,361

 
 
 
 
 
$
75,186

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net loss and loss expense ratio
69.7
%
 
64.2
%
 
66.8
%
 
65.8
%
 
57.8
%
 
61.6
%
 
 
Acquisition cost ratio
14.1
%
 
25.1
%
 
20.0
%
 
14.8
%
 
23.8
%
 
19.5
%
 
 
General and administrative expense ratio
18.7
%
 
6.4
%
 
15.4
%
 
19.5
%
 
7.4
%
 
15.8
%
 
 
Combined ratio
102.5
%
 
95.7
%
 
102.2
%
 
100.1
%
 
89.0
%
 
96.9
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Goodwill and intangible assets
$
85,954

 
$
—

 
$
85,954

 
$
101,053

 
$
—

 
$
101,053

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

  
 
  
2016
 
2015
 
 
Six months ended and at June 30,
Insurance
 
Reinsurance
 
Total
 
Insurance
 
Reinsurance
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gross premiums written
$
1,437,365

 
$
1,842,230

 
$
3,279,595

 
$
1,363,850

 
$
1,503,495

 
$
2,867,345

 
 
Net premiums written
999,926

 
1,693,230

 
2,693,156

 
971,004

 
1,431,086

 
2,402,090

 
 
Net premiums earned
877,958

 
971,373

 
1,849,331

 
899,789

 
945,475

 
1,845,264

 
 
Other insurance related income (loss)
(96
)
 
(998
)
 
(1,094
)
 
269

 
10,893

 
11,162

 
 
Net losses and loss expenses
(580,546
)
 
(550,710
)
 
(1,131,256
)
 
(583,307
)
 
(509,174
)
 
(1,092,481
)
 
 
Acquisition costs
(123,227
)
 
(246,534
)
 
(369,761
)
 
(131,375
)
 
(223,430
)
 
(354,805
)
 
 
General and administrative expenses
(168,064
)
 
(70,345
)
 
(238,409
)
 
(176,109
)
 
(75,393
)
 
(251,502
)
 
 
Underwriting income
$
6,025

 
$
102,786

 
108,811

 
$
9,267

 
$
148,371

 
157,638

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Corporate expenses
 
 
 
 
(58,239
)
 
 
 
 
 
(60,221
)
 
 
Net investment income
 
 
 
 
140,896

 
 
 
 
 
180,651

 
 
Net realized investment losses
 
 
 
 
(45,500
)
 
 
 
 
 
(53,662
)
 
 
Foreign exchange gains
 
 
 
 
55,986

 
 
 
 
 
41,112

 
 
Interest expense and financing costs
 
 
 
 
(25,747
)
 
 
 
 
 
(25,196
)
 
 
Income before income taxes
 
 
 
 
$
176,207

 
 
 
 
 
$
240,322

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net loss and loss expense ratio
66.1
%
 
56.7
%
 
61.2
%
 
64.8
%
 
53.9
%
 
59.2
%
 
 
Acquisition cost ratio
14.0
%
 
25.4
%
 
20.0
%
 
14.6
%
 
23.6
%
 
19.2
%
 
 
General and administrative expense ratio
19.2
%
 
7.2
%
 
16.0
%
 
19.6
%
 
8.0
%
 
16.9
%
 
 
Combined ratio
99.3
%
 
89.3
%
 
97.2
%
 
99.0
%
 
85.5
%
 
95.3
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Goodwill and intangible assets
$
85,954

 
$
—

 
$
85,954

 
$
101,053

 
$
—

 
$
101,053