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SEGMENT INFORMATION
 9 Months Ended
Sep. 30, 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 September 30,
Insurance
 
Reinsurance
 
Total
 
Insurance
 
Reinsurance
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gross premiums written
$
675,430

 
$
284,532

 
$
959,962

 
$
606,704

 
$
329,879

 
$
936,583

 
 
Net premiums written
433,131

 
162,300

 
595,431

 
381,118

 
296,099

 
677,217

 
 
Net premiums earned
444,691

 
489,724

 
934,415

 
444,550

 
474,791

 
919,341

 
 
Other insurance related income
39

 
5,905

 
5,944

 
542

 
616

 
1,158

 
 
Net losses and loss expenses
(273,226
)
 
(259,102
)
 
(532,328
)
 
(283,272
)
 
(277,115
)
 
(560,387
)
 
 
Acquisition costs
(61,755
)
 
(128,055
)
 
(189,810
)
 
(69,118
)
 
(113,626
)
 
(182,744
)
 
 
General and administrative expenses
(84,588
)
 
(29,635
)
 
(114,223
)
 
(85,814
)
 
(35,309
)
 
(121,123
)
 
 
Underwriting income
$
25,161

 
$
78,837

 
103,998

 
$
6,888

 
$
49,357

 
56,245

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Corporate expenses
 
 
 
 
(28,683
)
 
 
 
 
 
(23,604
)
 
 
Net investment income
 
 
 
 
116,923

 
 
 
 
 
45,685

 
 
Net realized investment gains (losses)
 
 
 
 
5,205

 
 
 
 
 
(69,957
)
 
 
Foreign exchange gains
 
 
 
 
13,795

 
 
 
 
 
28,088

 
 
Interest expense and financing costs
 
 
 
 
(12,839
)
 
 
 
 
 
(12,918
)
 
 
Termination fee received
 
 
 
 
—

 
 
 
 
 
280,000

 
 
Reorganization and related expenses
 
 
 
 
—

 
 
 
 
 
(45,867
)
 
 
Income before income taxes and interest in income (loss) of equity method investments
 
 
 
 
$
198,399

 
 
 
 
 
$
257,672

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net loss and loss expense ratio
61.4
%
 
52.9
%
 
57.0
%
 
63.7
%
 
58.4
%
 
61.0
%
 
 
Acquisition cost ratio
13.9
%
 
26.1
%
 
20.3
%
 
15.5
%
 
23.9
%
 
19.9
%
 
 
General and administrative expense ratio
19.1
%
 
6.1
%
 
15.3
%
 
19.4
%
 
7.4
%
 
15.7
%
 
 
Combined ratio
94.4
%
 
85.1
%
 
92.6
%
 
98.6
%
 
89.7
%
 
96.6
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Goodwill and intangible assets
$
85,501

 
$
—

 
$
85,501

 
$
87,329

 
$
—

 
$
87,329

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

  
 
  
2016
 
2015
 
 
Nine months ended and at September 30,
Insurance
 
Reinsurance
 
Total
 
Insurance
 
Reinsurance
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gross premiums written
$
2,112,796

 
$
2,126,762

 
$
4,239,558

 
$
1,970,554

 
$
1,833,374

 
$
3,803,928

 
 
Net premiums written
1,433,058

 
1,855,529

 
3,288,587

 
1,352,122

 
1,727,185

 
3,079,307

 
 
Net premiums earned
1,322,649

 
1,461,097

 
2,783,746

 
1,344,339

 
1,420,266

 
2,764,605

 
 
Other insurance related income (loss)
(57
)
 
4,907

 
4,850

 
811

 
11,508

 
12,319

 
 
Net losses and loss expenses
(853,771
)
 
(809,813
)
 
(1,663,584
)
 
(866,580
)
 
(786,288
)
 
(1,652,868
)
 
 
Acquisition costs
(184,982
)
 
(374,588
)
 
(559,570
)
 
(200,493
)
 
(337,056
)
 
(537,549
)
 
 
General and administrative expenses
(252,652
)
 
(99,980
)
 
(352,632
)
 
(261,924
)
 
(110,701
)
 
(372,625
)
 
 
Underwriting income
$
31,187

 
$
181,623

 
212,810

 
$
16,153

 
$
197,729

 
213,882

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Corporate expenses
 
 
 
 
(86,922
)
 
 
 
 
 
(83,826
)
 
 
Net investment income
 
 
 
 
257,818

 
 
 
 
 
226,336

 
 
Net realized investment losses
 
 
 
 
(40,295
)
 
 
 
 
 
(123,618
)
 
 
Foreign exchange gains
 
 
 
 
69,781

 
 
 
 
 
69,200

 
 
Interest expense and financing costs
 
 
 
 
(38,586
)
 
 
 
 
 
(38,114
)
 
 
Termination fee received
 
 
 
 
—

 
 
 
 
 
280,000

 
 
Reorganization and related expenses
 
 
 
 
—

 
 
 
 
 
(45,867
)
 
 
Income before income taxes and interest in income (loss) of equity method investments
 
 
 
 
$
374,606

 
 
 
 
 
$
497,993

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net loss and loss expense ratio
64.6
%
 
55.4
%
 
59.8
%
 
64.5
%
 
55.4
%
 
59.8
%
 
 
Acquisition cost ratio
14.0
%
 
25.6
%
 
20.1
%
 
14.9
%
 
23.7
%
 
19.4
%
 
 
General and administrative expense ratio
19.0
%
 
6.9
%
 
15.8
%
 
19.5
%
 
7.8
%
 
16.5
%
 
 
Combined ratio
97.6
%
 
87.9
%
 
95.7
%
 
98.9
%
 
86.9
%
 
95.7
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Goodwill and intangible assets
$
85,501

 
$
—

 
$
85,501

 
$
87,329

 
$
—

 
$
87,329