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SEGMENT INFORMATION | 12 Months Ended
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Dec. 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. 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 marine 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, 2016 | Insurance |  | Reinsurance |  | Total |
| Gross premiums written | $ | 2,720,242 |  |  | $ | 2,249,966 |  |  | $ | 4,970,208 |  |
| Net premiums written | 1,807,125 |  |  | 1,945,849 |  |  | 3,752,974 |  |
| Net premiums earned | 1,777,321 |  |  | 1,928,304 |  |  | 3,705,625 |  |
| Other insurance related income | 89 |  |  | 7,133 |  |  | 7,222 |  |
| Net losses and loss expenses | (1,141,933 | ) |  | (1,062,264 | ) |  | (2,204,197 | ) |
| Acquisition costs | (251,120 | ) |  | (495,756 | ) |  | (746,876 | ) |
| General and administrative expenses | (346,857 | ) |  | (135,844 | ) |  | (482,701 | ) |
| Underwriting income | $ | 37,500 |  |  | $ | 241,573 |  |  | 279,073 |  |
| Corporate expenses |  |  |  |  | (120,016 | ) |
| Net investment income |  |  |  |  | 353,335 |  |
| Net realized investment losses |  |  |  |  | (60,525 | ) |
| Foreign exchange gains |  |  |  |  | 121,295 |  |
| Interest expense and financing costs |  |  |  |  | (51,360 | ) |
| Income before income taxes and interest in income (loss) of equity method investments |  |  |  |  | $ | 521,802 |  |
| Net loss and loss expense ratio | 64.3 | % |  | 55.1 | % |  | 59.5 | % |
| Acquisition cost ratio | 14.1 | % |  | 25.7 | % |  | 20.2 | % |
| General and administrative expense ratio | 19.5 | % |  | 7.0 | % |  | 16.2 | % |
| Combined ratio | 97.9 | % |  | 87.8 | % |  | 95.9 | % |
| Goodwill and intangible assets | $ | 85,049 |  |  | $ | — |  |  | $ | 85,049 |  |
| 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 loss |  |  |  |  | (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 and interest in income (loss) of equity method investments |  |  |  |  | $ | 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 and interest in income (loss) of equity method investments |  |  |  |  | $ | 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 |  |
The following table presents our gross premiums written by the geographical location of our subsidiaries:
| Year ended December 31, | 2016 |  | 2015 |  | 2014 |
| Bermuda | $ | 465,980 |  |  | $ | 525,226 |  |  | $ | 618,273 |  |
| Ireland | 1,650,229 |  |  | 1,532,753 |  |  | 1,641,767 |  |
| U.S. | 2,562,789 |  |  | 2,364,099 |  |  | 2,309,107 |  |
| Other | 291,210 |  |  | 181,652 |  |  | 142,372 |  |
| Total gross premium written | $ | 4,970,208 |  |  | $ | 4,603,730 |  |  | $ | 4,711,519 |  |
The following table presents our net premiums earned by segment and line of business:
| Year ended December 31, | 2016 |  | 2015 |  | 2014 |
| Insurance |  |  |  |  |  |
| Property | $ | 426,918 |  |  | $ | 432,587 |  |  | $ | 444,197 |  |
| Marine | 150,046 |  |  | 183,696 |  |  | 178,229 |  |
| Terrorism | 33,279 |  |  | 36,818 |  |  | 35,876 |  |
| Aviation | 44,980 |  |  | 45,659 |  |  | 41,192 |  |
| Credit and Political Risk | 57,964 |  |  | 63,583 |  |  | 63,095 |  |
| Professional Lines | 510,806 |  |  | 596,430 |  |  | 629,365 |  |
| Liability | 169,182 |  |  | 161,614 |  |  | 146,819 |  |
| Accident and Health | 384,146 |  |  | 277,804 |  |  | 291,771 |  |
| Total Insurance | 1,777,321 |  |  | 1,798,191 |  |  | 1,830,544 |  |
| Reinsurance |  |  |  |  |  |
| Catastrophe | 199,825 |  |  | 216,020 |  |  | 325,307 |  |
| Property | 272,403 |  |  | 306,083 |  |  | 312,443 |  |
| Professional Lines | 289,868 |  |  | 310,915 |  |  | 336,058 |  |
| Credit and Surety | 252,210 |  |  | 250,208 |  |  | 263,013 |  |
| Motor | 318,863 |  |  | 299,883 |  |  | 268,678 |  |
| Liability | 332,479 |  |  | 297,000 |  |  | 289,223 |  |
| Agriculture | 142,501 |  |  | 129,346 |  |  | 164,628 |  |
| Engineering | 62,833 |  |  | 61,043 |  |  | 61,143 |  |
| Marine and Other | 57,322 |  |  | 17,728 |  |  | 19,962 |  |
| Total Reinsurance | 1,928,304 |  |  | 1,888,226 |  |  | 2,040,455 |  |
| Total | $ | 3,705,625 |  |  | $ | 3,686,417 |  |  | $ | 3,870,999 |  |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8981-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9038-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8971-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8595-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8380-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8984-108599 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9031-108599 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9054-108599 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8538-108599 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8864-108599 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8924-108599 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8906-108599 + Details
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