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OTHER COMPREHENSIVE INCOME | 6 Months Ended
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Jun. 30, 2017
Equity [Abstract] |
OTHER COMPREHENSIVE INCOME | The tax effects allocated to each component of other comprehensive income were as follows:
|  | 2017 |  | 2016 |
|  | Before Tax Amount |  | Tax (Expense) Benefit |  | Net of Tax Amount |  | Before Tax Amount |  | Tax (Expense) Benefit |  | Net of Tax Amount |
| Three months ended June 30, |  |  |  |  |  |  |  |  |  |  |  |
| Available for sale investments: |  |  |  |  |  |  |  |  |  |  |  |
| Unrealized investment gains arising during the period | $ | 80,557 |  |  | $ | (4,314 | ) |  | $ | 76,243 |  |  | $ | 74,278 |  |  | $ | (10,593 | ) |  | $ | 63,685 |  |
| Adjustment for reclassification of net realized investment gains and OTTI losses recognized in net income | (1,564 | ) |  | 61 |  |  | (1,503 | ) |  | (18,604 | ) |  | 4,585 |  |  | (14,019 | ) |
| Unrealized investment gains arising during the period, net of reclassification adjustment | 78,993 |  |  | (4,253 | ) |  | 74,740 |  |  | 55,674 |  |  | (6,008 | ) |  | 49,666 |  |
| Non-credit portion of OTTI losses | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |
| Foreign currency translation adjustment | 8,867 |  |  | — |  |  | 8,867 |  |  | (4,224 | ) |  | — |  |  | (4,224 | ) |
| Total other comprehensive income, net of tax | $ | 87,860 |  |  | $ | (4,253 | ) |  | $ | 83,607 |  |  | $ | 51,450 |  |  | $ | (6,008 | ) |  | $ | 45,442 |  |
| Six months ended June 30, |  |  |  |  |  |  |  |  |  |  |  |
| Available for sale investments: |  |  |  |  |  |  |  |  |  |  |  |
| Unrealized investment gains arising during the period | $ | 150,929 |  |  | $ | (6,976 | ) |  | $ | 143,953 |  |  | $ | 223,109 |  |  | $ | (20,790 | ) |  | $ | 202,319 |  |
| Adjustment for reclassification of net realized investment losses and OTTI losses recognized in net income | 24,194 |  |  | (736 | ) |  | 23,458 |  |  | 45,388 |  |  | (125 | ) |  | 45,263 |  |
| Unrealized investment gains arising during the period, net of reclassification adjustment | 175,123 |  |  | (7,712 | ) |  | 167,411 |  |  | 268,497 |  |  | (20,915 | ) |  | 247,582 |  |
| Non-credit portion of OTTI losses | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |
| Foreign currency translation adjustment | 38,736 |  |  | — |  |  | 38,736 |  |  | 3,972 |  |  | — |  |  | 3,972 |  |
| Total other comprehensive income, net of tax | $ | 213,859 |  |  | $ | (7,712 | ) |  | $ | 206,147 |  |  | $ | 272,469 |  |  | $ | (20,915 | ) |  | $ | 251,554 |  |
Reclassifications out of AOCI into net income available to common shareholders were as follows:
|  |  | Amount Reclassified from AOCI(1) |
| Details About AOCI Components | Consolidated Statement of Operations Line Item That Includes Reclassification | Three months ended June 30, |  | Six months ended June 30, |
| 2017 |  | 2016 |  | 2017 |  | 2016 |
| Unrealized investment gains (losses) on available for sale investments |  |  |  |  |  |  |  |  |
|  | Other realized investment gains(losses) | $ | 3,092 |  |  | $ | 24,973 |  |  | $ | (16,112 | ) |  | $ | (29,289 | ) |
|  | OTTI losses | (1,528 | ) |  | (6,369 | ) |  | (8,082 | ) |  | (16,099 | ) |
|  | Total before tax | 1,564 |  |  | 18,604 |  |  | (24,194 | ) |  | (45,388 | ) |
|  | Income tax (expense) benefit | (61 | ) |  | (4,585 | ) |  | 736 |  |  | 125 |  |
|  | Net of tax | $ | 1,503 |  |  | $ | 14,019 |  |  | $ | (23,458 | ) |  | $ | (45,263 | ) |
| Foreign currency translation adjustment |  |  |  |  |  |  |  |  |
|  | Foreign exchange loss | $ | — |  |  | $ | — |  |  | $ | (24,149 | ) |  | $ | — |  |
|  | Income tax expense | — |  |  | — |  |  | — |  |  | — |  |
|  | Net of tax | $ | — |  |  | $ | — |  |  | $ | (24,149 | ) |  | $ | — |  |
(1) | Amounts in parentheses are debits to net income available to common shareholders.
On March 27, 2017, as part of the wind down of our Australia operation, the Australia Prudential Regulation Authority revoked the authorization of AXIS Specialty Australia to carry on insurance business in Australia. As this resulted in the substantial liquidation of AXIS Specialty Australia, we have released the cumulative translation adjustment related to AXIS Specialty Australia of $24 million from accumulated other comprehensive income in the Consolidated Balance Sheet to foreign exchange losses in the Consolidated Statement of Operations.

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- Definition The entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=66004124&loc=d3e689-108580 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=66004124&loc=SL7669619-108580 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=66004124&loc=d3e640-108580 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 17 -URI http://asc.fasb.org/extlink&oid=66004124&loc=d3e716-108580 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 16 -URI http://asc.fasb.org/extlink&oid=66004124&loc=d3e709-108580 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=66004124&loc=d3e637-108580 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 14 -URI http://asc.fasb.org/extlink&oid=66004124&loc=d3e681-108580 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Reclassification Adjustments -URI http://asc.fasb.org/extlink&oid=6522872 + Details
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