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SEGMENT INFORMATION | 9 Months Ended
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Sep. 30, 2018
Segment Reporting [Abstract] |
SEGMENT INFORMATION | AXIS Capital's underwriting operations are organized around its global underwriting platforms, AXIS Insurance and AXIS Re. The Company has determined that it has two reportable segments, insurance and reinsurance. The Company does not allocate its assets by segment, with the exception of goodwill and intangible assets, as it evaluates the underwriting results of each segment separately from the results of its investment portfolio. During the three months ended March 31, 2018, the Company realigned its accident and health business by integrating this business and its operations into the Company's insurance and reinsurance segments. Financial results relating to the Company's accident and health lines of business were previously included in the Company's insurance segment. As a result of the realignment, accident and health results are included in the results of both the insurance and reinsurance segments of the Company with effect from January 1, 2018. Insurance The Company's insurance segment offers specialty insurance products to a variety of niche markets on a worldwide basis. The product lines in this segment are property, marine, terrorism, aviation, credit and political risk, professional lines, liability, accident and health, together with discontinued lines, which represents lines of business that Novae Group plc ("Novae") exited or placed into run-off in the three month periods ended December 31, 2016 and March 31, 2017. Reinsurance The Company's reinsurance segment provides 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, marine and other, accident and health, together with discontinued lines, which represents lines of business that Novae exited or placed into run-off in the three month periods ended December 31, 2016 and March 31, 2017. The reinsurance segment also wrote derivative based risk management products designed to address weather and commodity price risks until July 1, 2017. The following tables present the underwriting results of the Company's reportable segments, as well as the carrying values of allocated goodwill and intangible assets:
|  | 2018 |  | 2017 |
| Three months ended and at September 30, | Insurance |  | Reinsurance |  | Total |  | Insurance |  | Reinsurance |  | Total |
| Gross premiums written | $ | 969,364 |  |  | $ | 454,343 |  |  | $ | 1,423,707 |  |  | $ | 651,145 |  |  | $ | 534,429 |  |  | $ | 1,185,574 |  |
| Net premiums written | 602,070 |  |  | 317,868 |  |  | 919,938 |  |  | 407,054 |  |  | 425,689 |  |  | 832,743 |  |
| Net premiums earned | 614,795 |  |  | 609,280 |  |  | 1,224,075 |  |  | 420,775 |  |  | 596,356 |  |  | 1,017,131 |  |
| Other insurance related income (losses) | 1,526 |  |  | 6,949 |  |  | 8,475 |  |  | 302 |  |  | (3,499 | ) |  | (3,197 | ) |
| Net losses and loss expenses | (415,488 | ) |  | (379,471 | ) |  | (794,959 | ) |  | (576,688 | ) |  | (658,679 | ) |  | (1,235,367 | ) |
| Acquisition costs | (111,888 | ) |  | (136,426 | ) |  | (248,314 | ) |  | (61,541 | ) |  | (133,183 | ) |  | (194,724 | ) |
| General and administrative expenses | (100,656 | ) |  | (29,595 | ) |  | (130,251 | ) |  | (71,007 | ) |  | (25,689 | ) |  | (96,696 | ) |
| Underwriting income (loss) | $ | (11,711 | ) |  | $ | 70,737 |  |  | 59,026 |  |  | $ | (288,159 | ) |  | $ | (224,694 | ) |  | (512,853 | ) |
| Corporate expenses |  |  |  |  | (24,643 | ) |  |  |  |  |  | (27,933 | ) |
| Net investment income |  |  |  |  | 114,421 |  |  |  |  |  |  | 95,169 |  |
| Net investment gains (losses) |  |  |  |  | (17,628 | ) |  |  |  |  |  | 14,632 |  |
| Foreign exchange losses |  |  |  |  | (8,305 | ) |  |  |  |  |  | (32,510 | ) |
| Interest expense and financing costs |  |  |  |  | (16,897 | ) |  |  |  |  |  | (12,835 | ) |
| Transaction and reorganization expenses |  |  |  |  | (16,300 | ) |  |  |  |  |  | (5,970 | ) |
| Amortization of value of business acquired |  |  |  |  | (39,018 | ) |  |  |  |  |  | — |  |
| Amortization of intangible assets |  |  |  |  | (1,753 | ) |  |  |  |  |  | — |  |
| Income (loss) before income taxes and interest in income (loss) of equity method investments |  |  |  |  | $ | 48,903 |  |  |  |  |  |  | $ | (482,300 | ) |
| Net loss and loss expense ratio | 67.6 | % |  | 62.3 | % |  | 64.9 | % |  | 137.1 | % |  | 110.5 | % |  | 121.5 | % |
| Acquisition cost ratio | 18.2 | % |  | 22.4 | % |  | 20.3 | % |  | 14.6 | % |  | 22.3 | % |  | 19.1 | % |
| General and administrative expense ratio | 16.4 | % |  | 4.8 | % |  | 12.7 | % |  | 16.9 | % |  | 4.3 | % |  | 12.3 | % |
| Combined ratio | 102.2 | % |  | 89.5 | % |  | 97.9 | % |  | 168.6 | % |  | 137.1 | % |  | 152.9 | % |
| Total intangible assets | $ | 408,441 |  |  | $ | — |  |  | $ | 408,441 |  |  | $ | 87,206 |  |  | $ | — |  |  | $ | 87,206 |  |
|  | 2018 |  | 2017 |
| Nine months ended and at September 30, | Insurance |  | Reinsurance |  | Total |  | Insurance |  | Reinsurance |  | Total |
| Gross premiums written | $ | 2,876,856 |  |  | $ | 2,860,471 |  |  | $ | 5,737,327 |  |  | $ | 1,960,608 |  |  | $ | 2,499,164 |  |  | $ | 4,459,772 |  |
| Net premiums written | 1,748,142 |  |  | 2,158,122 |  |  | 3,906,264 |  |  | 1,259,999 |  |  | 2,037,719 |  |  | 3,297,718 |  |
| Net premiums earned | 1,772,126 |  |  | 1,804,900 |  |  | 3,577,026 |  |  | 1,230,279 |  |  | 1,706,986 |  |  | 2,937,265 |  |
| Other insurance related income (losses) | 3,359 |  |  | 15,452 |  |  | 18,811 |  |  | 853 |  |  | (5,273 | ) |  | (4,420 | ) |
| Net losses and loss expenses | (1,065,799 | ) |  | (1,097,146 | ) |  | (2,162,945 | ) |  | (1,093,237 | ) |  | (1,354,403 | ) |  | (2,447,640 | ) |
| Acquisition costs | (290,082 | ) |  | (419,445 | ) |  | (709,527 | ) |  | (177,937 | ) |  | (410,942 | ) |  | (588,879 | ) |
| General and administrative expenses | (305,394 | ) |  | (99,481 | ) |  | (404,875 | ) |  | (239,389 | ) |  | (96,393 | ) |  | (335,782 | ) |
| Underwriting income (loss) | $ | 114,210 |  |  | $ | 204,280 |  |  | 318,490 |  |  | $ | (279,431 | ) |  | $ | (160,025 | ) |  | (439,456 | ) |
| Corporate expenses |  |  |  |  | (85,069 | ) |  |  |  |  |  | (97,922 | ) |
| Net investment income |  |  |  |  | 325,380 |  |  |  |  |  |  | 299,899 |  |
| Net realized investment losses |  |  |  |  | (77,551 | ) |  |  |  |  |  | (14,811 | ) |
| Foreign exchange losses |  |  |  |  | (2,066 | ) |  |  |  |  |  | (90,093 | ) |
| Interest expense and financing costs |  |  |  |  | (50,758 | ) |  |  |  |  |  | (38,377 | ) |
| Bargain purchase gain |  |  |  |  | — |  |  |  |  |  |  | 15,044 |  |
| Transaction and reorganization expenses |  |  |  |  | (48,125 | ) |  |  |  |  |  | (5,970 | ) |
| Amortization of value of business acquired |  |  |  |  | (149,535 | ) |  |  |  |  |  | — |  |
| Amortization of intangible assets |  |  |  |  | (8,564 | ) |  |  |  |  |  | — |  |
| Income (loss) before income taxes and interest in income (loss) of equity method investments |  |  |  |  | $ | 222,202 |  |  |  |  |  |  | $ | (371,686 | ) |
| Net loss and loss expense ratio | 60.1 | % |  | 60.8 | % |  | 60.5 | % |  | 88.9 | % |  | 79.3 | % |  | 83.3 | % |
| Acquisition cost ratio | 16.4 | % |  | 23.2 | % |  | 19.8 | % |  | 14.4 | % |  | 24.2 | % |  | 20.0 | % |
| General and administrative expense ratio | 17.2 | % |  | 5.5 | % |  | 13.7 | % |  | 19.5 | % |  | 5.6 | % |  | 14.8 | % |
| Combined ratio | 93.7 | % |  | 89.5 | % |  | 94.0 | % |  | 122.8 | % |  | 109.1 | % |  | 118.1 | % |
| Total intangible assets | $ | 408,441 |  |  | $ | — |  |  | $ | 408,441 |  |  | $ | 87,206 |  |  | $ | — |  |  | $ | 87,206 |  |

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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