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