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.

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, and discontinued lines - Novae.

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, and discontinued lines - Novae.

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:



	2019									2018
Three months ended and at March 31,	Insurance			Reinsurance			Total			Insurance			Reinsurance			Total

Gross premiums written	$	851,096		$	1,732,130		$	2,583,226		$	880,848		$	1,781,947		$	2,662,795
Net premiums written	529,239			1,247,820			1,777,059			547,893			1,437,978			1,985,871
Net premiums earned	556,762			577,450			1,134,212			580,059			587,343			1,167,402
Other insurance related income	1,742			5,187			6,929			620			5,986			6,606
Net losses and loss expenses	(313,776		)	(350,252		)	(664,028		)	(321,538		)	(339,807		)	(661,345		)
Acquisition costs	(117,775		)	(142,643		)	(260,418		)	(87,329		)	(141,931		)	(229,260		)
General and administrative expenses	(106,034		)	(32,839		)	(138,873		)	(102,370		)	(37,296		)	(139,666		)
Underwriting income	$	20,919		$	56,903		77,822			$	69,442		$	74,295		143,737

Net investment income							107,303									100,999
Net investment gains (losses)							12,767									(14,830		)
Corporate expenses							(36,218		)							(30,171		)
Foreign exchange losses							(7,056		)							(37,860		)
Interest expense and financing costs							(15,895		)							(16,763		)
Transaction and reorganization expenses							(14,820		)							(13,054		)
Amortization of value of business acquired							(13,104		)							(57,110		)
Amortization of intangible assets							(3,003		)							(2,782		)
Income before income taxes and interest in income of equity method investments							$	107,796								$	72,166

Net loss and loss expense ratio	56.4		%	60.7		%	58.5		%	55.4		%	57.9		%	56.7		%
Acquisition cost ratio	21.2		%	24.7		%	23.0		%	15.1		%	24.2		%	19.6		%
General and administrative expense ratio	19.0		%	5.6		%	15.4		%	17.6		%	6.3		%	14.5		%
Combined ratio	96.6		%	91.0		%	96.9		%	88.1		%	88.4		%	90.8		%

Total intangible assets	$	363,376		$	—		$	363,376		$	506,747		$	—		$	506,747