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SEGMENT INFORMATION | 9 Months Ended
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Sep. 30, 2019
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. 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 September 30, | Insurance |  | Reinsurance |  | Total |  | Insurance |  | Reinsurance |  | Total |
| Gross premiums written | $ | 894,902 |  |  | $ | 511,604 |  |  | $ | 1,406,506 |  |  | $ | 969,364 |  |  | $ | 454,343 |  |  | $ | 1,423,707 |  |
| Net premiums written | 517,050 |  |  | 339,031 |  |  | 856,081 |  |  | 602,070 |  |  | 317,868 |  |  | 919,938 |  |
| Net premiums earned | 536,451 |  |  | 620,856 |  |  | 1,157,307 |  |  | 614,795 |  |  | 609,280 |  |  | 1,224,075 |  |
| Other insurance related income | 733 |  |  | 800 |  |  | 1,533 |  |  | 1,526 |  |  | 6,949 |  |  | 8,475 |  |
| Net losses and loss expenses | (338,966 | ) |  | (511,947 | ) |  | (850,913 | ) |  | (415,488 | ) |  | (379,471 | ) |  | (794,959 | ) |
| Acquisition costs | (115,551 | ) |  | (144,475 | ) |  | (260,026 | ) |  | (111,888 | ) |  | (136,426 | ) |  | (248,314 | ) |
| General and administrative expenses | (100,559 | ) |  | (26,060 | ) |  | (126,619 | ) |  | (100,656 | ) |  | (29,595 | ) |  | (130,251 | ) |
| Underwriting income (loss) | $ | (17,892 | ) |  | $ | (60,826 | ) |  | (78,718 | ) |  | $ | (11,711 | ) |  | $ | 70,737 |  |  | 59,026 |  |
| Net investment income |  |  |  |  | 115,763 |  |  |  |  |  |  | 114,421 |  |
| Net investment gains (losses) |  |  |  |  | 14,527 |  |  |  |  |  |  | (17,628 | ) |
| Corporate expenses |  |  |  |  | (28,903 | ) |  |  |  |  |  | (24,643 | ) |
| Foreign exchange (losses) gains |  |  |  |  | 59,543 |  |  |  |  |  |  | (8,305 | ) |
| Interest expense and financing costs |  |  |  |  | (18,042 | ) |  |  |  |  |  | (16,897 | ) |
| Transaction and reorganization expenses |  |  |  |  | (11,215 | ) |  |  |  |  |  | (16,300 | ) |
| Amortization of value of business acquired |  |  |  |  | (4,368 | ) |  |  |  |  |  | (39,018 | ) |
| Amortization of intangible assets |  |  |  |  | (2,831 | ) |  |  |  |  |  | (1,753 | ) |
| Income before income taxes and interest in income of equity method investments |  |  |  |  | $ | 45,756 |  |  |  |  |  |  | $ | 48,903 |  |
| Net losses and loss expenses ratio | 63.2 | % |  | 82.5 | % |  | 73.5 | % |  | 67.6 | % |  | 62.3 | % |  | 64.9 | % |
| Acquisition cost ratio | 21.5 | % |  | 23.3 | % |  | 22.5 | % |  | 18.2 | % |  | 22.4 | % |  | 20.3 | % |
| General and administrative expense ratio | 18.8 | % |  | 4.1 | % |  | 13.4 | % |  | 16.4 | % |  | 4.8 | % |  | 12.7 | % |
| Combined ratio | 103.5 | % |  | 109.9 | % |  | 109.4 | % |  | 102.2 | % |  | 89.5 | % |  | 97.9 | % |
| Total intangible assets | $ | 346,356 |  |  | $ | — |  |  | $ | 346,356 |  |  | $ | 408,441 |  |  | $ | — |  |  | $ | 408,441 |  |
|  | 2019 |  | 2018 |
| Nine months ended and at September 30, | Insurance |  | Reinsurance |  | Total |  | Insurance |  | Reinsurance |  | Total |
| Gross premiums written | $ | 2,714,322 |  |  | $ | 2,923,169 |  |  | $ | 5,637,491 |  |  | $ | 2,876,856 |  |  | $ | 2,860,471 |  |  | $ | 5,737,327 |  |
| Net premiums written | 1,638,197 |  |  | 2,065,263 |  |  | 3,703,460 |  |  | 1,748,142 |  |  | 2,158,122 |  |  | 3,906,264 |  |
| Net premiums earned | 1,630,473 |  |  | 1,784,653 |  |  | 3,415,126 |  |  | 1,772,126 |  |  | 1,804,900 |  |  | 3,577,026 |  |
| Other insurance related income | 1,779 |  |  | 9,606 |  |  | 11,385 |  |  | 3,359 |  |  | 15,452 |  |  | 18,811 |  |
| Net losses and loss expenses | (961,444 | ) |  | (1,225,959 | ) |  | (2,187,403 | ) |  | (1,065,799 | ) |  | (1,097,146 | ) |  | (2,162,945 | ) |
| Acquisition costs | (344,981 | ) |  | (417,826 | ) |  | (762,807 | ) |  | (290,082 | ) |  | (419,445 | ) |  | (709,527 | ) |
| General and administrative expenses | (311,491 | ) |  | (87,049 | ) |  | (398,540 | ) |  | (305,394 | ) |  | (99,481 | ) |  | (404,875 | ) |
| Underwriting income | $ | 14,336 |  |  | $ | 63,425 |  |  | 77,761 |  |  | $ | 114,210 |  |  | $ | 204,280 |  |  | 318,490 |  |
| Net investment income |  |  |  |  | 361,014 |  |  |  |  |  |  | 325,380 |  |
| Net investment gains (losses) |  |  |  |  | 48,522 |  |  |  |  |  |  | (77,551 | ) |
| Corporate expenses |  |  |  |  | (97,468 | ) |  |  |  |  |  | (85,069 | ) |
| Foreign exchange (losses) gains |  |  |  |  | 64,868 |  |  |  |  |  |  | (2,066 | ) |
| Interest expense and financing costs |  |  |  |  | (49,545 | ) |  |  |  |  |  | (50,758 | ) |
| Transaction and reorganization expenses |  |  |  |  | (29,310 | ) |  |  |  |  |  | (48,125 | ) |
| Amortization of value of business acquired |  |  |  |  | (24,666 | ) |  |  |  |  |  | (149,535 | ) |
| Amortization of intangible assets |  |  |  |  | (8,744 | ) |  |  |  |  |  | (8,564 | ) |
| Income before income taxes and interest in income of equity method investments |  |  |  |  | $ | 342,432 |  |  |  |  |  |  | $ | 222,202 |  |
| Net losses and loss expenses ratio | 59.0 | % |  | 68.7 | % |  | 64.1 | % |  | 60.1 | % |  | 60.8 | % |  | 60.5 | % |
| Acquisition cost ratio | 21.2 | % |  | 23.4 | % |  | 22.3 | % |  | 16.4 | % |  | 23.2 | % |  | 19.8 | % |
| General and administrative expense ratio | 19.0 | % |  | 4.9 | % |  | 14.5 | % |  | 17.2 | % |  | 5.5 | % |  | 13.7 | % |
| Combined ratio | 99.2 | % |  | 97.0 | % |  | 100.9 | % |  | 93.7 | % |  | 89.5 | % |  | 94.0 | % |
| Total intangible assets | $ | 346,356 |  |  | $ | — |  |  | $ | 346,356 |  |  | $ | 408,441 |  |  | $ | — |  |  | $ | 408,441 |  |

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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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