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SEGMENT INFORMATION | 12 Months Ended
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Dec. 31, 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 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 amounts of allocated goodwill and intangible assets:
| At and year ended December 31, 2019 | Insurance |  | Reinsurance |  | Total |
| Gross premiums written | $ | 3,675,931 |  |  | $ | 3,222,927 |  |  | $ | 6,898,858 |  |
| Net premiums written | 2,209,155 |  |  | 2,280,460 |  |  | 4,489,615 |  |
| Net premiums earned | 2,190,084 |  |  | 2,397,094 |  |  | 4,587,178 |  |
| Other insurance related income | 2,858 |  |  | 13,586 |  |  | 16,444 |  |
| Net losses and loss expenses | (1,278,679 | ) |  | (1,766,119 | ) |  | (3,044,798 | ) |
| Acquisition costs | (468,281 | ) |  | (556,301 | ) |  | (1,024,582 | ) |
| General and administrative expenses | (401,963 | ) |  | (103,772 | ) |  | (505,735 | ) |
| Underwriting income (loss) | $ | 44,019 |  |  | $ | (15,512 | ) |  | $ | 28,507 |  |
| Net investment income |  |  |  |  | 478,572 |  |
| Net investment gains |  |  |  |  | 91,233 |  |
| Corporate expenses |  |  |  |  | (129,096 | ) |
| Foreign exchange gains |  |  |  |  | 12,041 |  |
| Interest expense and financing costs |  |  |  |  | (68,107 | ) |
| Reorganization expenses |  |  |  |  | (37,384 | ) |
| Amortization of value of business acquired |  |  |  |  | (26,722 | ) |
| Amortization of intangible assets |  |  |  |  | (11,597 | ) |
| Income before income taxes and interest in income (loss) of equity method investments |  |  |  |  | $ | 337,447 |  |
| Net losses and loss expenses ratio | 58.4 | % |  | 73.7 | % |  | 66.4 | % |
| Acquisition cost ratio | 21.4 | % |  | 23.2 | % |  | 22.3 | % |
| General and administrative expense ratio | 18.3 | % |  | 4.3 | % |  | 13.9 | % |
| Combined ratio | 98.1 | % |  | 101.2 | % |  | 102.6 | % |
| Goodwill and intangible assets | $ | 332,553 |  |  | $ | — |  |  | $ | 332,553 |  |
| At and year ended December 31, 2018 | Insurance |  | Reinsurance |  | Total |
| Gross premiums written | $ | 3,797,592 |  |  | $ | 3,112,473 |  |  | $ | 6,910,065 |  |
| Net premiums written | 2,324,747 |  |  | 2,334,215 |  |  | 4,658,962 |  |
| Net premiums earned | 2,362,606 |  |  | 2,428,889 |  |  | 4,791,495 |  |
| Other insurance related income | 3,460 |  |  | 7,162 |  |  | 10,622 |  |
| Net losses and loss expenses | (1,494,323 | ) |  | (1,695,964 | ) |  | (3,190,287 | ) |
| Acquisition costs | (399,193 | ) |  | (569,642 | ) |  | (968,835 | ) |
| General and administrative expenses | (395,252 | ) |  | (123,916 | ) |  | (519,168 | ) |
| Underwriting income | $ | 77,298 |  |  | $ | 46,529 |  |  | $ | 123,827 |  |
| Net investment income |  |  |  |  | 438,507 |  |
| Net investment losses |  |  |  |  | (150,218 | ) |
| Corporate expenses |  |  |  |  | (108,221 | ) |
| Foreign exchange gains |  |  |  |  | 29,165 |  |
| Interest expense and financing costs |  |  |  |  | (67,432 | ) |
| Reorganization expenses |  |  |  |  | (66,940 | ) |
| Amortization of value of business acquired |  |  |  |  | (172,332 | ) |
| Amortization of intangible assets |  |  |  |  | (13,814 | ) |
| Income before income taxes and interest in income (loss) of equity method investments |  |  |  |  | $ | 12,542 |  |
| Net losses and loss expenses ratio | 63.2 | % |  | 69.8 | % |  | 66.6 | % |
| Acquisition cost ratio | 16.9 | % |  | 23.5 | % |  | 20.2 | % |
| General and administrative expense ratio | 16.8 | % |  | 5.1 | % |  | 13.1 | % |
| Combined ratio | 96.9 | % |  | 98.4 | % |  | 99.9 | % |
| Goodwill and intangible assets | $ | 343,571 |  |  | $ | — |  |  | $ | 343,571 |  |
| At and year ended December 31, 2017 | Insurance |  | Reinsurance |  | Total |
| Gross premiums written | $ | 2,814,918 |  |  | $ | 2,741,355 |  |  | $ | 5,556,273 |  |
| Net premiums written | 1,775,825 |  |  | 2,251,318 |  |  | 4,027,143 |  |
| Net premiums earned | 1,816,438 |  |  | 2,332,322 |  |  | 4,148,760 |  |
| Other insurance related income (losses) | 2,944 |  |  | (4,184 | ) |  | (1,240 | ) |
| Net losses and loss expenses | (1,465,427 | ) |  | (1,822,345 | ) |  | (3,287,772 | ) |
| Acquisition costs | (270,229 | ) |  | (553,362 | ) |  | (823,591 | ) |
| General and administrative expenses | (325,368 | ) |  | (124,115 | ) |  | (449,483 | ) |
| Underwriting loss | $ | (241,642 | ) |  | $ | (171,684 | ) |  | $ | (413,326 | ) |
| Net investment income |  |  |  |  | 400,805 |  |
| Net investment gains |  |  |  |  | 28,226 |  |
| Corporate expenses |  |  |  |  | (129,945 | ) |
| Foreign exchange losses |  |  |  |  | (134,737 | ) |
| Interest expense and financing costs |  |  |  |  | (54,811 | ) |
| Bargain purchase gain |  |  |  |  | 15,044 |  |
| Transaction and reorganization expenses |  |  |  |  | (26,718 | ) |
| Amortization of value of business acquired |  |  |  |  | (50,104 | ) |
| Amortization of intangible assets |  |  |  |  | (2,543 | ) |
| Loss before income taxes and interest in income (loss) of equity method investments |  |  |  |  | $ | (368,109 | ) |
| Net losses and loss expenses ratio | 80.7 | % |  | 78.1 | % |  | 79.2 | % |
| Acquisition cost ratio | 14.9 | % |  | 23.7 | % |  | 19.9 | % |
| General and administrative expense ratio | 17.9 | % |  | 5.3 | % |  | 14.0 | % |
| Combined ratio | 113.5 | % |  | 107.1 | % |  | 113.1 | % |
| Goodwill and intangible assets | $ | 359,990 |  |  | $ | — |  |  | $ | 359,990 |  |
The following table presents gross premiums written by the geographical location of the Company's subsidiaries:
| Years ended December 31, | 2019 |  | 2018 |  | 2017 |
| Bermuda | $ | 738,258 |  |  | $ | 606,452 |  |  | $ | 529,425 |  |
| Ireland | 1,679,646 |  |  | 1,805,882 |  |  | 1,569,956 |  |
| U.S. | 3,090,547 |  |  | 2,811,537 |  |  | 2,814,933 |  |
| Lloyd's of London | 1,390,407 |  |  | 1,686,194 |  |  | 641,959 |  |
| Gross premiums written | $ | 6,898,858 |  |  | $ | 6,910,065 |  |  | $ | 5,556,273 |  |
The following table presents net premiums earned by segment and line of business:
| Years ended December 31, | 2019 |  | 2018 |  | 2017 |
| Insurance |  |  |  |  |  |
| Property | $ | 633,550 |  |  | $ | 796,945 |  |  | $ | 543,342 |  |
| Marine | 281,764 |  |  | 300,944 |  |  | 181,533 |  |
| Terrorism | 47,345 |  |  | 49,150 |  |  | 36,084 |  |
| Aviation | 55,028 |  |  | 74,203 |  |  | 75,107 |  |
| Credit and political risk | 91,698 |  |  | 102,825 |  |  | 56,432 |  |
| Professional lines | 661,250 |  |  | 570,241 |  |  | 519,759 |  |
| Liability | 264,667 |  |  | 229,373 |  |  | 188,770 |  |
| Accident and health | 144,499 |  |  | 207,777 |  |  | 199,121 |  |
| Discontinued lines - Novae | 10,283 |  |  | 31,148 |  |  | 16,290 |  |
| Total Insurance | 2,190,084 |  |  | 2,362,606 |  |  | 1,816,438 |  |
| Reinsurance |  |  |  |  |  |
| Catastrophe | 267,591 |  |  | 250,016 |  |  | 209,470 |  |
| Property | 311,625 |  |  | 317,038 |  |  | 304,376 |  |
| Professional lines | 206,328 |  |  | 220,687 |  |  | 226,622 |  |
| Credit and surety | 208,717 |  |  | 250,276 |  |  | 244,186 |  |
| Motor | 398,565 |  |  | 438,693 |  |  | 371,501 |  |
| Liability | 373,664 |  |  | 363,292 |  |  | 351,940 |  |
| Agriculture | 188,925 |  |  | 176,435 |  |  | 195,391 |  |
| Engineering | 63,899 |  |  | 67,932 |  |  | 66,291 |  |
| Marine and other | 59,209 |  |  | 35,570 |  |  | 64,449 |  |
| Accident and health | 319,619 |  |  | 299,813 |  |  | 289,925 |  |
| Discontinued lines - Novae | (1,048 | ) |  | 9,137 |  |  | 8,171 |  |
| Total Reinsurance | 2,397,094 |  |  | 2,428,889 |  |  | 2,332,322 |  |
| Total | $ | 4,587,178 |  |  | $ | 4,791,495 |  |  | $ | 4,148,760 |  |

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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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