XML 21 R10.htm IDEA: XBRL DOCUMENT
v3.21.2

SEGMENT INFORMATION | 6 Months Ended
--- | ---
Jun. 30, 2021
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. 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, credit and surety, professional lines, motor, liability, engineering, agriculture, marine and aviation, 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 amounts of allocated goodwill and intangible assets:
|  | 2021 |  | 2020 |
| Three months ended and at June 30, | Insurance |  | Reinsurance |  | Total |  | Insurance |  | Reinsurance |  | Total |
| Gross premiums written | $ | 1,268,472 |  | $ | 672,714 |  | $ | 1,941,186 |  | $ | 1,037,568 |  | $ | 678,615 |  | $ | 1,716,183 |
| Net premiums written | 712,885 |  | 490,973 |  | 1,203,858 |  | 602,761 |  | 453,173 |  | 1,055,934 |
| Net premiums earned | 631,675 |  | 525,266 |  | 1,156,941 |  | 577,019 |  | 526,984 |  | 1,104,003 |
| Other insurance related income | 552 |  | 5,265 |  | 5,817 |  | 755 |  | 1,241 |  | 1,996 |
| Net losses and loss expenses | (332,175) |  | (334,298) |  | (666,473) |  | (337,367) |  | (338,894) |  | (676,261) |
| Acquisition costs | (106,963) |  | (112,107) |  | (219,070) |  | (116,259) |  | (112,243) |  | (228,502) |
| Underwriting-related general and administrative expenses | (99,569) |  | (29,392) |  | (128,961) |  | (89,751) |  | (24,073) |  | (113,824) |
| Underwriting income | $ | 93,520 |  | $ | 54,734 |  | 148,254 |  | $ | 34,397 |  | $ | 53,015 |  | 87,412 |
| Net investment income |  |  |  |  | 104,672 |  |  |  |  |  | 45,040 |
| Net investment gains |  |  |  |  | 73,293 |  |  |  |  |  | 53,043 |
| Corporate expenses |  |  |  |  | (33,491) |  |  |  |  |  | (26,828) |
| Foreign exchange losses |  |  |  |  | (19,602) |  |  |  |  |  | (9,709) |
| Interest expense and financing costs |  |  |  |  | (15,235) |  |  |  |  |  | (20,595) |
| Reorganization expenses |  |  |  |  | — |  |  |  |  |  | (392) |
| Amortization of value of business acquired |  |  |  |  | (1,028) |  |  |  |  |  | (1,285) |
| Amortization of intangible assets |  |  |  |  | (3,324) |  |  |  |  |  | (2,855) |
| Income before income taxes and interest in income of equity method investments |  |  |  |  | $ | 253,539 |  |  |  |  |  | $ | 123,831 |
| Net losses and loss expenses ratio | 52.6 | % |  | 63.6 | % |  | 57.6 | % |  | 58.5 | % |  | 64.3 | % |  | 61.3 | % |
| Acquisition cost ratio | 16.9 | % |  | 21.3 | % |  | 18.9 | % |  | 20.1 | % |  | 21.3 | % |  | 20.7 | % |
| General and administrative expense ratio | 15.8 | % |  | 5.7 | % |  | 14.1 | % |  | 15.6 | % |  | 4.6 | % |  | 12.7 | % |
| Combined ratio | 85.3 | % |  | 90.6 | % |  | 90.6 | % |  | 94.2 | % |  | 90.2 | % |  | 94.7 | % |
| Goodwill and intangible assets | $ | 315,087 |  | $ | — |  | $ | 315,087 |  | $ | 327,095 |  | $ | — |  | $ | 327,095 |
2. SEGMENT INFORMATION (CONTINUED)
|  | 2021 |  | 2020 |
| Six months ended and at June 30, | Insurance |  | Reinsurance |  | Total |  | Insurance |  | Reinsurance |  | Total |
| Gross premiums written | $ | 2,371,670 |  | $ | 2,104,997 |  | $ | 4,476,667 |  | $ | 1,978,283 |  | $ | 2,169,058 |  | $ | 4,147,341 |
| Net premiums written | 1,420,699 |  | 1,562,045 |  | 2,982,744 |  | 1,184,411 |  | 1,550,567 |  | 2,734,978 |
| Net premiums earned | 1,247,962 |  | 1,012,701 |  | 2,260,663 |  | 1,139,083 |  | 1,053,545 |  | 2,192,628 |
| Other insurance related income (loss) | 967 |  | 7,631 |  | 8,598 |  | 1,403 |  | (8,113) |  | (6,710) |
| Net losses and loss expenses | (689,072) |  | (692,118) |  | (1,381,190) |  | (809,180) |  | (775,155) |  | (1,584,335) |
| Acquisition costs | (224,642) |  | (213,299) |  | (437,941) |  | (229,010) |  | (238,142) |  | (467,152) |
| Underwriting-related general and administrative expenses | (202,872) |  | (58,757) |  | (261,629) |  | (190,529) |  | (53,257) |  | (243,786) |
| Underwriting income (loss) | $ | 132,343 |  | $ | 56,158 |  | 188,501 |  | $ | (88,233) |  | $ | (21,122) |  | (109,355) |
| Net investment income |  |  |  |  | 218,836 |  |  |  |  |  | 138,140 |
| Net investment gains (losses) |  |  |  |  | 102,936 |  |  |  |  |  | (9,831) |
| Corporate expenses |  |  |  |  | (59,231) |  |  |  |  |  | (53,926) |
| Foreign exchange (losses) gains |  |  |  |  | (23,716) |  |  |  |  |  | 51,974 |
| Interest expense and financing costs |  |  |  |  | (30,806) |  |  |  |  |  | (44,067) |
| Reorganization expenses |  |  |  |  | — |  |  |  |  |  | 591 |
| Amortization of value of business acquired |  |  |  |  | (2,056) |  |  |  |  |  | (3,083) |
| Amortization of intangible assets |  |  |  |  | (6,013) |  |  |  |  |  | (5,725) |
| Income (loss) before income taxes and interest in income (loss) of equity method investments |  |  |  |  | $ | 388,451 |  |  |  |  |  | $ | (35,282) |
| Net losses and loss expenses ratio | 55.2 | % |  | 68.3 | % |  | 61.1 | % |  | 71.0 | % |  | 73.6 | % |  | 72.3 | % |
| Acquisition cost ratio | 18.0 | % |  | 21.1 | % |  | 19.4 | % |  | 20.1 | % |  | 22.6 | % |  | 21.3 | % |
| General and administrative expense ratio | 16.3 | % |  | 5.8 | % |  | 14.2 | % |  | 16.8 | % |  | 5.0 | % |  | 13.5 | % |
| Combined ratio | 89.5 | % |  | 95.2 | % |  | 94.7 | % |  | 107.9 | % |  | 101.2 | % |  | 107.1 | % |
| Goodwill and intangible assets | $ | 315,087 |  | $ | — |  | $ | 315,087 |  | $ | 327,095 |  | $ | — |  | $ | 327,095 |

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration