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SEGMENT INFORMATION
 3 Months Ended
Mar. 31, 2024
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
The Company'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 professional lines, property, liability, cyber, marine and aviation, accident and health, and credit and political risk.

Reinsurance

The Company's reinsurance segment provides treaty reinsurance to insurance companies on a worldwide basis. The product lines in this segment are liability, accident and health, professional lines, credit and surety, motor, agriculture, marine and aviation, and run-off lines which include catastrophe and property lines of business that the Company placed into run-off in 2022 and engineering lines of business that the Company placed into run-off in 2020.

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:
  20242023
Three months ended and at March 31,InsuranceReinsuranceTotalInsuranceReinsuranceTotal
Gross premiums written$1,574,505$1,079,922$2,654,427$1,415,612$966,364$2,381,976
Net premiums written1,022,354699,7191,722,073882,576725,7801,608,356
Net premiums earned917,946340,0951,258,041816,456413,7431,230,199
Other insurance related income218,3198,34054523577
Net losses and loss expenses(496,864)(231,807)(728,671)(449,467)(271,175)(720,642)
Acquisition costs(176,029)(78,225)(254,254)(147,058)(83,315)(230,373)
Underwriting-related general and administrative expenses(122,087)(15,706)(137,793)(116,630)(23,765)(140,395)
Underwriting income$122,987$22,676145,663$103,355$36,011139,366
Net investment income167,383133,771
Net investment gains (losses)(9,207)(20,190)
Corporate expenses(25,580)(26,416)
Foreign exchange (losses) gains23,552(8,710)
Interest expense and financing costs(17,147)(16,894)
Reorganization expenses(12,299)—
Amortization of intangible assets(2,729)(2,729)
Income before income taxes and interest in income (loss) of equity method investments
269,636198,198
Income tax (expense) benefit124,654(15,896)
Interest in income (loss) of equity method investments1,169(2,205)
Net income395,459180,097
Preferred share dividends7,5637,563
Net income available to common shareholders$387,896$172,534
Net losses and loss expenses ratio54.1 %68.2 %57.9 %55.1 %65.5 %58.6 %
Acquisition cost ratio19.2 %23.0 %20.2 %18.0 %20.1 %18.7 %
General and administrative expense ratio13.3 %4.6 %13.0 %14.2 %5.8 %13.6 %
Combined ratio86.6 %95.8 %91.1 %87.3 %91.4 %90.9 %
Goodwill and intangible assets$284,956$—$284,956$295,872$—$295,872