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SEGMENT INFORMATION | 6 Months Ended
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Jun. 30, 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:
|  | 2024 |  | 2023 |
| Three months ended and at June 30, | Insurance |  | Reinsurance |  | Total |  | Insurance |  | Reinsurance |  | Total |
| Gross premiums written | $ | 1,814,066 |  | $ | 626,170 |  | $ | 2,440,236 |  | $ | 1,684,150 |  | $ | 600,228 |  | $ | 2,284,378 |
| Net premiums written | 1,194,197 |  | 379,547 |  | 1,573,744 |  | 1,021,021 |  | 425,336 |  | 1,446,357 |
| Net premiums earned | 958,212 |  | 346,266 |  | 1,304,478 |  | 842,751 |  | 422,994 |  | 1,265,745 |
| Other insurance related income (loss) | (61) |  | 8,587 |  | 8,526 |  | 58 |  | 5,466 |  | 5,524 |
| Net losses and loss expenses | (542,591) |  | (223,397) |  | (765,988) |  | (457,650) |  | (278,607) |  | (736,257) |
| Acquisition costs | (188,026) |  | (77,065) |  | (265,091) |  | (156,972) |  | (96,293) |  | (253,265) |
| Underwriting-related general and administrative expenses | (111,894) |  | (8,874) |  | (120,768) |  | (113,534) |  | (19,721) |  | (133,255) |
| Underwriting income | $ | 115,640 |  | $ | 45,517 |  | 161,157 |  | $ | 114,653 |  | $ | 33,839 |  | 148,492 |
| Net investment income |  |  |  |  | 190,975 |  |  |  |  |  | 136,829 |
| Net investment gains (losses) |  |  |  |  | (53,479) |  |  |  |  |  | (24,370) |
| Corporate expenses |  |  |  |  | (27,673) |  |  |  |  |  | (35,248) |
| Foreign exchange (losses) gains |  |  |  |  | 7,384 |  |  |  |  |  | (30,104) |
| Interest expense and financing costs |  |  |  |  | (17,010) |  |  |  |  |  | (16,738) |
| Reorganization expenses |  |  |  |  | (14,014) |  |  |  |  |  | — |
| Amortization of intangible assets |  |  |  |  | (2,729) |  |  |  |  |  | (2,729) |
| Income before income taxes and interest in income of equity method investments |  |  |  |  | 244,611 |  |  |  |  |  | 176,132 |
| Income tax (expense) benefit |  |  |  |  | (40,547) |  |  |  |  |  | (27,558) |
| Interest in income of equity method investments |  |  |  |  | 7,900 |  |  |  |  |  | 2,100 |
| Net income |  |  |  |  | 211,964 |  |  |  |  |  | 150,674 |
| Preferred share dividends |  |  |  |  | 7,563 |  |  |  |  |  | 7,563 |
| Net income available to common shareholders |  |  |  |  | $ | 204,401 |  |  |  |  |  | $ | 143,111 |
| Net losses and loss expenses ratio | 56.6 | % |  | 64.5 | % |  | 58.7 | % |  | 54.3 | % |  | 65.9 | % |  | 58.2 | % |
| Acquisition cost ratio | 19.6 | % |  | 22.3 | % |  | 20.3 | % |  | 18.6 | % |  | 22.8 | % |  | 20.0 | % |
| General and administrative expense ratio | 11.7 | % |  | 2.5 | % |  | 11.4 | % |  | 13.5 | % |  | 4.6 | % |  | 13.3 | % |
| Combined ratio | 87.9 | % |  | 89.3 | % |  | 90.4 | % |  | 86.4 | % |  | 93.3 | % |  | 91.5 | % |
| Goodwill and intangible assets | $ | 282,227 |  | $ | — |  | $ | 282,227 |  | $ | 293,143 |  | $ | — |  | $ | 293,143 |
|  | 2024 |  | 2023 |
| Six months ended and at June 30, | Insurance |  | Reinsurance |  | Total |  | Insurance |  | Reinsurance |  | Total |
| Gross premiums written | $ | 3,388,571 |  | $ | 1,706,092 |  | $ | 5,094,663 |  | $ | 3,099,762 |  | $ | 1,566,592 |  | $ | 4,666,354 |
| Net premiums written | 2,216,551 |  | 1,079,266 |  | 3,295,817 |  | 1,903,597 |  | 1,151,116 |  | 3,054,713 |
| Net premiums earned | 1,876,159 |  | 686,360 |  | 2,562,519 |  | 1,659,206 |  | 836,738 |  | 2,495,944 |
| Other insurance related income (loss) | (39) |  | 16,906 |  | 16,867 |  | 112 |  | 5,988 |  | 6,100 |
| Net losses and loss expenses | (1,039,455) |  | (455,204) |  | (1,494,659) |  | (907,117) |  | (549,782) |  | (1,456,899) |
| Acquisition costs | (364,055) |  | (155,290) |  | (519,345) |  | (304,030) |  | (179,608) |  | (483,638) |
| Underwriting-related general and administrative expenses | (233,981) |  | (24,580) |  | (258,561) |  | (230,164) |  | (43,486) |  | (273,650) |
| Underwriting income | $ | 238,629 |  | $ | 68,192 |  | 306,821 |  | $ | 218,007 |  | $ | 69,850 |  | 287,857 |
| Net investment income |  |  |  |  | 358,358 |  |  |  |  |  | 270,601 |
| Net investment gains (losses) |  |  |  |  | (62,687) |  |  |  |  |  | (44,558) |
| Corporate expenses |  |  |  |  | (53,252) |  |  |  |  |  | (61,664) |
| Foreign exchange (losses) gains |  |  |  |  | 30,936 |  |  |  |  |  | (38,814) |
| Interest expense and financing costs |  |  |  |  | (34,157) |  |  |  |  |  | (33,632) |
| Reorganization expenses |  |  |  |  | (26,312) |  |  |  |  |  | — |
| Amortization of intangible assets |  |  |  |  | (5,458) |  |  |  |  |  | (5,458) |
| Income before income taxes and interest in income (loss) of equity method investments |  |  |  |  | 514,249 |  |  |  |  |  | 374,332 |
| Income tax (expense) benefit |  |  |  |  | 84,107 |  |  |  |  |  | (43,454) |
| Interest in income (loss) of equity method investments |  |  |  |  | 9,069 |  |  |  |  |  | (105) |
| Net income |  |  |  |  | 607,425 |  |  |  |  |  | 330,773 |
| Preferred share dividends |  |  |  |  | 15,125 |  |  |  |  |  | 15,125 |
| Net income available to common shareholders |  |  |  |  | $ | 592,300 |  |  |  |  |  | $ | 315,648 |
| Net losses and loss expenses ratio | 55.4 | % |  | 66.3 | % |  | 58.3 | % |  | 54.7 | % |  | 65.7 | % |  | 58.4 | % |
| Acquisition cost ratio | 19.4 | % |  | 22.6 | % |  | 20.3 | % |  | 18.3 | % |  | 21.5 | % |  | 19.4 | % |
| General and administrative expense ratio | 12.5 | % |  | 3.6 | % |  | 12.2 | % |  | 13.9 | % |  | 5.2 | % |  | 13.4 | % |
| Combined ratio | 87.3 | % |  | 92.5 | % |  | 90.8 | % |  | 86.9 | % |  | 92.4 | % |  | 91.2 | % |
| Goodwill and intangible assets | $ | 282,227 |  | $ | — |  | $ | 282,227 |  | $ | 293,143 |  | $ | — |  | $ | 293,143 |

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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://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards 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