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SEGMENT INFORMATION
 6 Months Ended
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:
  20242023
Three months ended and at June 30,InsuranceReinsuranceTotalInsuranceReinsuranceTotal
Gross premiums written$1,814,066$626,170$2,440,236$1,684,150$600,228$2,284,378
Net premiums written1,194,197379,5471,573,7441,021,021425,3361,446,357
Net premiums earned958,212346,2661,304,478842,751422,9941,265,745
Other insurance related income (loss)(61)8,5878,526585,4665,524
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$45,517161,157$114,653$33,839148,492
Net investment income190,975136,829
Net investment gains (losses)(53,479)(24,370)
Corporate expenses(27,673)(35,248)
Foreign exchange (losses) gains7,384(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
244,611176,132
Income tax (expense) benefit(40,547)(27,558)
Interest in income of equity method investments7,9002,100
Net income211,964150,674
Preferred share dividends7,5637,563
Net income available to common shareholders$204,401$143,111
Net losses and loss expenses ratio56.6 %64.5 %58.7 %54.3 %65.9 %58.2 %
Acquisition cost ratio19.6 %22.3 %20.3 %18.6 %22.8 %20.0 %
General and administrative expense ratio11.7 %2.5 %11.4 %13.5 %4.6 %13.3 %
Combined ratio87.9 %89.3 %90.4 %86.4 %93.3 %91.5 %
Goodwill and intangible assets$282,227$—$282,227$293,143$—$293,143
20242023
Six months ended and at June 30,InsuranceReinsuranceTotalInsuranceReinsuranceTotal
Gross premiums written$3,388,571$1,706,092$5,094,663$3,099,762$1,566,592$4,666,354
Net premiums written2,216,5511,079,2663,295,8171,903,5971,151,1163,054,713
Net premiums earned1,876,159686,3602,562,5191,659,206836,7382,495,944
Other insurance related income (loss)
(39)16,90616,8671125,9886,100
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$68,192306,821$218,007$69,850287,857
Net investment income358,358270,601
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
514,249374,332
Income tax (expense) benefit84,107(43,454)
Interest in income (loss) of equity method investments
9,069(105)
Net income607,425330,773
Preferred share dividends15,12515,125
Net income available to common shareholders$592,300$315,648
Net losses and loss expenses ratio55.4 %66.3 %58.3 %54.7 %65.7 %58.4 %
Acquisition cost ratio19.4 %22.6 %20.3 %18.3 %21.5 %19.4 %
General and administrative expense ratio12.5 %3.6 %12.2 %13.9 %5.2 %13.4 %
Combined ratio87.3 %92.5 %90.8 %86.9 %92.4 %91.2 %
Goodwill and intangible assets$282,227$—$282,227$293,143$—$293,143