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SEGMENT INFORMATION
 9 Months Ended
Sep. 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 September 30,InsuranceReinsuranceTotalInsuranceReinsuranceTotal
Gross premiums written$1,526,676$409,226$1,935,902$1,457,624$448,254$1,905,878
Net premiums written975,911260,0741,235,985885,25290,105975,357
Net premiums earned1,023,851342,8501,366,701885,714436,8501,322,564
Other insurance related income (loss)936,7456,838(22)10,36610,344
Net losses and loss expenses(602,654)(229,218)(831,872)(491,368)(292,572)(783,940)
Acquisition costs(203,255)(71,680)(274,935)(169,384)(94,005)(263,389)
Underwriting-related general and administrative expenses(119,249)(12,333)(131,582)(120,330)(18,271)(138,601)
Underwriting income$98,786$36,364135,150$104,610$42,368146,978
Net investment income205,100154,201
Net investment gains (losses)32,182(53,114)
Corporate expenses(33,621)(40,682)
Foreign exchange (losses) gains(92,204)50,570
Interest expense and financing costs(16,849)(16,445)
Reorganization expenses—(28,997)
Amortization of intangible assets(2,729)(2,729)
Income before income taxes and interest in income of equity method investments
227,029209,782
Income tax (expense) benefit(47,922)(24,624)
Interest in income of equity method investments1,6212,940
Net income180,728188,098
Preferred share dividends7,5637,563
Net income available to common shareholders$173,165$180,535
Net losses and loss expenses ratio58.9 %66.9 %60.9 %55.5 %67.0 %59.3 %
Acquisition cost ratio19.9 %20.9 %20.1 %19.1 %21.5 %19.9 %
General and administrative expense ratio11.6 %3.6 %12.1 %13.6 %4.2 %13.5 %
Combined ratio90.4 %91.4 %93.1 %88.2 %92.7 %92.7 %
Goodwill and intangible assets$279,497$—$279,497$290,413$—$290,413
20242023
Nine months ended and at September 30,InsuranceReinsuranceTotalInsuranceReinsuranceTotal
Gross premiums written$4,915,247$2,115,317$7,030,564$4,557,386$2,014,846$6,572,232
Net premiums written3,192,4621,339,3404,531,8022,788,8491,241,2214,030,070
Net premiums earned2,900,0111,029,2103,929,2212,544,9201,273,5883,818,508
Other insurance related income
5323,65123,7049016,35416,444
Net losses and loss expenses(1,642,110)(684,422)(2,326,532)(1,398,486)(842,354)(2,240,840)
Acquisition costs(567,310)(226,970)(794,280)(473,413)(273,614)(747,027)
Underwriting-related general and administrative expenses(353,230)(36,913)(390,143)(350,494)(61,757)(412,251)
Underwriting income$337,414$104,556441,970$322,617$112,217434,834
Net investment income563,458424,802
Net investment gains (losses)(30,503)(97,671)
Corporate expenses(86,873)(102,345)
Foreign exchange (losses) gains
(61,268)11,755
Interest expense and financing costs(51,005)(50,077)
Reorganization expenses(26,312)(28,997)
Amortization of intangible assets(8,188)(8,188)
Income before income taxes and interest in income of equity method investments
741,279584,113
Income tax (expense) benefit36,185(68,078)
Interest in income of equity method investments
10,6892,835
Net income788,153518,870
Preferred share dividends22,68822,688
Net income available to common shareholders$765,465$496,182
Net losses and loss expenses ratio56.6 %66.5 %59.2 %55.0 %66.1 %58.7 %
Acquisition cost ratio19.6 %22.1 %20.2 %18.6 %21.5 %19.6 %
General and administrative expense ratio12.2 %3.5 %12.2 %13.7 %4.9 %13.4 %
Combined ratio88.4 %92.1 %91.6 %87.3 %92.5 %91.7 %
Goodwill and intangible assets$279,497$—$279,497$290,413$—$290,413