AXIS Capital Holdings Limited (AXS) 10-K 25 Feb 16 2015 FY Annual report Financial data

DOCUMENT AND ENTITY INFORMATION

DOCUMENT AND ENTITY INFORMATION - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2015	Feb. 17, 2016	Jun. 30, 2015
DOCUMENT AND ENTITY INFORMATION [ABSTRACT]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY
Entity Registrant Name	AXIS CAPITAL HOLDINGS LTD
Entity Central Index Key	1,214,816
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		94,912,458
Entity Voluntary Filer	No
Entity Well-known Seasoned Issuer	Yes
Entity Public Float			$ 5.3

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Assets
Fixed maturities, available for sale, at fair value (Amortized cost 2015: $11,897,639; 2014: $12,185,973)	$ 11,719,749	$ 12,129,273
Equity securities, available for sale, at fair value (Cost 2015: $575,776; 2014: $531,648)	597,998	567,707
Mortgage loans, held for investment, at amortized cost and fair value	206,277	0
Other investments, at fair value	816,756	965,465
Short-term investments, at amortized cost and fair value	34,406	107,534
Total investments	13,375,186	13,769,979
Cash and cash equivalents	988,133	921,830
Restricted cash and cash equivalents	186,618	287,865
Accrued interest receivable	73,729	83,070
Insurance and reinsurance premium balances receivable	1,967,535	1,808,620
Reinsurance recoverable on unpaid and paid losses	2,096,104	1,926,145
Deferred acquisition costs	471,782	466,987
Prepaid reinsurance premiums	396,201	351,441
Receivable for investments sold	26,478	169
Goodwill and intangible assets	86,858	88,960
Other assets	313,267	250,670
Total assets	19,981,891	19,955,736
Liabilities
Reserve for losses and loss expenses	9,646,285	9,596,797
Unearned premiums	2,760,889	2,735,376
Insurance and reinsurance balances payable	356,417	249,186
Senior notes	991,825	990,790
Payable for investments purchased	9,356	188,176
Other liabilities	350,237	315,471
Total liabilities	14,115,009	14,075,796
Shareholders' equity
Preferred shares	627,843	627,843
Common shares (2015: 176,240; 2014: 175,478 shares issued and 2015: 96,066; 2014: 99,426 shares outstanding)	2,202	2,191
Additional paid-in capital	2,241,388	2,285,016
Accumulated other comprehensive loss	(188,465)	(45,574)
Retained earnings	6,194,353	5,715,504
Treasury shares, at cost (2015: 80,174; 2014: 76,052 shares)	(3,010,439)	(2,763,859)
Total shareholders’ equity attributable to AXIS Capital	5,866,882	5,821,121
Noncontrolling interests	0	58,819
Total shareholders’ equity	5,866,882	5,879,940
Total liabilities and shareholders’ equity	$ 19,981,891	$ 19,955,736

CONSOLIDATED BALANCE SHEETS (PA

CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) - USD ($) shares in Thousands, $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Fixed maturities, available for sale, amortized cost	$ 11,897,639	$ 12,185,973
Equity securities, available for sale, cost	$ 575,776	$ 531,648
Common shares, shares issued	176,240	175,478
Common shares, shares outstanding	96,066	99,426
Treasury shares, shares	80,174	76,052

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Revenues
Net premiums earned	$ 3,686,417	$ 3,870,999	$ 3,707,065
Net investment income	305,336	342,766	409,312
Other insurance related income (loss)	(2,953)	650	4,424
Termination fee received	280,000	0	0
Net realized investment gains (losses)
Other-than-temporary impairment (OTTI) losses	(72,720)	(31,227)	(9,362)
Other realized investment gains (losses)	(65,771)	163,335	84,926
Total net realized investment gains (losses)	(138,491)	132,108	75,564
Total revenues	4,130,309	4,346,523	4,196,365
Expenses
Net losses and loss expenses	2,176,199	2,186,722	2,134,195
Acquisition costs	718,112	737,197	664,191
General and administrative expenses	596,821	621,876	575,390
Foreign exchange losses (gains)	(102,312)	(104,439)	26,143
Interest expense and financing costs	50,963	74,695	61,979
Reorganization and related expenses	45,867	0	0
Total expenses	3,485,650	3,516,051	3,461,898
Income before income taxes	644,659	830,472	734,467
Income tax expense	3,028	25,908	7,002
Net income	641,631	804,564	727,465
Amounts attributable from noncontrolling interests	0	(6,181)	0
Net income attributable to AXIS Capital	641,631	810,745	727,465
Preferred share dividends	40,069	40,088	40,474
Loss on repurchase of preferred shares	0	0	3,081
Net income available to common shareholders	$ 601,562	$ 770,657	$ 683,910
Net income per common share
Basic net income (in dollars per share)	$ 6.10	$ 7.38	$ 6.02
Diluted net income (in dollars per share)	$ 6.04	$ 7.29	$ 5.93
Weighted average number of common shares outstanding - basic	98,609	104,368	113,636
Weighted average number of common shares outstanding - diluted	99,629	105,713	115,328

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Statement of Comprehensive Income [Abstract]
Net income	$ 641,631	$ 804,564	$ 727,465
Other comprehensive loss, net of tax:
Unrealized investment losses arising during the year	(266,384)	(38,667)	(161,832)
Adjustment for re-classification of net realized investment gains (losses) and OTTI losses recognized in net income	144,991	(114,470)	(61,551)
Unrealized investment losses arising during the year, net of reclassification adjustment	(121,393)	(153,137)	(223,383)
Foreign currency translation adjustment	(21,498)	(10,262)	(21,414)
Total other comprehensive loss, net of tax	(142,891)	(163,399)	(244,797)
Comprehensive income	498,740	641,165	482,668
Amounts attributable from noncontrolling interests	0	(6,181)	0
Comprehensive income attributable to AXIS Capital	$ 498,740	$ 647,346	$ 482,668

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Parent [Member]	Preferred shares [Member]	Common shares (par value) [Member]	Additional paid-in capital [Member]	Accumulated other comprehensive income (loss) [Member]	Unrealized gains (losses) on available for sale investments, net of tax [Member]	Cumulative foreign currency translation adjustments, net of tax [Member]	Retained earnings [Member]	Treasury shares, at cost [Member]	Noncontrolling interest [Member]
Total shareholders' equity at Dec. 31, 2012			$ 502,843	$ 2,146	$ 2,179,034	$ 362,622	$ 348,328	$ 14,294	$ 4,497,789	$ (1,764,673)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued			225,000	28	3,422
Cost of treasury shares reissued					(4,225)					4,225
Issue costs on newly issued preferred shares					(6,551)
Shares repurchased			(100,000)		3,081				(3,081)
Stock options exercised					16,889
Share-based compensation expense					48,475
Unrealized losses arising during the year, net of reclassification adjustment	$ (223,383)						(223,383)
Non-credit portion of OTTI losses	0						0
Foreign currency translation adjustment	(21,414)							(21,414)
Net income	727,465								727,465
Amounts attributable from noncontrolling interests	0								0
Preferred share dividends									(40,474)
Common share dividends									(118,993)
Shares repurchased for treasury					0					(472,263)
Total shareholders' equity at Dec. 31, 2013	5,867,962	$ 5,817,962	627,843	2,174	2,240,125	117,825	124,945	(7,120)	5,062,706	(2,232,711)	$ 50,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued			0	17	158
Cost of treasury shares reissued					(12,054)					12,054
Issue costs on newly issued preferred shares					0
Shares repurchased			0		0				0
Stock options exercised					5,405
Share-based compensation expense					51,382
Unrealized losses arising during the year, net of reclassification adjustment	(153,137)						(153,137)
Non-credit portion of OTTI losses	0						0
Foreign currency translation adjustment	(10,262)							(10,262)
Net income	804,564								804,564
Amounts attributable from noncontrolling interests	6,181								6,181
Preferred share dividends									(40,088)
Common share dividends									(117,859)
Shares repurchased for treasury					0					(543,202)
Total shareholders' equity at Dec. 31, 2014	5,879,940	5,821,121	627,843	2,191	2,285,016	(45,574)	(28,192)	(17,382)	5,715,504	(2,763,859)	58,819
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued			0	11	3,416
Cost of treasury shares reissued					(17,958)					17,958
Issue costs on newly issued preferred shares					0
Shares repurchased			0		0				0
Stock options exercised					559
Share-based compensation expense					30,355
Unrealized losses arising during the year, net of reclassification adjustment	(121,393)						(121,393)
Non-credit portion of OTTI losses	0						0
Foreign currency translation adjustment	(21,498)							(21,498)
Net income	641,631								641,631
Amounts attributable from noncontrolling interests	0								0
Preferred share dividends									(40,069)
Common share dividends									(122,713)
Shares repurchased for treasury					(60,000)					(264,538)
Total shareholders' equity at Dec. 31, 2015	$ 5,866,882	$ 5,866,882	$ 627,843	$ 2,202	$ 2,241,388	$ (188,465)	$ (149,585)	$ (38,880)	$ 6,194,353	$ (3,010,439)	$ 0

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Cash flows from operating activities:
Net income	$ 641,631	$ 804,564	$ 727,465
Adjustments to reconcile net income to net cash provided by operating activities:
Net realized investment (gains) losses	138,491	(132,108)	(75,564)
Net realized and unrealized gains on other investments	(20,148)	(57,621)	(128,814)
Amortization of fixed maturities	97,223	113,879	139,667
Other amortization and depreciation	26,341	24,970	23,272
Share-based compensation expense, net of cash payments	43,052	63,237	57,168
Changes in:
Accrued interest receivable	8,908	13,788	88
Reinsurance recoverable balances	(214,992)	(16,204)	(66,169)
Deferred acquisition costs	(4,744)	(11,026)	(66,874)
Prepaid reinsurance premiums	(46,955)	(25,185)	(14,585)
Reserve for loss and loss expenses	151,011	46,903	523,409
Unearned premiums	29,841	58,376	229,157
Insurance and reinsurance balances, net	(74,578)	(102,593)	(250,463)
Other items	16,119	81,202	(789)
Net cash provided by operating activities	791,200	862,182	1,096,968
Cash flows from investing activities:
Fixed maturities	(11,011,979)	(12,047,004)	(12,230,274)
Equity securities	(356,617)	(564,562)	(240,926)
Mortgage loans	(206,191)	0	0
Other investments	(83,561)	(75,542)	(166,835)
Short-term investments	(80,069)	(669,494)	(198,168)
Proceeds from the sale of:
Fixed maturities	9,432,226	10,799,112	10,261,256
Equity securities	275,357	740,900	323,423
Other investments	252,418	213,508	93,277
Short-term investments	125,311	526,460	197,690
Proceeds from redemption of fixed maturities	1,407,806	1,086,244	1,407,676
Proceeds from redemption of short-term investments	23,687	80,474	61,715
Purchase of other assets	(33,683)	(20,857)	(24,304)
Change in restricted cash and cash equivalents	101,247	(223,315)	26,183
Impact of the deconsolidation of a variable interest entity	(71,649)	0	0
Net cash provided by (used in) investing activities	(225,697)	(154,076)	(489,287)
Cash flows from financing activities:
Repurchase of common shares	(332,252)	(543,202)	(472,263)
Dividends paid - common shares	(118,652)	(117,619)	(118,426)
Dividends paid - preferred shares	(40,088)	(40,088)	(39,193)
Proceeds from issuance of common shares	3,986	5,550	20,339
Net proceeds from issuance of senior notes	0	494,344	0
Redemption of senior notes	0	(500,000)	0
Net proceeds from issuance of preferred shares	0	0	218,449
Repurchase of preferred shares	0	0	(100,000)
Sales of shares to noncontrolling interests	0	25,000	50,000
Return of capital to noncontrolling interests	0	(10,000)	0
Net cash used in financing activities	(487,006)	(686,015)	(441,094)
Effect of exchange rate changes on foreign currency cash and cash equivalents	(12,194)	(23,587)	(3,078)
Increase (decrease) in cash and cash equivalents	66,303	(1,496)	163,509
Cash and cash equivalents - beginning of year	921,830	923,326	759,817
Cash and cash equivalents - end of year	988,133	921,830	923,326
Supplemental disclosures of cash flow information:
Income taxes paid	12,661	7,654	22,472
Interest paid	$ 48,875	$ 68,850	$ 58,125

HISTORY

HISTORY	12 Months Ended
	Dec. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
HISTORY	AXIS Capital Holdings Limited (“AXIS Capital”) is the Bermuda-based holding company for the AXIS group of companies, collectively the “Company”. AXIS Capital was incorporated on December 9, 2002, under the laws of Bermuda. Through its subsidiaries and branches organized in Bermuda, the United States, Europe, Singapore, Canada, Australia and Latin America. AXIS Capital provides a broad range of (re)insurance products on a worldwide basis under two distinct global underwriting platforms, AXIS Insurance and AXIS Re. In these notes, the terms “we,” “us,” “our,” or the “Company” refer to AXIS Capital and its direct and indirect subsidiaries. Amalgamation Agreement with PartnerRe Ltd. On January 25, 2015, the Company entered into an Agreement and Plan of Amalgamation (the "Amalgamation Agreement") with PartnerRe Ltd., a Bermuda exempted company ("PartnerRe") pursuant to which the Company would amalgamate with PartnerRe, and the two companies would continue as a single Bermuda exempted company. On August 3, 2015, the Company announced that it accepted a request from PartnerRe to terminate the Amalgamation Agreement. PartnerRe paid the Company $315 million to immediately terminate the Amalgamation Agreement, the amount comprising a termination fee of $280 million and a reimbursement of merger related expenses of $35 million .

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	Basis of Presentation These consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) and the rules and regulations of the United States Securities and Exchange Commission ("SEC") and include the accounts of AXIS Capital, its wholly-owned subsidiaries, and variable interest entities (“VIEs”) in which the Company is considered the primary beneficiary. All inter-company accounts and transactions have been eliminated. A VIE is an entity that either: (a) does not have equity investors with voting rights or (b) has equity investors that do not provide sufficient financial resources for the entity to support its activities. We are the primary beneficiary of a VIE if we have a controlling financial interest in the VIE, based on the following two characteristics: a) the power to direct the activities of the VIE that most significantly impact the economic performance of the VIE, and b) the obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. Tabular dollar and share amounts are in thousands, with the exception of per share amounts. All amounts are reported in U.S. dollars. Use of Estimates The preparation of these consolidated financial statements requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. While management believes that the amounts included in the consolidated financial statements reflect its best estimates and assumptions, actual results could differ from those estimates. The Company’s principal estimates include: • reserve for losses and loss expenses; • reinsurance recoverable on unpaid losses, including the provision for uncollectible amounts; • gross and net premiums written and net premiums earned; • other-than-temporary impairments (“OTTI”) in the carrying value of available-for-sale investment securities; and • fair value measurements for our financial assets and liabilities. Our significant accounting policies are: a) Investments Investments available for sale Our fixed maturities and equities classified as “available for sale” are reported at fair value at the balance sheet date. Refer to Note 6 ' Fair Value Measurements ' for additional information regarding the determination of fair value. The change in fair value (net unrealized gain or loss) on our available for sale investments, net of tax, is included as a separate component of accumulated other comprehensive income (loss) (“AOCI”) in shareholders’ equity. Net investment income includes interest and dividend income and the amortization of market premiums and discounts and is presented net of investment expenses. Investment income is recognized when earned. Purchases and sales of investments are recorded on a trade-date basis and realized gains/losses on sales of investments are determined based on the specific identification method. We recognize investment income from fixed maturities based on the constant effective yield method, which includes an adjustment for estimated principal repayments, if any. The effective yield used to determine the amortization for fixed maturities subject to prepayment risk (e.g. asset-backed, loan-backed and other structured securities) is recalculated and adjusted periodically based upon actual historical and/or projected future cash flows. The adjustments to the yield for highly-rated prepayable fixed maturities are accounted for using the retrospective method. The adjustments to the yield for other prepayable fixed maturities are accounted for using the prospective method. On a quarterly basis, we assess whether unrealized losses on available for sale investments represent impairments that are other than temporary. Several factors are considered in this assessment including, but not limited to: (i) the extent and duration of the decline, (ii) the reason for the decline (e.g. credit spread widening, credit event, foreign exchange rate movements), (iii) the historical and implied future volatility of the fair value, (iv) the financial condition and near-term prospects of the issuer and (v) the collateral structure and credit support of the security, if applicable. A fixed maturity is impaired when the fair value is below its amortized cost. For an impaired fixed maturity where we intend to sell the security or it is more likely than not that we will be required to sell the security before its anticipated recovery, the full amount of the impairment is charged to earnings and is included in net realized investment gains (losses). Where we intend to hold the impaired fixed maturity, we estimate the anticipated credit loss of the security and recognize only this portion of the impairment in earnings, with the remaining non-credit related balance of the impairment (i.e. related to interest rates, market conditions, etc.) recognized in AOCI. We impair an equity security in an unrealized loss position when we do not have the ability and intent to hold the security for a reasonable period of time to allow for a full recovery. The full impairment is charged to earnings and is included in net realized investment gains (losses). Upon recognition of an OTTI, the new cost basis for the security is the previous amortized cost for a fixed maturity or cost for an equity security less the OTTI recognized in earnings. The new cost basis is not adjusted for subsequent recoveries in fair value; except for fixed maturities whereby the difference between the new cost basis and the expected cash flows is accreted on a quarterly basis to net investment income over the remaining life of the fixed maturity. Mortgage loans held-for-investment Mortgage loans held-for-investment are stated at amortized cost calculated as the unpaid principal balance, adjusted for any unamortized premium or discount, deferred fees or expenses, and are net of valuation allowances. Interest income and prepayment fees are recognized when earned. Interest income is recognized using an effective yield method giving effect to the amortization of premiums and accretion of discounts. Other investments We record other investments at fair value (refer to Note 6 ' Fair Value Measurements '), with both changes in fair value and realized gains/losses reported in net investment income. Short-term investments Short-term investments primarily comprise highly-liquid debt securities with maturities greater than three months but less than one year from the date of purchase. These investments are carried at amortized cost, which approximates fair value. b) Cash and cash equivalents Cash equivalents include money-market funds and fixed interest deposits placed with a maturity of under 90 days when purchased. Cash and cash equivalents are recorded at amortized cost, which approximates fair value due to the short-term, liquid nature of these securities. Our restricted cash balance primarily relates to funds held in trust in support of our obligations in regulatory jurisdictions where we operate as a non-admitted carrier. c) Premiums and Acquisition Costs Premiums Insurance premiums written are recorded in accordance with the terms of the underlying policies. Reinsurance premiums are recorded at the inception of the contract and are estimated based upon information received from ceding companies. For multi-year contracts where (re)insurance premiums are payable in annual installments, premiums are recorded at the inception of the contract based on management’s best estimate of total premiums to be received. However, premiums are normally recognized on an annual basis for multi-year contracts where the cedant has the ability to unilaterally commute or cancel coverage within the term of the policy. The remaining annual premiums are included as written at each successive anniversary date within the multi-year term. Any subsequent differences arising on insurance and reinsurance premium estimates are recorded in the period they are determined. (Re)insurance premiums are earned evenly over the period during which we are exposed to the underlying risk, which is generally one to two years with the exception of multi-year contracts. Unearned premiums represent the portion of premiums written which is applicable to the unexpired risks under contracts in force. Reinstatement premiums are recognized and earned at the time a loss event occurs, where the coverage limits for the remaining life of the contract are reinstated under pre-defined contract terms. The accrual of reinstatement premiums is based on our estimate of losses and loss adjustment expenses, which reflects management’s judgment, as described in Note 2(d) section ' Losses and Loss Expenses ' below. Premiums receivable balances are reviewed for impairment at least quarterly and an allowance is established for amounts considered uncollectible. The need for charge-off of any amounts previously reserved as uncollectible is assessed on a quarterly basis. Acquisition Costs Acquisition costs vary with and are directly related to the acquisition of (re)insurance contracts and consist primarily of fees and commissions paid to brokers and premium taxes. Premiums receivable are presented net of applicable acquisition costs when contract terms provide for the right of offset. Acquisition costs are shown net of commissions earned on ceded reinsurance. Our net acquisition costs are deferred and charged to expense as the related premium is earned. Anticipated losses and loss expenses, other costs and investment income related to these premiums are considered in assessing the recoverability of our deferred acquisition costs. If deferred amounts are estimated to be unrecoverable, they are expensed. Compensation expenses for personnel involved in contract acquisition, as well as advertising costs, are expensed as incurred. d) Losses and Loss Expenses Our reserve for losses and loss expenses represents an estimate of the unpaid portion of our ultimate liability for losses and loss expenses for (re)insured events that have occurred at or before the balance sheet date. The balance reflects both claims that have been reported to us (“case reserves”) and claims that have been incurred but not yet reported to us (“IBNR”). These amounts are reduced for estimated amounts of salvage and subrogation recoveries. We review our reserve for losses and loss expenses on a quarterly basis. Case reserves are primarily established based on amounts reported from insureds and/or their brokers. Management estimates IBNR after reviewing detailed actuarial analyses and applying informed judgment regarding qualitative factors that may not be fully captured in the actuarial estimates. A variety of actuarial methods are utilized in this process, including the Expected Loss Ratio, Bornhuetter-Ferguson and Chain Ladder methods. Our estimate is highly dependent on management’s judgment as to which method(s) are most appropriate for a particular accident year and class of business. Our historical claims data is often supplemented with industry benchmarks when applying these methodologies. Any adjustments to our previous reserve for losses and loss expenses estimates are recognized in the period they are determined. While we believe that our reserves for losses and loss expenses are adequate, this estimate requires significant judgment and new information, events or circumstances may result in ultimate losses that are materially greater or less than provided for in the Consolidated Balance Sheets. e) Reinsurance In the normal course of business, we purchase reinsurance protection to limit our ultimate losses from catastrophic events and to reduce our loss aggregation risk. The premiums paid to our reinsurers (i.e. premiums ceded) are expensed over the coverage period. Prepaid reinsurance premiums represent the portion of premiums ceded applicable to the unexpired term of the contracts in force. Reinstatement-related premiums ceded are recorded at the time a loss event occurs and our coverage limits for the remaining life of a contract are reinstated under pre-defined contract terms; such premiums are expensed over the remaining risk period. Reinsurance recoverable related to our case reserves is estimated on a case-by-case basis by applying the terms of any applicable reinsurance coverage to our individual case reserve estimates. Our estimate of reinsurance recoverable related to our IBNR reserves is generally developed as part of our loss reserving process. Our reinsurance recoverable is presented net of a provision for uncollectible amounts, reflecting the amount we believe will ultimately not be recovered due to reinsurer insolvency, contractual disputes and/or some other reason. We apply case-specific provisions against certain recoveries that we deem unlikely to be collected in full. In addition, we use a default analysis to estimate our provision for uncollectible amounts on the remainder of the balance. The estimates of our reinsurance recoverable and the associated provision require management’s judgment and are reviewed in detail on a quarterly basis. Any adjustments to amounts recognized in prior periods are reported in our net losses and loss expenses in the Consolidated Statements of Operations for the period when the adjustments were identified. The charge-off of amounts previously reserved as uncollectible is also considered on a case-by-case basis as part of this quarterly process. f) Foreign Exchange The Company’s reporting currency is the U.S. dollar. In translating the financial statements of our subsidiaries or branches where the functional currency is other than the U.S. dollar, assets and liabilities are converted into U.S. dollars using the rates of exchange in effect at the balance sheet dates and revenues and expenses are converted using the weighted average foreign exchange rates for the period. The effect of translation adjustments is reported as a separate component of AOCI in shareholders’ equity. In recording foreign currency transactions, revenue and expense items are converted to the relevant functional currency at the exchange rate prevailing at the transaction date. Assets and liabilities originating in currencies other than the functional currency are translated into the functional currency at the rates of exchange in effect at the balance sheet date. The resulting foreign currency gains or losses are recognized in the Consolidated Statements of Operations, with the exception of those related to foreign-denominated available for sale investments. For these investments, exchange rate fluctuations represent an unrealized appreciation/depreciation in the value of the securities and are included in the related component of AOCI. g) Share-Based Compensation The Company is authorized to issue restricted stock awards and units, stock options and other equity-based awards to its employees and directors. The fair value of service-based awards is measured at the grant date, with the associated expense recognized on a straight-line basis over the service period. The fair value of performance-based awards ("PSUs") is measured at the grant date based on pre-established targets relating to certain performance based measures achieved by the Company, with the associated expense recognized on a straight-line basis over the applicable performance and vesting period. The compensation expense for PSUs is subject to a periodic review and adjustment taking into account actual performance of the Company. The fair value of the liability associated with cash-settled awards is re-measured at each balance sheet date, with the effects recognized as an increase or decrease to share-based compensation expense for the period. Forfeiture benefits are estimated at the time of grant and incorporated in the determination of share-based compensation expense. h) Derivative Instruments We may enter into derivative instruments such as futures, options, interest rate swaps and foreign currency forward contracts as part of our overall foreign currency risk management strategy, to obtain exposure to a particular financial market or for yield enhancement. During 2013, we began to write derivative based risk management products designed to address weather and commodity price risks, with the objective of generating profits on a portfolio basis. From time to time we may also enter into (re)insurance contracts that meet the FASB’s definition of a derivative contract. We measure all derivative instruments at fair value (see Note 6 ' Fair Value Measurements ') and recognize them as either assets or liabilities in the Consolidated Balance Sheets. Subsequent changes in fair value and any realized gains or losses are recognized in the Consolidated Statements of Operations. i) Goodwill and Intangible Assets We classify intangible assets into three categories: (1) intangible assets with finite lives subject to amortization, (2) intangible assets with indefinite lives not subject to amortization, and (3) goodwill. We amortize intangible assets with finite lives over their estimated useful lives in proportion to the estimated economic benefits of the intangible assets. We also test these assets for impairment if circumstances indicate that the carrying value may not be fully recoverable. Such circumstances may include an economic downturn in a geographic market or a change in the assessment of future operations. If, as a result of such an evaluation, we determine that the carrying value of the finite-lived intangible assets is not recoverable, the value of the assets will be reduced to fair value with the difference being expensed in the Consolidated Statements of Operations. Our intangible assets with indefinite lives include licenses held by certain subsidiaries in various jurisdictions that allow such subsidiaries to write insurance and/or reinsurance business. These intangible assets are carried at or below estimated fair value and are tested annually for impairment, either qualitatively or quantitatively, and between annual tests if events or changes in circumstances indicate that it is more likely than not that the asset is impaired. We have recorded goodwill in connection with certain acquisitions. Goodwill represents the excess of the cost of acquisitions over the fair value of the net assets acquired and is assigned to applicable reporting unit(s) on the acquisition date, based upon the expected benefit to be received by the reporting unit. We determine the expected benefit based on several factors, including the purpose of the business combination, our strategy subsequent to the business combination and the structure of the acquired company subsequent to the business combination. Goodwill is not subject to amortization. We test goodwill for potential impairment during the fourth quarter each year and between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit to a level below its carrying amount. We have the option to first make this assessment on a qualitative basis. Should we choose to forgo this option, or if our qualitative assessment indicates that fair value is more likely than not below carrying value, we conduct a quantitative two-step impairment evaluation at the reporting unit level. First, we identify potential impairment by comparing the estimated fair values of the reporting units to estimated book values, including goodwill. If the estimated fair value of a reporting unit exceeds the estimated book value, goodwill is not considered impaired. If the book value exceeds the estimated fair value, the second step compares the implied fair value of the reporting unit’s goodwill with the carrying amount of the goodwill in order to determine the magnitude of impairment to be recognized. j) Income Taxes Certain subsidiaries and branches of the Company operate in jurisdictions where they are subject to taxation. Current and deferred income taxes are charged or credited to net income, or in certain cases to AOCI, based upon enacted tax laws and rates applicable in the relevant jurisdiction in the period in which the tax becomes accruable or realizable. Deferred income taxes are provided for all temporary differences between the bases of assets and liabilities used in the Consolidated Balance Sheets and those used in the various jurisdictional tax returns. When our assessment indicates that it is more likely than not that a portion of a deferred tax asset will not be realized in the foreseeable future, a valuation allowance against deferred tax assets is recorded. We recognize the tax benefits of uncertain tax positions only when the position is more-likely-than-not to be sustained upon audit by the relevant taxing authorities. k) Treasury Shares Common shares repurchased by the Company and not subsequently canceled are classified as treasury shares and are recorded at cost. This results in a reduction of shareholders’ equity in the Consolidated Balance Sheets. When shares are reissued from treasury, we use the average cost method to determine the cost of the reissued shares. Gains on sales/reissuances of treasury shares are credited to additional paid-in capital, while losses are charged to additional paid-in capital to the extent that previous net gains from reissued treasury shares were included therein; otherwise losses are charged to retained earnings. l) New Accounting Standards Adopted in 2015 Consolidation During the second quarter of 2015, the Company early adopted the Accounting Standards Update (“ASU”) 2015-02, “Amendments to the Consolidation Analysis” issued by the Financial Accounting Standards Board (the “FASB”). The adoption of this amended accounting guidance resulted in the Company concluding that it no longer had a variable interest in AXIS Ventures Reinsurance Limited (“Ventures Re”) and therefore it was no longer required to consolidate the results of operations and the financial position of Ventures Re in its Consolidated Financial Statements. The Company adopted this revised accounting guidance using the modified retrospective approach and ceased to consolidate Ventures Re effective as of January 1, 2015. There was no impact from the adoption of ASU 2015-02 on the Company’s cumulative retained earnings. Refer to Note 14 'Noncontrolling Interests' for more information. The new consolidation guidance did not have an impact on any other investments currently held by the Company. m) Recently Issued Accounting Standards Not Yet Adopted Revenue From Contracts With Customers In May 2014, the FASB issued new guidance on revenue recognition affecting any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards (for example, insurance contracts are not in scope of the new guidance). The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In August 2015, the FASB issued an ASU to defer the effective date for all entities by one year. This guidance is effective for reporting periods beginning after December 15, 2017, and early adoption is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. The Company is currently evaluating the impact of this guidance on our results of operations, financial condition and liquidity. Disclosures About Short-Duration Contracts In May 2015, the FASB issued new guidance making targeted improvements to existing disclosure requirements for short-duration contracts. The guidance requires insurance entities to disclose additional information about the liability for unpaid claims and claim adjustment expenses. The guidance is effective for annual periods beginning after December 15, 2015, and interim periods within annual periods beginning after December 15, 2016, with early adoption permitted. The guidance will be applied retrospectively. As the new guidance is disclosure-related only, the adoption of this guidance is not expected to impact our results of operations, financial condition or liquidity. Investments Measured Using The Net Asset Value Per Share ("NAV") Practical Expedient In May 2015, the FASB issued new guidance eliminating the requirement to categorize investments measured using the NAV practical expedient in the fair value hierarchy table. This guidance is effective for reporting periods beginning after December 15, 2015, with early adoption permitted. The guidance will be applied retrospectively. As the new guidance is disclosure-related only, the adoption of this guidance is not expected to impact our results of operations, financial condition or liquidity. Classification and Measurement of Financial Instruments In January 2016, the FASB issued new guidance making targeted amendments to guidance on classifying and measuring financial instruments. The guidance requires that equity investments (except those accounted for under the equity method of accounting, investments that are consolidated or those that meet a practicability exception) are measured at fair value with changes in fair value recognized in net income. The guidance also amends how entities present certain changes in fair value of financial liabilities, modifies certain disclosure requirements for financial instruments and clarifies that the valuation allowance on a deferred tax asset related to available-for-sale securities should be evaluated in combination with the entity’s other deferred tax assets. This guidance is effective for reporting periods beginning after December 15, 2017, including interim periods within those fiscal years, with early adoption permitted for certain of the amendments. The Company is assessing the impact of the guidance on our results of operations, financial condition and liquidity.

SEGMENT INFORMATION

SEGMENT INFORMATION	12 Months Ended
	Dec. 31, 2015
Segment Reporting [Abstract]
SEGMENT INFORMATION	Our underwriting operations are organized around our global underwriting platforms, AXIS Insurance and AXIS Re. Therefore we have determined that we have two reportable segments, insurance and reinsurance. We do not allocate our assets by segment, with the exception of goodwill and intangible assets, as we evaluate the underwriting results of each segment separately from the results of our investment portfolio. Insurance Our insurance segment provides insurance coverage on a worldwide basis. The product lines in this segment are property, marine, terrorism, aviation, credit and political risk, professional lines, liability and accident and health. Reinsurance Our reinsurance segment provides non-life treaty reinsurance to insurance companies on a worldwide basis. The product lines in this segment are catastrophe, property, professional lines, credit and surety, motor, liability, agriculture, engineering and other. The reinsurance segment also writes derivative based risk management products designed to address weather and commodity price risks. The following tables summarize the underwriting results of our reportable segments, as well as the carrying values of allocated goodwill and intangible assets: At and year ended December 31, 2015 Insurance Reinsurance Total Gross premiums written $ 2,583,081 $ 2,020,649 $ 4,603,730 Net premiums written 1,759,359 1,915,307 3,674,666 Net premiums earned 1,798,191 1,888,226 3,686,417 Other insurance related income (loss) 1,036 (3,989 ) (2,953 ) Net losses and loss expenses (1,154,928 ) (1,021,271 ) (2,176,199 ) Acquisition costs (261,208 ) (456,904 ) (718,112 ) General and administrative expenses (341,658 ) (145,253 ) (486,911 ) Underwriting income $ 41,433 $ 260,809 302,242 Corporate expenses (109,910 ) Net investment income 305,336 Net realized investment losses (138,491 ) Foreign exchange gains 102,312 Interest expense and financing costs (50,963 ) Termination fee received 280,000 Reorganization and related expenses (45,867 ) Income before income taxes $ 644,659 Net loss and loss expense ratio 64.2 % 54.1 % 59.0 % Acquisition cost ratio 14.5 % 24.2 % 19.5 % General and administrative expense ratio 19.1 % 7.7 % 16.2 % Combined ratio 97.8 % 86.0 % 94.7 % Goodwill and intangible assets $ 86,858 $ — $ 86,858 At and year ended December 31, 2014 Insurance Reinsurance Total Gross premiums written $ 2,535,415 $ 2,176,104 $ 4,711,519 Net premiums written 1,779,501 2,127,474 3,906,975 Net premiums earned 1,830,544 2,040,455 3,870,999 Other insurance related income (loss) (11 ) 661 650 Net losses and loss expenses (1,131,880 ) (1,054,842 ) (2,186,722 ) Acquisition costs (278,804 ) (458,393 ) (737,197 ) General and administrative expenses (341,214 ) (144,987 ) (486,201 ) Underwriting income $ 78,635 $ 382,894 461,529 Corporate expenses (135,675 ) Net investment income 342,766 Net realized investment gains 132,108 Foreign exchange gains 104,439 Interest expense and financing costs (74,695 ) Income before income taxes $ 830,472 Net loss and loss expense ratio 61.8 % 51.7 % 56.5 % Acquisition cost ratio 15.2 % 22.5 % 19.0 % General and administrative expense ratio 18.7 % 7.1 % 16.1 % Combined ratio 95.7 % 81.3 % 91.6 % Goodwill and intangible assets $ 88,960 $ — $ 88,960 At and year ended December 31, 2013 Insurance Reinsurance Total Gross premiums written $ 2,559,138 $ 2,137,903 $ 4,697,041 Net premiums written 1,813,538 2,114,662 3,928,200 Net premiums earned 1,722,762 1,984,303 3,707,065 Other insurance related income 2,436 1,988 4,424 Net losses and loss expenses (1,050,402 ) (1,083,793 ) (2,134,195 ) Acquisition costs (242,363 ) (421,828 ) (664,191 ) General and administrative expenses (347,684 ) (137,450 ) (485,134 ) Underwriting income $ 84,749 $ 343,220 427,969 Corporate expenses (90,256 ) Net investment income 409,312 Net realized investment gains 75,564 Foreign exchange losses (26,143 ) Interest expense and financing costs (61,979 ) Income before income taxes $ 734,467 Net loss and loss expense ratio 61.0 % 54.6 % 57.6 % Acquisition cost ratio 14.1 % 21.3 % 17.9 % General and administrative expense ratio 20.1 % 6.9 % 15.5 % Combined ratio 95.2 % 82.8 % 91.0 % Goodwill and intangible assets $ 89,528 $ — $ 89,528 The following table presents our gross premiums written by the geographical location of our subsidiaries: Year ended December 31, 2015 2014 2013 Bermuda $ 525,226 $ 618,273 $ 718,904 Europe 1,714,405 1,784,139 1,699,748 United States 2,364,099 2,309,107 2,278,389 Total gross premium written $ 4,603,730 $ 4,711,519 $ 4,697,041 The following table presents our net premiums earned by segment and line of business: Year ended December 31, 2015 2014 2013 Insurance Property $ 432,587 $ 444,197 $ 462,364 Marine 183,696 178,229 179,057 Terrorism 36,818 35,876 39,298 Aviation 45,659 41,192 48,489 Credit and Political Risk 63,583 63,095 68,192 Professional Lines 596,430 629,365 586,200 Liability 161,614 146,819 110,623 Accident and Health 277,804 291,771 228,539 Total Insurance 1,798,191 1,830,544 1,722,762 Reinsurance Catastrophe 216,020 325,307 380,199 Property 306,083 312,443 350,970 Professional Lines 310,915 336,058 304,754 Credit and Surety 250,208 263,013 279,943 Motor 299,883 268,678 221,844 Liability 297,000 289,223 234,736 Agriculture 129,346 164,628 126,490 Engineering 61,043 61,143 66,243 Other 17,728 19,962 19,124 Total Reinsurance 1,888,226 2,040,455 1,984,303 Total $ 3,686,417 $ 3,870,999 $ 3,707,065

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS	12 Months Ended
	Dec. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND INTANGIBLE ASSETS	On April 1, 2015, the Company announced that it completed the acquisition of Ternian Insurance Group LLC ("Ternian"), a leading provider of voluntary, limited benefit affordable health plans and other employee benefits coverage for hourly and part-time workers and their families. The Company recognized intangible assets of $13 million associated with this acquisition. During September 2015, as part of its profitability enhancement initiatives, the Company decided to wind-down all of its retail insurance operations in Australia. As a result of this decision, the Company recognized an impairment of an associated finite-lived intangible asset. The impaired intangible asset related to the purchase of an Australian distribution network in 2009, and had an initial expected useful life of thirty years . The impairment expense of $13 million has been included as part of the reorganization and related expenses in the Consolidated Statement of Operations. The following table shows an analysis of goodwill and intangible assets: Goodwill Intangible assets with an indefinite life Intangible assets with a finite life Total Net balance at December 31, 2013 $ 46,422 $ 26,036 $ 17,070 $ 89,528 Amortization n/a n/a (1,982 ) (1,982 ) Foreign currency translation adjustment 726 — 688 1,414 Net balance at December 31, 2014 47,148 26,036 15,776 88,960 Acquisition of Ternian — — 13,330 13,330 Amortization n/a n/a (2,493 ) (2,493 ) Impairment charges — — (12,939 ) (12,939 ) Net balance at December 31, 2015 $ 47,148 $ 26,036 $ 13,674 $ 86,858 Gross balance at December 31, 2015 $ 42,237 $ 26,036 $ 29,166 $ 97,439 Accumulated amortization n/a n/a (15,492 ) (15,492 ) Foreign currency translation adjustment 4,911 — — 4,911 Net balance at December 31, 2015 $ 47,148 $ 26,036 $ 13,674 $ 86,858 n/a – not applicable We estimate that the annual amortization expense for our total intangible assets with a finite life will be approximately $2 million per year in 2016 through 2018 and $1 million per year in 2019 and 2020. The estimated remaining useful lives of these assets range from three to nine years. Intangible assets with an indefinite life consist primarily of U.S. state licenses that provide a legal right to transact business indefinitely. Our impairment reviews for goodwill and indefinite lived intangibles did not result in the recognition of impairment losses for the years ended December 31, 2015 , 2014 and 2013 .

INVESTMENTS

INVESTMENTS	12 Months Ended
	Dec. 31, 2015
Investments, Debt and Equity Securities [Abstract]
INVESTMENTS	a) Fixed Maturities and Equities The amortized cost or cost and fair values of our fixed maturities and equities were as follows: Amortized Cost or Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Non-credit OTTI in AOCI (5) At December 31, 2015 Fixed maturities U.S. government and agency $ 1,673,617 $ 1,545 $ (23,213 ) $ 1,651,949 $ — Non-U.S. government 809,025 2,312 (72,332 ) 739,005 — Corporate debt 4,442,315 16,740 (96,286 ) 4,362,769 — Agency RMBS (1) 2,236,138 22,773 (9,675 ) 2,249,236 — CMBS (2) 1,088,595 3,885 (9,182 ) 1,083,298 — Non-Agency RMBS 99,989 1,992 (973 ) 101,008 (875 ) ABS (3) 1,387,919 952 (17,601 ) 1,371,270 — Municipals (4) 160,041 2,319 (1,146 ) 161,214 — Total fixed maturities $ 11,897,639 $ 52,518 $ (230,408 ) $ 11,719,749 $ (875 ) Equity securities Exchange-traded funds $ 447,524 $ 31,211 $ (4,762 ) $ 473,973 Bond mutual funds 128,252 — (4,227 ) 124,025 Total equity securities $ 575,776 $ 31,211 $ (8,989 ) $ 597,998 At December 31, 2014 Fixed maturities U.S. government and agency $ 1,645,068 $ 3,337 $ (28,328 ) $ 1,620,077 $ — Non-U.S. government 1,080,601 7,383 (54,441 ) 1,033,543 — Corporate debt 4,386,432 40,972 (66,280 ) 4,361,124 — Agency RMBS (1) 2,241,581 40,762 (4,235 ) 2,278,108 — CMBS (2) 1,085,618 13,289 (2,019 ) 1,096,888 — Non-Agency RMBS 71,236 2,765 (915 ) 73,086 (889 ) ABS (3) 1,475,026 2,748 (16,188 ) 1,461,586 — Municipals (4) 200,411 5,282 (832 ) 204,861 — Total fixed maturities $ 12,185,973 $ 116,538 $ (173,238 ) $ 12,129,273 $ (889 ) Equity securities Exchange-traded funds $ 416,063 $ 43,583 $ (4,756 ) $ 454,890 Bond mutual funds 115,585 — (2,768 ) 112,817 Total equity securities $ 531,648 $ 43,583 $ (7,524 ) $ 567,707 (1) Residential mortgage-backed securities (RMBS) originated by U.S. agencies. (2) Commercial mortgage-backed securities (CMBS). (3) Asset-backed securities (ABS) include debt tranched securities collateralized primarily by auto loans, student loans, credit cards, and other asset types. This asset class also includes collateralized loan obligations (CLOs) and collateralized debt obligations (CDOs). (4) Municipals include bonds issued by states, municipalities and political subdivisions. (5) Represents the non-credit component of the other-than-temporary impairment (OTTI) losses, adjusted for subsequent sales of securities. It does not include the change in fair value subsequent to the impairment measurement date. In the normal course of investing activities, we actively manage allocations to non-controlling tranches of structured securities (variable interests) issued by VIEs. These structured securities include RMBS, CMBS and ABS and are included in the above table. Additionally, within our other investments portfolio, we also invest in limited partnerships (hedge funds and drawdown funds) and CLO equity tranched securities, which are all variable interests issued by VIEs (see Note 5(c) section ' Other Investments '). For these variable interests, we do not have the power to direct the activities that are most significant to the economic performance of the VIEs and accordingly we are not the primary beneficiary for any of these VIEs. Our maximum exposure to loss on these interests is limited to the amount of our investment. We have not provided financial or other support with respect to these structured securities other than our original investment. Contractual Maturities The contractual maturities of fixed maturities are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Amortized Cost Fair Value % of Total Fair Value At December 31, 2015 Maturity Due in one year or less $ 291,368 $ 289,571 2.5 % Due after one year through five years 4,217,515 4,142,802 35.3 % Due after five years through ten years 2,263,684 2,181,525 18.6 % Due after ten years 312,431 301,039 2.6 % 7,084,998 6,914,937 59.0 % Agency RMBS 2,236,138 2,249,236 19.2 % CMBS 1,088,595 1,083,298 9.2 % Non-Agency RMBS 99,989 101,008 0.9 % ABS 1,387,919 1,371,270 11.7 % Total $ 11,897,639 $ 11,719,749 100.0 % At December 31, 2014 Maturity Due in one year or less $ 424,077 $ 423,265 3.5 % Due after one year through five years 4,925,780 4,892,411 40.3 % Due after five years through ten years 1,755,248 1,695,641 14.0 % Due after ten years 207,407 208,288 1.7 % 7,312,512 7,219,605 59.5 % Agency RMBS 2,241,581 2,278,108 18.8 % CMBS 1,085,618 1,096,888 9.0 % Non-Agency RMBS 71,236 73,086 0.6 % ABS 1,475,026 1,461,586 12.1 % Total $ 12,185,973 $ 12,129,273 100.0 % Gross Unrealized Losses The following table summarizes fixed maturities and equities in an unrealized loss position and the aggregate fair value and gross unrealized loss by length of time the security has continuously been in an unrealized loss position: 12 months or greater Less than 12 months Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses At December 31, 2015 Fixed maturities U.S. government and agency $ 84,179 $ (7,622 ) $ 1,474,202 $ (15,591 ) $ 1,558,381 $ (23,213 ) Non-U.S. government 170,269 (50,841 ) 317,693 (21,491 ) 487,962 (72,332 ) Corporate debt 340,831 (33,441 ) 2,845,375 (62,845 ) 3,186,206 (96,286 ) Agency RMBS 64,792 (1,609 ) 1,073,566 (8,066 ) 1,138,358 (9,675 ) CMBS 75,627 (1,579 ) 659,480 (7,603 ) 735,107 (9,182 ) Non-Agency RMBS 5,283 (210 ) 43,199 (763 ) 48,482 (973 ) ABS 562,599 (11,158 ) 667,448 (6,443 ) 1,230,047 (17,601 ) Municipals 14,214 (310 ) 64,104 (836 ) 78,318 (1,146 ) Total fixed maturities $ 1,317,794 $ (106,770 ) $ 7,145,067 $ (123,638 ) $ 8,462,861 $ (230,408 ) Equity securities Exchange-traded funds $ 2,331 $ (313 ) $ 110,972 $ (4,449 ) $ 113,303 $ (4,762 ) Bond mutual funds — — 124,025 (4,227 ) 124,025 (4,227 ) Total equity securities $ 2,331 $ (313 ) $ 234,997 $ (8,676 ) $ 237,328 $ (8,989 ) At December 31, 2014 Fixed maturities U.S. government and agency $ 388,551 $ (24,319 ) $ 786,850 $ (4,009 ) $ 1,175,401 $ (28,328 ) Non-U.S. government 143,602 (29,171 ) 435,670 (25,270 ) 579,272 (54,441 ) Corporate debt 26,708 (2,221 ) 2,199,672 (64,059 ) 2,226,380 (66,280 ) Agency RMBS 259,914 (3,084 ) 333,288 (1,151 ) 593,202 (4,235 ) CMBS 68,624 (925 ) 256,225 (1,094 ) 324,849 (2,019 ) Non-Agency RMBS 6,689 (613 ) 13,442 (302 ) 20,131 (915 ) ABS 425,663 (10,325 ) 750,679 (5,863 ) 1,176,342 (16,188 ) Municipals 34,462 (644 ) 25,284 (188 ) 59,746 (832 ) Total fixed maturities $ 1,354,213 $ (71,302 ) $ 4,801,110 $ (101,936 ) $ 6,155,323 $ (173,238 ) Equity securities Exchange-traded funds $ — $ — $ 91,275 $ (4,756 ) $ 91,275 $ (4,756 ) Bond mutual funds — — 112,817 (2,768 ) 112,817 (2,768 ) Total equity securities $ — $ — $ 204,092 $ (7,524 ) $ 204,092 $ (7,524 ) Fixed Maturities At December 31, 2015 , 2,314 fixed maturities ( 2014 : 1,388 ) were in an unrealized loss position of $230 million ( 2014 : $173 million ) of which $39 million ( 2014 : $36 million ) was related to securities below investment grade or not rated. At December 31, 2015 , 383 securities ( 2014 : 223 ) had been in a continuous unrealized loss position for 12 months or greater and had a fair value of $1,318 million ( 2014 : $1,354 million ). Following our credit impairment review, we concluded that these securities as well as the remaining securities in an unrealized loss position in the above table were temporarily impaired at December 31, 2015 , and were expected to recover in value as the securities approach maturity. Further, at December 31, 2015 , we did not intend to sell these securities in an unrealized loss position and it is more likely than not that we will not be required to sell these securities before the anticipated recovery of their amortized costs. Equity Securities At December 31, 2015 , 35 securities ( 2014 : 9 ) were in an unrealized loss position of $9 million ( 2014 : $8 million ). At December 31, 2015 , 1 security ( 2014 : none) had been in a continuous unrealized loss position for 12 months or greater. Based on our impairment review process and our ability and intent to hold these securities for a reasonable period of time sufficient for a full recovery, we concluded that the above equities in an unrealized loss position were temporarily impaired at December 31, 2015 . b) Mortgage Loans The following table provides a breakdown of our mortgage loans held-for-investment: December 31, 2015 December 31, 2014 Carrying Value % of Total Carrying Value % of Total Mortgage Loans held-for-investment: Commercial $ 206,277 100 % $ — — % 206,277 100 % — — % Valuation allowances — — % — — % Total Mortgage Loans held-for-investment $ 206,277 100 % $ — — % For commercial mortgage loans, the primary credit quality indicator is the debt service coverage ratio (which compares a property’s net operating income to amounts needed to service the principal and interest due under the loan, generally, the lower the debt service coverage ratio, the higher the risk of experiencing a credit loss) and the loan-to-value ratio (loan-to-value ratios compare the unpaid principal balance of the loan to the estimated fair value of the underlying collateral, generally, the higher the loan-to-value ratio, the higher the risk of experiencing a credit loss). The debt service coverage ratio and loan-to-value ratio, as well as the values utilized in calculating these ratios, are updated annually, on a rolling basis. We have a high quality mortgage loan portfolio with debt service coverage ratios in excess of 1.3 x and loan-to-value ratios of less than 65% ; there are no credit losses associated with the commercial mortgage loans that we hold at December 31, 2015 . There are no past due amounts at December 31, 2015 . c) Other Investments The following tables provide a breakdown of our investments in hedge funds, direct lending funds and CLO Equities, together with additional information relating to the liquidity of each category: Fair Value Redemption Frequency (if currently eligible) Redemption Notice Period At December 31, 2015 Long/short equity funds $ 154,348 19 % Quarterly, Semi-annually, Annually 45-60 days Multi-strategy funds 355,073 43 % Quarterly, Semi-annually 60-95 days Event-driven funds 147,287 18 % Quarterly, Annually 45-60 days Leveraged bank loan funds 65 — % n/a n/a Direct lending funds 90,120 11 % n/a n/a Real estate funds 4,929 1 % n/a n/a CLO - Equities 64,934 8 % n/a n/a Total other investments $ 816,756 100 % At December 31, 2014 Long/short equity funds $ 298,907 31 % Quarterly, Semi-annually 30-60 days Multi-strategy funds 324,020 34 % Quarterly, Semi-annually 60-95 days Event-driven funds 185,899 19 % Quarterly, Annually 45-60 days Leveraged bank loan funds 9,713 1 % Quarterly 65 days Direct lending funds 54,438 6 % n/a n/a Real estate funds — — % n/a n/a CLO - Equities 92,488 9 % n/a n/a Total other investments $ 965,465 100 % n/a – not applicable The investment strategies for the above funds are as follows: • Long/short equity funds : Seek to achieve attractive returns primarily by executing an equity trading strategy involving both long and short investments in publicly-traded equities. • Multi-strategy funds : Seek to achieve above-market returns by pursuing multiple investment strategies to diversify risks and reduce volatility. This category includes funds of hedge funds which invest in a large pool of hedge funds across a diversified range of hedge fund strategies. • Event-driven funds : Seek to achieve attractive returns by exploiting situations where announced or anticipated events create opportunities. • Leveraged bank loan funds : Seek to achieve attractive returns by investing primarily in bank loan collateral that has limited interest rate risk exposure. • Direct lending funds : Seek to achieve attractive risk-adjusted returns, including current income generation, by investing in funds which provide financing directly to borrowers. • Real estate funds : Seek to achieve attractive risk-adjusted returns by making and managing investments in real estate and real estate securities and businesses. Two common redemption restrictions which may impact our ability to redeem our hedge funds are gates and lockups. A gate is a suspension of redemptions which may be implemented by the general partner or investment manager of the fund in order to defer, in whole or in part, the redemption request in the event the aggregate amount of redemption requests exceeds a predetermined percentage of the fund’s net assets which may otherwise hinder the general partner or investment manager’s ability to liquidate holdings in an orderly fashion in order to generate the cash necessary to fund extraordinarily large redemption payouts. A lockup period is the initial amount of time an investor is contractually required to hold the security before having the ability to redeem. During 2015 and 2014 , neither of these restrictions impacted our redemption requests. At December 31, 2015 , $66 million ( 2014 : $87 million ), representing 10% ( 2014 : 11% ) of our total hedge funds, relate to holdings where we are still within the lockup period. The expiry of these lockup periods range from March, 2016 to April, 2018. At December 31, 2015 , we have $222 million ( 2014 : $88 million ) of unfunded commitments within our other investments portfolio relating to our future investments in direct lending funds. Once the full amount of committed capital has been called by the General Partner of each of these funds, the assets will not be fully returned until the completion of the fund's investment term. These funds have investment terms ranging from 5 - 10 years and the General Partners of certain funds have the option to extend the term by up to three years. At December 31, 2015 , we have $12 million ( 2014 : $35 million ) of unfunded commitments as a limited partner in a multi-strategy hedge fund. Once the full amount of committed capital has been called by the General Partner, the assets will not be fully returned until the completion of the fund's investment term which ends in March, 2019. The General Partner then has the option to extend the term by up to three years. During 2015, we made a $100 million commitment as a limited partner in a fund which invests in real estate and real estate securities and businesses. The fund is subject to a three year commitment period and a total fund life of eight years during which time we are not eligible to redeem our investment. At December 31, 2015 , $95 million of our commitment remains unfunded and the current fair value of the funds called to date are included in the real estate funds line of the table above. During 2015, we made a $50 million commitment as a limited partner of a bank revolver opportunity fund. The fund is subject to an investment term of seven years and the General Partners have the option to extend the term by up to two years. At December 31, 2015 , this commitment remains unfunded. It is not anticipated that the full amount of this fund will be drawn. d) Net Investment Income Net investment income was derived from the following sources: Year ended December 31, 2015 2014 2013 Fixed maturities $ 294,725 $ 296,663 $ 293,609 Other investments 20,148 57,621 128,814 Equity securities 11,289 11,832 10,897 Mortgage loans 1,861 — — Cash and cash equivalents 8,572 11,536 6,337 Short-term investments 439 725 1,181 Gross investment income 337,034 378,377 440,838 Investment expenses (31,698 ) (35,611 ) (31,526 ) Net investment income $ 305,336 $ 342,766 $ 409,312 e) Net Realized Investment Gains (Losses) The following table provides an analysis of net realized investment gains (losses): Year ended December 31, 2015 2014 2013 Gross realized gains Fixed maturities and short-term investments $ 60,102 $ 126,023 $ 120,932 Equities 19,113 149,783 54,564 Gross realized gains 79,215 275,806 175,496 Gross realized losses Fixed maturities and short-term investments (143,702 ) (86,943 ) (87,894 ) Equities (8,543 ) (15,925 ) (10,407 ) Gross realized losses (152,245 ) (102,868 ) (98,301 ) Net OTTI recognized in earnings (72,720 ) (31,227 ) (9,362 ) Change in fair value of investment derivatives (1) 7,259 (9,603 ) 7,731 Net realized investment gains (losses) $ (138,491 ) $ 132,108 $ 75,564 (1) Refer to Note 7 'Derivative Instruments' The following table summarizes the OTTI recognized in earnings by asset class: Year ended December 31, 2015 2014 2013 Fixed maturities: Non-U.S. government $ 3,538 $ 17,291 $ 120 Corporate debt 47,029 8,107 5,802 Non-Agency RMBS 111 7 57 ABS 124 61 129 Municipals — 418 639 50,802 25,884 6,747 Equity Securities Common stocks — 741 2,092 Exchange-traded funds 10,732 4,602 523 Bond mutual funds 11,186 — — 21,918 5,343 2,615 Total OTTI recognized in earnings $ 72,720 $ 31,227 $ 9,362 Fixed Maturities The following table provides a roll forward of the credit losses (“credit loss table”), before income taxes, for which a portion of the OTTI was recognized in AOCI: Year ended December 31, 2015 2014 Balance at beginning of period $ 1,531 $ 1,594 Credit impairments recognized on securities not previously impaired — — Additional credit impairments recognized on securities previously impaired 33 — Change in timing of future cash flows on securities previously impaired — — Intent to sell of securities previously impaired — — Securities sold/redeemed/matured (58 ) (63 ) Balance at end of period $ 1,506 $ 1,531 Credit losses are calculated based on the difference between the amortized cost of the security and the net present value of its projected future cash flows discounted at the effective interest rate implicit in the debt security prior to the impairment. The following provides a summary of the credit loss activities by asset class for the above table as well as the significant inputs and the methodology used to estimate these credit losses. U.S. Government, U.S. Agency and U.S. Agency RMBS: Unrealized losses on securities issued or backed (either explicitly or implicitly) by the U.S. government are generally not analyzed for OTTI. We have concluded that the possibility of any credit losses on these securities is highly unlikely due to the explicit U.S. government guarantee on certain securities (e.g. GNMA issuances) and, on others, the implicit guarantee that has been validated by past actions (e.g. U.S. government bailout of FNMA and FHLMC during the 2008 credit crisis). Although not generally analyzed for credit losses, the securities are still evaluated for intention to sell and likely requirement to sell. Non-U.S. Government: Non-U.S. government obligations are evaluated for credit loss primarily through qualitative assessments of the likelihood of credit loss using information such as duration and severity of unrealized losses, as well as credit ratings and price volatility. At December 31, 2015 , our holdings in sovereign debt, including $21 million ( 2014 : $119 million ) relating to the eurozone countries, were substantially all investment-grade securities. The gross unrealized losses of $72 million at December 31, 2015 were mainly due to pricing and foreign exchange losses on emerging market debt. Based on our analysis, we do not anticipate any credit losses on our non-U.S. government fixed maturities at December 31, 2015 . In 2015 , the OTTI charges on non-U.S. government fixed maturities mainly related to unrealized foreign exchange losses on certain securities where forecasted recovery was uncertain. Corporate Debt: To estimate credit losses for corporate debt securities, our projected cash flows are primarily driven by our assumptions regarding the probability of default and the severity associated with those defaults. Our default and loss severity rates are based on credit rating, credit analysis, industry analyst reports and forecasts, Moody’s historical default data and any other data relevant to the recoverability of the security. In 2015 , the OTTI charges on corporate debt securities were mainly related to energy sector exposure, unrealized foreign exchange losses on certain securities where forecasted recovery was uncertain, as well as our intent to sell. CMBS: Our investments in CMBS are diversified and primarily rated AA or better, with a weighted average estimated subordination percentage of 32% at December 31, 2015 ( 2014 : 30% ). Based on discounted cash flows at December 31, 2015 , the current level of subordination is sufficient to cover the estimated loan losses on the underlying collateral of the CMBS. Non-agency RMBS: For non-agency RMBS, our projected cash flows incorporated underlying data from widely accepted third-party data sources along with certain internal assumptions and judgments regarding the future performance of the security. These assumptions included the following: default, delinquency, loss severity and prepayment rates. The assumptions used to calculate the credit losses in 2015 have not changed significantly since December 31, 2014 . At December 31, 2015 , the fair value of our non-agency RMBS was $101 million ( 2014 : $73 million ), consisting primarily of $82 million ( 2014 : $49 million ) of Prime and $13 million ( 2014 : $17 million ) of Alt-A MBS. We have concluded there are no credit losses anticipated for any of our non-agency RMBS at December 31, 2015 , other than those already recorded. ABS: Our investments in ABS at December 31, 2015 consist mainly of CLO debt tranched securities (“CLO Debt”) purchased primarily as new issues during 2013-2015. Of these new issues all had credit ratings of AA or better. We utilize a scenario-based approach to reviewing our CLO Debt portfolio based on the current asset market price. We also review subordination levels of our securities to determine their ability to absorb credit losses of underlying collateral. If losses are forecast to be below the subordination level for the tranche held by us, the security is determined not to be impaired. We have concluded there are no credit losses anticipated for any of our CLO Debt at December 31, 2015 . Equity Securities The OTTI losses on equity securities in 2015 and 2014 are primarily due to the severity of their unrealized loss positions, for which we concluded the forecast recovery period was uncertain. The recognition of such losses does not necessarily indicate that sales will occur or that sales are imminent or planned. At December 31, 2015 , the fair value of our equities was $598 million ( 2014 : $568 million ), which included $9 million ( 2014 : $8 million ) of gross unrealized losses. f) Restricted Investments In order to support our obligations in regulatory jurisdictions where we operate as a non-admitted carrier, we provide collateral in the form of assets held in trust and, to a lesser extent, letters of credit. Refer to Note 10(b) ' Debt and Financing Arrangement s' for further information on our collateral requirements upon issuance of certain letters of credit. The fair value of our restricted investments primarily relates to these items, as noted in the table below. Our restricted investments primarily consist of high-quality fixed maturity and short-term investment securities. At December 31, 2015 2014 Collateral in Trust for inter-company agreements $ 2,766,453 $ 2,792,461 Collateral for secured letter of credit facility 481,023 468,923 Collateral in Trust for third party agreements (1) 551,985 567,060 Securities on deposit with regulatory authorities 57,597 58,476 Total restricted investments $ 3,857,058 $ 3,886,920 (1) Includes $232 million ( 2014 : $245 million ) of fixed income securities deposited directly with Lloyd's to support the underwriting capacity of the Company's Lloyd's Syndicate, AXIS Syndicate 1686. g) Reverse Repurchase Agreements At December 31, 2015 , we held $30 million ( 2014 : $110 million ) of reverse repurchase agreements. These loans are fully collateralized, are generally outstanding for a short period of time and are presented on a gross basis as part of cash and cash equivalents on our consolidated balance sheet. The required collateral for these loans is either cash or U.S. Treasuries at a minimum rate of 102% of the loan principal. Upon maturity, we receive principal and interest income. We monitor the estimated fair value of the securities loaned and borrowed on a daily basis with additional collateral obtained as necessary throughout the duration of the transaction.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
	Dec. 31, 2015
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	Fair Value Hierarchy Fair value is defined as the price to sell an asset or transfer a liability (i.e. the “exit price”) in an orderly transaction between market participants. We use a fair value hierarchy that gives the highest priority to quoted prices in active markets and the lowest priority to unobservable data. The hierarchy is broken down into three levels as follows: • Level 1 - Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that we have the ability to access. • Level 2 - Valuations based on quoted prices in active markets for similar assets or liabilities, quoted prices for identical assets or liabilities in inactive markets, or for which significant inputs are observable (e.g. interest rates, yield curves, prepayment speeds, default rates, loss severities, etc.) or can be corroborated by observable market data. • Level 3 - Valuations based on inputs that are unobservable and significant to the overall fair value measurement. The unobservable inputs reflect our own judgments about assumptions that market participants might use. The availability of observable inputs can vary from financial instrument to financial instrument and is affected by a wide variety of factors including, for example, the type of financial instrument, whether the financial instrument is new and not yet established in the marketplace, and other characteristics particular to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires significantly more judgment. Accordingly, the degree of judgment exercised by management in determining fair value is greatest for instruments categorized in Level 3. In periods of market dislocation, the observability of prices and inputs may be reduced for many instruments. This may lead us to change the selection of our valuation technique (from market to cash flow approach) or may cause us to use multiple valuation techniques to estimate the fair value of a financial instrument. This circumstance could cause an instrument to be reclassified between levels within the fair value hierarchy. We used the following valuation techniques and assumptions in estimating the fair value of our financial instruments as well as the general classification of such financial instruments pursuant to the above fair value hierarchy. Fixed Maturities At each valuation date, we use the market approach valuation technique to estimate the fair value of our fixed maturities portfolio, when possible. This market approach includes, but is not limited to, prices obtained from third party pricing services for identical or comparable securities and the use of “pricing matrix models” using observable market inputs such as yield curves, credit risks and spreads, measures of volatility, and prepayment speeds. Pricing from third party pricing services is sourced from multiple vendors, when available, and we maintain a vendor hierarchy by asset type based on historical pricing experience and vendor expertise. When prices are unavailable from pricing services, we obtain non-binding quotes from broker-dealers who are active in the corresponding markets. The following describes the significant inputs generally used to determine the fair value of our fixed maturities by asset class. U.S. government and agency U.S. government and agency securities consist primarily of bonds issued by the U.S. Treasury and mortgage pass-through agencies such as the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation and the Government National Mortgage Association. As the fair values of our U.S. Treasury securities are based on unadjusted market prices in active markets, they are classified within Level 1. The fair values of U.S. government agency securities are priced using the spread above the risk-free yield curve. As the yields for the risk-free yield curve and the spreads for these securities are observable market inputs, the fair values of U.S. government agency securities are classified within Level 2. Non-U.S. government Non-U.S. government securities comprise bonds issued by non-U.S. governments and their agencies along with supranational organizations (collectively also known as sovereign debt securities). The fair value of these securities is based on prices obtained from international indices or a valuation model that includes the following inputs: interest rate yield curves, cross-currency basis index spreads, and country credit spreads for structures similar to the sovereign bond in terms of issuer, maturity and seniority. As the significant inputs are observable market inputs, the fair value of non-U.S. government securities are classified within Level 2. Corporate debt Corporate debt securities consist primarily of investment-grade debt of a wide variety of corporate issuers and industries. The fair values of these securities are generally determined using the spread above the risk-free yield curve. These spreads are generally obtained from the new issue market, secondary trading and broker-dealer quotes. As these spreads and the yields for the risk-free yield curve are observable market inputs, the fair values of our corporate debt securities are classified within Level 2. Where pricing is unavailable from pricing services, we obtain non-binding quotes from broker-dealers to estimate fair value. This is generally the case when there is a low volume of trading activity and current transactions are not orderly. In this event, securities are classified within Level 3. Agency RMBS Agency RMBS securities consist of bonds issued by the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation and the Government National Mortgage Association. The fair values of these securities are priced using a mortgage pool specific model which uses daily inputs from the active to be announced market and the spread associated with each mortgage pool based on vintage. As the significant inputs are observable market inputs, the fair values of Agency RMBS securities are classified within Level 2. CMBS CMBS include mostly investment-grade bonds originated by non-agencies. The fair values of these securities are determined using a pricing model which uses dealer quotes and other available trade information along with security level characteristics to determine deal specific spreads. As the significant inputs are observable market inputs, the fair values of CMBS securities are classified within Level 2. Where pricing is unavailable from pricing services, we obtain non-binding quotes from broker-dealers to estimate fair value. This is generally the case when there is a low volume of trading activity and current transactions are not orderly. These securities are classified within Level 3. Non-Agency RMBS Non-Agency RMBS include mostly investment-grade bonds originated by non-agencies. The fair values of these securities are determined using an option adjusted spread model or other relevant models, which use inputs including available trade information or broker quotes, prepayment and default projections based on historical statistics of the underlying collateral and current market data. As the significant inputs are observable market inputs, the fair values of Non-Agency RMBS securities are classified withing Level 2. ABS ABS include mostly investment-grade bonds backed by pools of loans with a variety of underlying collateral, including automobile loan receivables, student loans, credit card receivables, and CLO Debt originated by a variety of financial institutions. Similarly to MBS, the fair values of ABS are priced through the use of a model which uses prepayment speeds and spreads sourced primarily from the new issue market. As the significant inputs used to price ABS are observable market inputs, the fair values of ABS are classified within Level 2. Where pricing is unavailable from pricing services, we obtain non-binding quotes from broker-dealers. This is generally the case when there is a low volume of trading activity and current transactions are not orderly. These securities are classified within Level 3. Municipals Our municipal portfolio comprises revenue and general obligation bonds issued by U.S. domiciled state and municipal entities. The fair value of these securities is determined using spreads obtained from broker-dealers, trade prices and the new issue market. As the significant inputs used to price the municipals are observable market inputs, municipals are classified within Level 2. Equity Securities Equity securities include exchange-traded funds, and bond mutual funds. For exchange-traded funds, we classified these within Level 1 as their fair values are based on unadjusted quoted market prices in active markets. Our investments in bond mutual funds have daily liquidity, with redemption based on the NAV of the funds. Accordingly, we have classified these investments as Level 2. Other Investments As a practical expedient, we estimate fair values for hedge funds, direct lending funds, real estate funds and the CLO fund using NAVs as advised by external fund managers or third party administrators. For each of these funds, the NAV is based on the manager's or administrator's valuation of the underlying holdings in accordance with the fund's governing documents and in accordance with U.S. GAAP. For any funds for which we have not yet received a NAV concurrent with our period end date, we record an estimate of the change in fair value for the period subsequent to the most recent NAV. Such estimates are based on return estimates for the period between the most recently issued NAV and the period end date, and the inclusion of any subscriptions, redemptions, drawdowns and distributions. Estimates are obtained from the relevant fund managers. Accordingly, we do not typically have a reporting lag in our fair value measurements for these funds. Historically, our valuation estimates incorporating these return estimates have not significantly diverged from the subsequent NAVs. Within the hedge fund, direct lending fund, real estate fund and CLO fund industries, there is a general lack of transparency necessary to facilitate a detailed independent assessment of the values placed on the securities underlying the NAV provided by the fund manager or fund administrator. To address this, on a quarterly basis, we perform a number of monitoring procedures designed to assist us in the assessment of the quality of the information provided by managers and administrators. These procedures include, but are not limited to, regular review and discussion of each fund's performance with its manager, regular evaluation of fund performance against applicable benchmarks and the backtesting of our fair value estimates against subsequently received NAVs. Backtesting involves comparing our previously reported values for each individual fund against NAVs per audited financial statements (for year-end values) and final NAVs from fund managers and fund administrators (for interim values). For our hedge fund investments with liquidity terms allowing us to fully redeem our holdings at the applicable NAV in the near term, we have classified these investments as Level 2. Certain investments in hedge funds, all of our direct lending funds, our real estate fund and our CLO fund have redemption restrictions (see Note 5(c) ' Investments ' for further details) that prevent us from redeeming in the near term and therefore we have classified these investments as Level 3. At December 31, 2015 , our direct investments in CLO - Equities were classified within Level 3 as we estimated the fair value for these securities using an income approach valuation technique (discounted cash flow model) due to the lack of observable and relevant trades in the secondary markets. Short-Term Investments Short-term investments primarily comprise highly liquid securities with maturities greater than three months but less than one year from the date of purchase. These securities are classified within Level 2 because these securities are typically not actively traded due to their approaching maturity and, as such, their amortized cost approximates fair value. Derivative Instruments Our foreign currency forward contracts, interest rate swaps and commodity contracts are customized to our economic hedging strategies and trade in the over-the-counter derivative market. We use the market approach valuation technique to estimate the fair value for these derivatives based on significant observable market inputs from third party pricing vendors, non-binding broker-dealer quotes and/or recent trading activity. Accordingly, we classified these derivatives within Level 2. We also participate in non-exchange traded derivative-based risk management products addressing weather risks. We use observable market inputs and unobservable inputs in combination with industry or internally-developed valuation and forecasting techniques to determine fair value. We classify these instruments within Level 3. Insurance-linked Securities Insurance-linked securities comprise an investment in a catastrophe bond. We obtain non-binding quotes from broker-dealers to estimate fair value. This is generally the case when there is a low volume of trading activity and current transactions are not orderly. These securities are classified within Level 3. Cash Settled Awards Cash settled awards comprise restricted stock units that form part of our compensation program. Although the fair value of these awards is determined using observable quoted market prices in active markets, the stock units themselves are not actively traded. Accordingly, we have classified these liabilities within Level 2. The table below presents the financial instruments measured at fair value on a recurring basis: Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Fair Value At December 31, 2015 Assets Fixed maturities U.S. government and agency $ 1,632,355 $ 19,594 $ — $ 1,651,949 Non-U.S. government — 739,005 — 739,005 Corporate debt — 4,324,251 38,518 4,362,769 Agency RMBS — 2,249,236 — 2,249,236 CMBS — 1,072,376 10,922 1,083,298 Non-Agency RMBS — 101,008 — 101,008 ABS — 1,371,270 — 1,371,270 Municipals — 161,214 — 161,214 1,632,355 10,037,954 49,440 11,719,749 Equity securities Exchange-traded funds 473,973 — — 473,973 Bond mutual funds — 124,025 — 124,025 473,973 124,025 — 597,998 Other investments Hedge funds — 181,632 475,141 656,773 Direct lending funds — — 90,120 90,120 Real estate funds — — 4,929 4,929 CLO-Equities — — 64,934 64,934 — 181,632 635,124 816,756 Short-term investments — 34,406 — 34,406 Derivative instruments (see Note 7) — 2,072 4,395 6,467 Insurance-linked securities — — 24,925 24,925 Total Assets $ 2,106,328 $ 10,380,089 $ 713,884 $ 13,200,301 Liabilities Derivative instruments (see Note 7) $ — $ 7,692 $ 10,937 $ 18,629 Cash settled awards (see Note 16) — 33,215 — 33,215 Total Liabilities $ — $ 40,907 $ 10,937 $ 51,844 At December 31, 2014 Assets Fixed maturities U.S. government and agency $ 1,497,922 $ 122,155 $ — $ 1,620,077 Non-U.S. government — 1,033,543 — 1,033,543 Corporate debt — 4,345,287 15,837 4,361,124 Agency RMBS — 2,278,108 — 2,278,108 CMBS — 1,079,125 17,763 1,096,888 Non-Agency RMBS — 73,086 — 73,086 ABS — 1,421,555 40,031 1,461,586 Municipals — 204,861 — 204,861 1,497,922 10,557,720 73,631 12,129,273 Equity securities Exchange-traded funds 454,890 — — 454,890 Bond mutual funds — 112,817 — 112,817 454,890 112,817 — 567,707 Other investments Hedge funds — 347,621 470,918 818,539 Direct lending funds — — 54,438 54,438 Real estate funds — — — — CLO-Equities — — 92,488 92,488 — 347,621 617,844 965,465 Short-term investments — 107,534 — 107,534 Derivative instruments (see Note 7) — 7,153 111 7,264 Insurance-linked securities — — — — Total Assets $ 1,952,812 $ 11,132,845 $ 691,586 $ 13,777,243 Liabilities Derivative instruments (see Note 7) $ — $ 3,041 $ 15,288 $ 18,329 Cash settled awards (see Note 16) — 20,518 — 20,518 Total Liabilities $ — $ 23,559 $ 15,288 $ 38,847 During 2015 and 2014 , we had no transfers between Levels 1 and 2. Level 3 Fair Value Measurements Except for hedge funds, direct lending funds, real estate funds and our CLO fund priced using NAV as a practical expedient and certain fixed maturities and insurance-linked securities priced using broker-dealer quotes (underlying inputs are not available), the following table quantifies the significant unobservable inputs we have used in estimating fair value at December 31, 2015 for our investments classified as Level 3 in the fair value hierarchy. Fair Value Valuation Technique Unobservable Input Range Weighted Average Other investments - CLO Equities $ 3,238 Discounted cash flow Default rates 4.0% 4.0% Loss severity rate 53.5% 53.5% Collateral spreads 3.2% - 3.5% 3.3% Estimated maturity dates 2.6 - 4.1 years 3.8 years $ 24,019 Liquidation value Fair value of collateral 100% 100% Discount margin 2.2% - 16.3% 5.0% Derivatives - Weather derivatives, net $ (6,542 ) Simulation model Weather curve 30 - 2,462 (1) n/a (2) Weather standard deviation 65 - 240 (1) n/a (2) (1) Measured in Heating Degree Days ("HDD") which is the number of degrees the daily temperature is below a reference temperature. The cumulative HDD for the duration of the derivatives contract is compared to the strike value to determine the necessary settlement. (2) Due to the diversity of the portfolio, the range of unobservable inputs is widespread; therefore, presentation of a weighted average is not useful. Weather parameters may include various temperature and/or precipitation measures that will naturally vary by geographic location of each counterparty's operations. The CLO - Equities market continues to be mostly inactive with only a small number of transactions being observed in the market and fewer still involving transactions in our CLO - Equities. Accordingly, we rely on the use of models to estimate the fair value of our direct investments in CLO - Equities. With all of our direct investments in CLO - Equities past the end of their reinvestment period, there is uncertainty over the remaining time until maturity. As such our direct investments in CLO - Equities are valued at the lower of the liquidation value and our internal discounted cash flow modelled estimate of fair value. The liquidation valuation is based on the fair value of the net underlying collateral which is determined by applying market discount margins by credit quality bucket. An increase (decrease) in the market discount margin would result in a decrease (increase) in value of our CLO - Equities. Regarding the discounted cash flow model, the default and loss severity rates are the most judgmental unobservable market inputs to which the valuation of CLO - Equities is most sensitive. A significant increase (decrease) in either of these significant inputs in isolation would result in lower (higher) fair value estimates for direct investments in our CLO - Equities and, in general, a change in default rate assumptions will be accompanied by a directionally similar change in loss severity rate assumptions. Collateral spreads and estimated maturity dates are less judgmental inputs as they are based on the historical average of actual spreads and the weighted average life of the current underlying portfolios, respectively. A significant increase (decrease) in either of these significant inputs in isolation would result in higher (lower) fair value estimates for direct investments in our CLO - Equities. In general, these inputs have no significant interrelationship with each other or with default and loss severity rates. On a quarterly basis, our valuation process for CLO - Equities includes a review of the underlying cash flows and key assumptions used in the discounted cash flow model, and a review of the underlying collateral along with related discount margin by credit quality bucket. We review and update the above significant unobservable inputs based on information obtained from secondary markets, including from the managers of the CLOs we hold. These inputs are the responsibility of management and, in order to ensure fair value measurement is applied consistently and in accordance with U.S. GAAP, we update our assumptions through regular communication with industry participants and ongoing monitoring of the deals in which we participate (e.g. default and loss severity rate trends), we maintain a current understanding of the market conditions, historical results, as well as emerging trends that may impact future cash flows. By maintaining this current understanding, we are able to assess the reasonableness of the inputs we ultimately use in our model. Weather derivatives relate to non-exchange traded risk management products addressing weather risks. We use observable market inputs and unobservable inputs in combination with industry or internally-developed simulation models to determine fair value; these models may reference market price information for similar instruments. The pricing models are internally reviewed by Risk Management personnel prior to implementation and are reviewed periodically thereafter. Observable and unobservable inputs to these models vary by contract type and would typically include the following: • Observable inputs: market prices for similar instruments, notional, option strike, term to expiry, contractual limits; • Unobservable inputs: correlation; and • Both observable and unobservable inputs: weather curves, weather standard deviation. In general, weather curves are the most significant contributing input to fair value determination; changes in this variable can result in higher or lower fair value depending on the underlying position. In addition, changes in any or all of the unobservable inputs identified above may contribute positively or negatively to overall portfolio value. The correlation input will quantify the interrelationship, if any, amongst the other variables. The following tables present changes in Level 3 for financial instruments measured at fair value on a recurring basis for the periods indicated: Opening Balance Transfers into Level 3 Transfers out of Level 3 Included in earnings (1) Included in OCI (2) Purchases Sales Settlements/ Distributions Closing Balance Change in unrealized investment gain/loss (3) Year ended December 31, 2015 Fixed maturities Corporate debt $ 15,837 $ — $ (7,903 ) $ (49 ) $ 88 $ 39,225 $ (1,723 ) $ (6,957 ) $ 38,518 $ — CMBS 17,763 5,072 (9,902 ) — (647 ) — — (1,364 ) 10,922 — ABS 40,031 — (39,951 ) — 102 — — (182 ) — — 73,631 5,072 (57,756 ) (49 ) (457 ) 39,225 (1,723 ) (8,503 ) 49,440 — Other investments Hedge funds 470,918 — (23,813 ) 16,013 — 42,500 — (30,477 ) 475,141 9,773 Direct lending funds 54,438 — — 4,509 — 35,564 — (4,391 ) 90,120 4,509 Real estate funds — — — (571 ) — 5,500 — — 4,929 (571 ) CLO-Equities 92,488 — — (1,740 ) — — — (25,814 ) 64,934 (1,740 ) 617,844 — (23,813 ) 18,211 — 83,564 — (60,682 ) 635,124 11,971 Other assets Derivative instruments 111 — — 2,555 — 1,865 — (136 ) 4,395 3,580 Insurance-linked securities — — — (75 ) — 25,000 — — 24,925 (75 ) 111 — — 2,480 — 26,865 — (136 ) 29,320 3,505 Total assets $ 691,586 $ 5,072 $ (81,569 ) $ 20,642 $ (457 ) $ 149,654 $ (1,723 ) $ (69,321 ) $ 713,884 $ 15,476 Other liabilities Derivative instruments 15,288 — — (3,208 ) — 4,795 — (5,938 ) 10,937 8,337 Total liabilities $ 15,288 $ — $ — $ (3,208 ) $ — $ 4,795 $ — $ (5,938 ) $ 10,937 $ 8,337 Year ended December 31, 2014 Fixed maturities Corporate debt $ — $ — $ — $ — $ (95 ) $ 15,957 $ — $ (25 ) $ 15,837 $ — CMBS 4,018 9,447 — — 1,381 5,027 — (2,110 ) 17,763 — ABS 30,799 1,125 (6,165 ) — 2,350 39,800 — (27,878 ) 40,031 — 34,817 10,572 (6,165 ) — 3,636 60,784 — (30,013 ) 73,631 — Other investments Hedge funds 461,055 12,355 (32,255 ) 24,790 — 19,500 — (14,527 ) 470,918 24,651 Direct lending funds 22,134 — — 3,515 — 30,101 — (1,312 ) 54,438 3,515 Real estate funds — — — — — — — — — — CLO-Equities 73,866 — — 20,173 — 25,941 — (27,492 ) 92,488 20,173 557,055 12,355 (32,255 ) 48,478 — 75,542 — (43,331 ) 617,844 48,339 Other assets Derivative instruments 984 — — 5,112 — — — (5,985 ) 111 101 Insurance-linked securities — — — — — — — — — — 984 — — 5,112 — — — (5,985 ) 111 101 Total assets $ 592,856 $ 22,927 $ (38,420 ) $ 53,590 $ 3,636 $ 136,326 $ — $ (79,329 ) $ 691,586 $ 48,440 Other liabilities Derivative instruments 815 — — 10,604 — 12,715 — (8,846 ) 15,288 6,621 Total liabilities $ 815 $ — $ — $ 10,604 $ — $ 12,715 $ — $ (8,846 ) $ 15,288 $ 6,621 (1) Gains and losses included in earnings on fixed maturities are included in net realized investment gains (losses). Gains and (losses) included in earnings on other investments are included in net investment income. Gains (losses) on weather derivatives included in earnings are included in other insurance-related income. (2) Gains and losses included in other comprehensive income (“OCI”) on fixed maturities are included in unrealized gains (losses) arising during the period. (3) Change in unrealized investment gain/(loss) relating to assets held at the reporting date. The transfers into and out of fair value hierarchy levels reflect the fair value of the securities at the end of the reporting period. Transfers into Level 3 from Level 2 The transfers to Level 3 from Level 2 made during 2015 were primarily due to the lack of observable market inputs and multiple quotes from pricing vendors and broker-dealers for certain fixed maturities. The transfers to Level 3 from Level 2 made during 2014 were due to redemption provisions in hedge fund holdings and the lack of observable market inputs and multiple quotes from pricing vendors and broker-dealers for certain fixed maturities. Transfers out of Level 3 into Level 2 The transfers to Level 2 from Level 3 made during 2015 and 2014 were primarily due to a review of the pricing inputs used on certain ABS and corporate debt securities and also due to certain hedge funds where we have the ability to liquidate holdings at the reported NAV in the near term due to the expiry of lockup provisions. Financial Instruments Not Carried at Fair Value U.S. GAAP guidance over disclosures about the fair value of financial instruments are also applicable to financial instruments not carried at fair value, except for certain financial instruments, including insurance contracts. The carrying values of cash equivalents (including restricted amounts), accrued investment income, receivable for investments sold, certain other assets, payable for investments purchased and certain other liabilities approximated their fair values at December 31, 2015 , due to their respective short maturities. As these financial instruments are not actively traded, their respective fair values are classified within Level 2. The carrying value of mortgage loans held-for-investment approximated their fair value at December 31, 2015 , due to the fact that the loans were issued during the year. The estimated fair value of mortgage loans is primarily determined by estimating expected future cash flows and discounting them using current interest rates for similar mortgage loans with similar credit risk, or is determined from pricing for similar loans. Mortgage loans are not actively traded and their respective fair values are classified within Level 3. At December 31, 2015 , our senior notes are recorded at amortized cost with a carrying value of $992 million ( 2014 : $991 million ) and have a fair value of $1,058 million ( 2014 : $1,089 million ). The fair values of these securities were obtained from a third party pricing service and pricing was based on the spread above the risk-free yield curve. These spreads are generally obtained from the new issue market, secondary trading and broker-dealer quotes. As these spreads and the yields for the risk-free yield curve are observable market inputs, the fair values of our senior notes are classified within Level 2.

DERIVATIVE INSTRUMENTS

DERIVATIVE INSTRUMENTS	12 Months Ended
	Dec. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE INSTRUMENTS	The following table summarizes the balance sheet classification of derivatives recorded at fair value. The notional amount of derivative contracts represents the basis upon which pay or receive amounts are calculated and is presented in the table to quantify the volume of our derivative activities. Notional amounts are not reflective of credit risk. None of our derivative instruments are designated as hedges under current accounting guidance. At December 31, 2015 At December 31, 2014 Derivative Notional Amount Asset Derivative Fair Value (1) Liability Derivative Fair Value (1) Derivative Notional Amount Asset Derivative Fair Value (1) Liability Derivative Fair Value (1) Relating to investment portfolio: Foreign exchange forward contracts $ 198,406 $ 490 $ 837 $ 161,678 $ 3,925 $ 12 Interest rate swaps — — — 140,000 — 248 Relating to underwriting portfolio: Foreign exchange forward contracts 692,023 1,582 6,855 577,836 3,228 2,781 Weather-related contracts 51,395 4,395 10,937 58,124 111 15,288 Commodity contracts — — — — — — Total derivatives $ 6,467 $ 18,629 $ 7,264 $ 18,329 (1) Asset and liability derivatives are classified within other assets and other liabilities on the Consolidated Balance Sheets. Offsetting Assets and Liabilities Our derivative instruments are generally traded under International Swaps and Derivatives Association master netting agreements, which establish terms that apply to all transactions. In the event of a bankruptcy or other stipulated event, master netting agreements provide that individual positions be replaced with a new amount, usually referred to as the termination amount, determined by taking into account market prices and converting into a single currency. Effectively, this contractual close-out netting reduces credit exposure from gross to net exposure. The table below presents a reconciliation of our gross derivative assets and liabilities to the net amounts presented in our Consolidated Balance Sheets, with the difference being attributable to the impact of master netting agreements. December 31, 2015 December 31, 2014 Gross Amounts Gross Amounts Offset Net Amounts (1) Gross Amounts Gross Amounts Offset Net Amounts (1) Derivative assets $ 14,336 $ (7,869 ) $ 6,467 $ 15,125 $ (7,861 ) $ 7,264 Derivative liabilities $ 26,498 $ (7,869 ) $ 18,629 $ 26,190 $ (7,861 ) $ 18,329 (1) Net asset and liability derivatives are classified within other assets and other liabilities on the Consolidated Balance Sheets. Refer to Note 5 'Investments' for information on reverse repurchase agreements. a) Relating to Investment Portfolio Foreign Currency Risk Within our investment portfolio we are exposed to foreign currency risk. Accordingly, the fair values for our investment portfolio are partially influenced by the change in foreign exchange rates. We may enter into foreign currency forward contracts to manage the effect of this foreign currency risk. These foreign currency hedging activities are not designated as specific hedges for financial reporting purposes. Interest Rate Risk Our investment portfolio contains a large percentage of fixed maturities which exposes us to significant interest rate risk. As part of our overall management of this risk, we may use interest rate swaps. b) Relating to Underwriting Portfolio Foreign Currency Risk Our (re)insurance subsidiaries and branches operate in various foreign countries. Consequently, some of our business is written in currencies other than the U.S. dollar and, therefore, our underwriting portfolio is exposed to significant foreign currency risk. We manage foreign currency risk by seeking to match our foreign-denominated net liabilities under (re)insurance contracts with cash and investments that are denominated in such currencies. We may also use derivative instruments, specifically forward contracts and currency options, to economically hedge foreign currency exposures. Weather Risk We write derivative-based risk management products designed to address weather risks with the objective of generating profits on a portfolio basis. The majority of this business consists of receiving a payment at contract inception in exchange for bearing the risk of variations in a quantifiable weather-related phenomenon, such as temperature. Where a client wishes to minimize the upfront payment, these transactions may be structured as swaps or collars. In general, our portfolio of such derivative contracts is of short duration, with contracts being predominantly seasonal in nature. In order to economically hedge a portion of this portfolio, we may also purchase weather derivatives. Commodity Risk Within our (re)insurance portfolio we are exposed to commodity price risk. We may hedge a portion of this price risk by entering into commodity derivative contracts. The total unrealized and realized gains (losses) recognized in earnings for derivatives not designated as hedges were as follows: Location of Gain (Loss) Recognized in Income on Derivative Amount of Gain (Loss) Recognized in Income on Derivative 2015 2014 2013 Relating to investment portfolio: Foreign exchange forward contracts Net realized investment gains (losses) $ 11,265 $ 10,333 $ 10,843 Interest rate swaps Net realized investment gains (losses) (4,006 ) (19,936 ) (3,112 ) Relating to underwriting portfolio: Foreign exchange forward contracts Foreign exchange gains (losses) (25,412 ) (10,363 ) 1,690 Weather-related contracts Other insurance related income (loss) (3,005 ) (5,373 ) 1,987 Commodity contracts Other insurance related income (loss) (1,814 ) 8,328 — Total $ (22,972 ) $ (17,011 ) $ 11,408

RESERVE FOR LOSSES AND LOSS EXP

RESERVE FOR LOSSES AND LOSS EXPENSES	12 Months Ended
	Dec. 31, 2015
Insurance Loss Reserves [Abstract]
RESERVE FOR LOSSES AND LOSS EXPENSES	Our reserve for losses and loss expenses comprise the following: As of December 31, 2015 2014 Reserve for reported losses and loss expenses $ 3,253,080 $ 3,285,675 Reserve for losses incurred but not reported 6,393,205 6,311,122 Reserve for losses and loss expenses $ 9,646,285 $ 9,596,797 The following table presents a reconciliation of our beginning and ending gross reserve for losses and loss expenses and net reserve for unpaid losses and loss expenses for the years indicated: Year ended December 31, 2015 2014 2013 Gross reserve for losses and loss expenses, beginning of year $ 9,596,797 $ 9,582,140 $ 9,058,731 Less reinsurance recoverable on unpaid losses, beginning of year (1,890,280 ) (1,900,112 ) (1,825,617 ) Net reserve for unpaid losses and loss expenses, beginning of year 7,706,517 7,682,028 7,233,114 Net incurred losses and loss expenses related to: Current year 2,419,247 2,445,666 2,353,631 Prior years (243,048 ) (258,944 ) (219,436 ) 2,176,199 2,186,722 2,134,195 Net paid losses and loss expenses related to: Current year (343,063 ) (387,197 ) (318,006 ) Prior years (1,709,659 ) (1,544,664 ) (1,373,459 ) (2,052,722 ) (1,931,861 ) (1,691,465 ) Foreign exchange and other (215,018 ) (230,372 ) 6,184 Net reserve for unpaid losses and loss expenses, end of year 7,614,976 7,706,517 7,682,028 Reinsurance recoverable on unpaid losses, end of year 2,031,309 1,890,280 1,900,112 Gross reserve for losses and loss expenses, end of year $ 9,646,285 $ 9,596,797 $ 9,582,140 We write business with loss experience generally characterized as low frequency and high severity in nature, which can result in volatility in our financial results. During 2015 , 2014 and 2013 , respectively, we recognized aggregate net losses and loss expenses of $100 million , $93 million and $201 million in relation to catastrophe and weather-related events. Prior year reserve development arises from changes to loss and loss expense estimates related to loss events that occurred in previous calendar years. Such development is summarized by segment in the following table: Insurance Reinsurance Total Year ended December 31, 2015 $ 23,447 $ 219,601 $ 243,048 Year ended December 31, 2014 63,735 195,209 258,944 Year ended December 31, 2013 50,355 169,081 219,436 Overall, the majority of the net favorable prior year reserve development in 2015 , 2014 and 2013 related to short-tail lines of business. In 2015 net favorable prior year reserve development in the reinsurance liability, reinsurance professional, motor and credit and surety lines also contributed significantly to the total favorable reserve development which was partially offset by adverse development in insurance liability, credit and political risk and insurance professional lines. In addition to the short-tail lines favorable reserve development in 2014 and 2013, both years also reported significant favorable prior year reserve development in the reinsurance professional and reinsurance liability lines with motor also notably contributing to the 2014 reserve releases. The favorable prior year reserve development in both 2014 and 2013 was partially offset by adverse prior year reserve development in the insurance liability lines, with adverse prior year reserve development in insurance professional lines also significantly impacting 2013. The underlying exposures in our property, marine and aviation reserving classes within our insurance segment and the property reserving class within our reinsurance segment largely relate to short-tail business. Development from these classes contributed $152 million , $207 million and $162 million of the total net favorable prior year reserve development in 2015 , 2014 and 2013 , respectively, and primarily reflected the recognition of better than expected loss emergence. Our medium-tail business consists primarily of professional insurance and reinsurance, credit and political risk and credit and surety lines. Our reinsurance professional lines business recognized $38 million , $33 million and $22 million of net favorable prior year development in 2015 , 2014 and 2013 , respectively. The 2015 , 2014 and 2013 favorable developments were driven by increased weight being given to experience-based actuarial methods in selecting our ultimate loss estimates for accident years 2010 and prior. In 2015 and 2013 , the insurance professional lines recorded adverse prior year reserve development of $14 million and $51 million , respectively. The adverse development in 2015 was primarily the result of strengthening in our Australian book of business during the third quarter of 2015. The adverse development in 2013 reflected the strengthening of certain parts of our U.S. D&O lines in the 2011 and 2012 accident years and development on global financial crisis-related claims in our 2008 and 2009 accident years. Our credit and surety lines recorded net favorable prior year reserve development of $27 million in 2015 , reflecting better than expected loss emergence. In 2015 , net adverse development of $15 million was recognized in our in credit and political risk insurance lines, relating primarily to an increase in loss estimates for one specific claim. Our long-tail business consists primarily of liability and motor lines. In 2015 , 2014 and 2013 , our reinsurance liability lines and motor business contributed net favorable prior year reserve development of $82 million , $40 million and $91 million , respectively, primarily reflecting the greater weight management is giving to experience based indications which were generally favorable in 2015 for the accident years 2003 through 2010 and in 2014 and 2013 for the accident years 2004 through 2008. This favorable development was partially offset by adverse development in our insurance liability business of $27 million , $23 million and $24 million in 2015 , 2014 and 2013 , respectively, relating primarily to an increase in loss estimates for certain specific claim reserves, as well as a higher frequency of large auto liability claims which impacted the adverse reserve development in 2015. Our December 31, 2015 net reserve for losses and loss expenses includes estimated amounts for numerous catastrophe events. We caution that the magnitude and/or complexity of losses arising from certain of these events, in particular Storm Sandy, the Japanese earthquake and tsunami and the three New Zealand earthquakes and the Tianjin port explosion, inherently increase the level of uncertainty and, therefore, the level of management judgment involved in arriving at our estimated net reserves for losses and loss expenses. As a result, our actual losses for these events may ultimately differ materially from our current estimates.

REINSURANCE

REINSURANCE	12 Months Ended
	Dec. 31, 2015
Reinsurance Disclosures [Abstract]
REINSURANCE	We purchase treaty and facultative reinsurance to reduce exposure to significant losses. Facultative reinsurance provides coverage for all or a portion of the losses incurred for a single policy and we separately negotiate each facultative contract. Treaty reinsurance provides coverage for a specified type or category of risks. Our treaty reinsurance agreements provide this coverage on either an excess of loss or a proportional basis. Excess of loss covers provide a contractually set amount of coverage after a specified loss amount has been reached. These covers can be purchased on a package policy basis, which provide us with coverage for a number of lines of business within one contract. In contrast, proportional covers provide us with a specified percentage of coverage from the first dollar of loss. All of these reinsurance covers provide us the right to recover a portion of specified losses and loss expenses from reinsurers. However, to the extent that our reinsurers do not meet their obligations under these agreements due to solvency issues, contractual disputes or other reasons, we remain liable. We predominantly cede our business to reinsurers rated A- or better by A.M. Best. Gross and net premiums written and earned were as follows: Year ended December 31, 2015 2014 2013 Premiums written Premiums earned Premiums written Premiums earned Premiums written Premiums earned Gross $ 4,603,730 $ 4,567,953 $ 4,711,519 $ 4,652,345 $ 4,697,041 $ 4,459,269 Ceded (929,064 ) (881,536 ) (804,544 ) (781,346 ) (768,841 ) (752,204 ) Net $ 3,674,666 $ 3,686,417 $ 3,906,975 $ 3,870,999 $ 3,928,200 $ 3,707,065 During the year ended December 31, 2015 , we recognized ceded losses and loss expenses of $577 million ( 2014 : $401 million ; 2013 : $415 million ). Our provision for unrecoverable reinsurance was $18 million at December 31, 2015 ( 2014 : $18 million ). At December 31, 2015 , 96.2% ( 2014 : 98.5% ) of our gross reinsurance recoverables were collectible from reinsurers rated A- or better by A.M. Best.

DEBT AND FINANCING ARRANGEMENTS

DEBT AND FINANCING ARRANGEMENTS	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
DEBT AND FINANCING ARRANGEMENTS	a) Senior Notes On November 15, 2004, AXIS Capital issued $500 million aggregate principal amount of 5.75% senior unsecured debt (the '' 5.75% Senior Notes'') at an issue price of 99.785% , generating net proceeds of $496 million . Interest on the 5.75% Senior Notes was payable semi-annually in arrears on June 1 and December 1 of each year, beginning on June 1, 2005. AXIS Capital repaid the full $ 500 million of its outstanding 5.75% Senior Notes upon their scheduled maturity of December 1, 2014. On March 23, 2010, AXIS Specialty Finance LLC, a 100% owned finance subsidiary, issued $500 million aggregate principal amount of 5.875% senior unsecured debt (the '' 5.875% Senior Notes'') at an issue price of 99.624% . The net proceeds of the issuance, after consideration of the offering discount and underwriting expenses and commissions, totaled approximately $495 million . Interest on the 5.875% Senior Notes is payable semi-annually in arrears on June 1 and December 1 of each year, beginning on June 1, 2010. Unless previously redeemed, the 5.875% Senior Notes will mature on June 1, 2020. The 5.875% Senior Notes are ranked as unsecured senior obligations of AXIS Specialty Finance LLC. AXIS Capital has fully and unconditionally guaranteed all obligations of AXIS Specialty Finance LLC under the 5.875% Senior Notes. AXIS Capital’s obligations under this guarantee are unsecured and senior and rank equally with all other senior obligations of AXIS Capital. On March 13, 2014, AXIS Specialty Finance PLC, a 100% owned finance subsidiary, issued $ 250 million aggregate principal amount of 2.65% senior unsecured notes (the " 2.65% Senior Notes") at an issue price of 99.896% and $ 250 million aggregate principal amount of 5.15% senior unsecured notes (the " 5.15% Senior Notes", and, together with the 5.875% Senior Notes and the 2.65% Senior Notes, the "Senior Notes") at an issue price of 99.474% . The net proceeds of the issuance, after consideration of the offering discount and underwriting expenses and commissions, totaled approximately $ 248 million and $ 246 million for the 2.65% Senior Notes and the 5.15% Senior Notes, respectively. Interest on the 2.65% Senior Notes and the 5.15% Senior Notes is payable semi-annually in arrears on April 1 and October 1 of each year, beginning on October 1, 2014. Unless previously redeemed, the 2.65% Senior Notes and the 5.15% Senior Notes will mature on April 1, 2019 and April 1, 2045, respectively. The 2.65% Senior Notes and the 5.15% Senior Notes are ranked as unsecured senior obligations of AXIS Specialty Finance PLC. AXIS Capital has fully and unconditionally guaranteed all obligations of AXIS Specialty Finance PLC under the 2.65% Senior Notes and the 5.15% Senior Notes. AXIS Capital's obligations under this guarantee are unsecured and senior and rank equally with all other senior obligations of AXIS Capital. We have the option to redeem the Senior Notes at any time and from time to time, in whole or in part, at a ''make-whole'' redemption price, which is equal to the greater of the aggregate principal amount or the sum of the present values of the remaining scheduled payments of principal and interest. The related indentures contain various covenants, including limitations on liens on the stock of restricted subsidiaries, restrictions as to the disposition of the stock of restricted subsidiaries and limitations on mergers and consolidations. We were in compliance with all the covenants contained in the indentures at December 31, 2015 . Interest expense recognized in relation to our Senior Notes includes interest payable, amortization of the offering discounts and amortization of debt offering expenses. The offering discounts and debt offering expenses are amortized over the period of time during which the Senior Notes are outstanding. During 2015 , we incurred interest expense of $50 million ( 2014 : $72 million , 2013 : $59 million ). b) Credit Facilities On March 26, 2013, AXIS Capital and certain of its subsidiaries entered into a $250 million credit facility (the "Credit Facility"), which was issued by a syndication of lenders pursuant to a Credit Agreement and other ancillary documents (together, the "Facility Documents") and will expire in March 2017. At the request of the Company and subject to the satisfaction of certain conditions, the aggregate commitment available under the Credit Facility may be increased by up to $150 million . Under the terms of the Credit Facility, loans are available for general corporate purposes and letters of credit may be issued in the ordinary course of business, with total usage not to exceed the aggregate commitment available. Interest on loans issued under the Credit Facility is payable based on underlying market rates at the time of loan issuance. While loans under the Credit Facility are unsecured, we have the option to issue letters of credit on a secured basis in order to reduce associated fees. Letters of credit issued under the Credit Facility would principally be used to support the (re)insurance obligations of our operating subsidiaries. Each of AXIS Capital, AXIS Specialty Finance LLC and AXIS Specialty Holdings Bermuda Limited guarantees the obligations of the other parties to the Credit Facility. The Credit Facility is subject to certain non-financial covenants, including limitations on fundamental changes, the incurrence of additional indebtedness and liens and certain transactions with affiliates and investments, as defined in the Facility Documents. The Credit Facility also requires compliance with certain financial covenants, including a maximum debt to capital ratio and a minimum consolidated net worth requirement. In addition, each of AXIS Capital’s material (re)insurance subsidiaries party to the Credit Facility must maintain a minimum A.M. Best Company, Inc. financial strength rating. In the event of default, including a breach of these covenants, the lenders may exercise certain remedies including the termination of the Credit Facility, the declaration of all principal and interest amounts related to Credit Facility loans to be immediately due and the requirement that all outstanding letters of credit be collateralized. On September 18, 2013, we entered into an amendment to the Credit Facility in order to permit AXIS Capital and its subsidiaries to enter into swap contracts and other arrangements related to weather derivative transactions. All other material terms and conditions remained unchanged. Effective February 10, 2014, AXIS Specialty Finance PLC was added as a guarantor to the Credit Facility. On November 20, 2013, certain of AXIS Capital’s operating subsidiaries (the "Participating Subsidiaries") entered into an amendment to extend the term of the Company's secured $750 million letter of credit facility (the “LOC Facility”) with Citibank Europe plc (“Citibank”) pursuant to a Master Reimbursement Agreement and other ancillary documents (together, the “LOC Facility Documents”). Under the terms of the LOC Facility, letters of credit to a maximum aggregate amount of $750 million are available for issuance on behalf of the Participating Subsidiaries. These letters of credit will principally be used to support the reinsurance obligations of the Participating Subsidiaries. The LOC Facility is subject to certain covenants, including the requirement to maintain sufficient collateral, as defined in the LOC Facility Documents, to cover all of the obligations under the LOC Facility. Such obligations include contingent reimbursement obligations for outstanding letters of credit and fees payable to Citibank. In the event of default, Citibank may exercise certain remedies, including the exercise of control over pledged collateral and the termination of the availability of the LOC Facility to any or all of the Participating Subsidiaries. On March 31, 2015, the Company entered into an amendment to reduce the maximum aggregate utilization capacity of the LOC Facility from $750 million to $500 million . All other material terms and conditions remained unchanged. On December 18, 2015, the Participating Subsidiaries renewed their $500 million secured LOC Facility with Citibank Europe plc for a four year term commencing December 31, 2015, pursuant to certain updates to the LOC Facility Documents. All other material terms and conditions remained unchanged. At December 31, 2015 , letters of credit outstanding under the LOC Facility and the Credit Facility totaled $341 million and $ nil , respectively. There was no debt outstanding under the Credit Facility. We were in compliance with all LOC Facility and Credit Facility covenants at December 31, 2015 .

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	a) Concentrations of Credit Risk Credit Risk Aggregation We monitor and manage the aggregation of credit risk on a group-wide basis allowing us to consider exposure management strategies for individual companies, countries, regions, sectors and any other relevant inter-dependencies. Our credit exposures are aggregated based on the origin of risk. As part of our credit aggregation framework, we also assign aggregate credit limits by single counterparty (a group of companies or country). These limits are based and adjusted on a variety of factors including the prevailing economic environment and the nature of the underlying credit exposures. Our credit aggregation measurement and reporting process is facilitated by our credit risk exposure database, which contains relevant information on counterparty details and credit risk exposures; we also license third party tools to provide credit risk assessments. Credit risk aggregation is also managed through minimizing overlaps in underwriting, financing and investing activities. The assets that potentially subject us to concentrations of credit risk consist principally of cash and investments, reinsurance recoverable and (re)insurance premiums receivable balances, as described below: Cash and Investments In order to mitigate concentration and operational risks related to cash and cash equivalents, we limit the maximum amount of cash that can be deposited with a single counterparty and additionally limit acceptable counterparties based on current rating, outlook and other relevant factors. Our investment portfolio is managed by external investment managers in accordance with our investment guidelines. We limit such credit risk through diversification, issuer exposure limitation graded by ratings and, with respect to custodians, through contractual and other legal remedies. Excluding U.S. Treasury and Agency securities, we limit our concentration of credit risk to any single corporate issuer to 2% or less of our investment grade fixed maturities portfolio for securities rated A- or above and 1% or less of our investment grade fixed maturities portfolio for securities rated below A-. No more than 1.5% of total cash and invested assets can be invested in any single corporate issuer. At December 31, 2015 , we were in compliance with these limits. Reinsurance Recoverable Balances Within our reinsurance purchasing activities, we are exposed to the credit risk of a reinsurer failing to meet its obligations under our reinsurance contracts. To help mitigate this, all of our reinsurance purchasing is subject to financial security requirements specified by our Reinsurance Security Committee. This Committee maintains a list of approved reinsurers, performs credit risk assessments for potential new reinsurers, regularly monitors approved reinsurers with consideration for events which may have a material impact on their creditworthiness, recommends counterparty tolerance levels for different types of ceded business and monitors concentrations of credit risk. This assessment considers a wide range of individual attributes, including a review of the counterparty’s financial strength, industry position and other qualitative factors. Generally, the Committee requires that reinsurers who do not meet specified requirements provide collateral. The three largest balances by reinsurer accounted for 11% , 11% and 11% of total reinsurance recoverable on unpaid and paid losses at December 31, 2015 ( 2014 : 13% , 11% and 11% ). Amounts related to our reinsurers with the ten largest balances comprised 72% of December 31, 2015 balance ( 2014 : 77% ) and had a weighted average A.M. Best rating of A+ ( 2014 : A+ ). Premiums Receivable Balances The diversity of our client base limits the credit risk associated with our premiums receivable. In addition, for insurance contracts we have contractual rights to cancel coverage for non-payment of premiums and for reinsurance contracts we have contractual rights to offset premiums receivable with corresponding payments for losses and loss expenses. Brokers and other intermediaries collect premiums from customers to be paid to us. We have policies and standards in place to manage and monitor credit risk from intermediaries with a focus on day-to-day monitoring of the largest positions. These contractual rights contribute to the mitigation of credit risk, as does our monitoring of aged receivable balances. In light of these mitigating factors, and considering that a significant portion of our premiums receivable are not currently due based on the terms of the underlying contracts, we do not utilize specific credit quality indicators to monitor our premiums receivable balance. At December 31, 2015 , we recorded an allowance for estimated uncollectible premiums receivable of $3 million ( 2014 : $4 million ). The corresponding bad debts expense charges for 2015 , 2014 and 2013 were insignificant. b) Brokers We produce our business through brokers and direct relationships with insurance companies. During 2015 , three brokers accounted for 53% ( 2014 : 56% ; 2013 : 61% ) of our total gross premiums written. Marsh, Inc. (including its subsidiary Guy Carpenter and Company) accounted for 22% ( 2014 : 22% ; 2013 : 23% ), Aon Corporation for 18% ( 2014 : 22% ; 2013 : 26% ), and Willis Group Holdings Ltd. for 13% ( 2014 : 12% ; 2013 : 12% ). No other broker and no one insured or reinsured accounted for more than 10% of our gross premiums written in any of the last three years. c) Lease Commitments We lease office space under operating leases which expire at various dates. We renew and enter into new leases in the ordinary course of business, as required. During 2015 , total rent expense with respect to these operating leases was $28 million ( 2014 : $27 million ; 2013 : $29 million ). Future minimum lease payments under our leases are expected to be as follows: Year ended December 31, 2016 $ 25,386 2017 24,118 2018 21,559 2019 20,108 2020 15,627 Later years 44,513 Total future minimum lease payments $ 151,311 d) Reinsurance Purchase Commitment We purchase reinsurance coverage for our insurance lines of business. The minimum reinsurance premiums are contractually due in advance on a quarterly basis. Accordingly at December 31, 2015 , we have an outstanding reinsurance purchase commitment of $29 million , all of which is due in 2016. Actual payments under the reinsurance contracts will depend on the underlying subject premium and may exceed the minimum premium. e) Legal Proceedings From time to time, we are subject to routine legal proceedings, including arbitrations, arising in the ordinary course of business. These legal proceedings generally relate to claims asserted by or against us in the ordinary course of insurance or reinsurance operations; estimated amounts payable under such proceedings are included in the reserve for losses and loss expenses in our Consolidated Balance Sheets. We are not party to any material legal proceedings arising outside the ordinary course of business. f) Investments At December 31, 2015 we have $ 379 million (2014: $123 million ) of unfunded investment commitments related to our investments in hedge, direct-lending, real estate and bank revolver opportunity funds, which are callable by our investment managers. For further details, refer to Note 5(c) ' Investments ' .

EARNINGS PER COMMON SHARE

EARNINGS PER COMMON SHARE	12 Months Ended
	Dec. 31, 2015
Earnings Per Share [Abstract]
EARNINGS PER COMMON SHARE	The following table sets forth the comparison of basic and diluted earnings per common share: At and year ended December 31, 2015 2014 2013 Basic earnings per common share Net income $ 641,631 $ 804,564 $ 727,465 Less: amounts attributable from noncontrolling interests — (6,181 ) — Less: preferred share dividends 40,069 40,088 40,474 Less: loss on repurchase of preferred shares — — 3,081 Net income available to common shareholders $ 601,562 $ 770,657 $ 683,910 Weighted average common shares outstanding - basic (1) 98,609 104,368 113,636 Basic earnings per common share $ 6.10 $ 7.38 $ 6.02 Diluted earnings per common share Net income available to common shareholders $ 601,562 $ 770,657 $ 683,910 Weighted average common shares outstanding - basic (1) 98,609 104,368 113,636 Share-based compensation plans 1,020 1,345 1,692 Weighted average common shares outstanding - diluted (1) 99,629 105,713 115,328 Diluted earnings per common share $ 6.04 $ 7.29 $ 5.93 Anti-dilutive shares excluded from the dilutive computation 165 282 250 (1) On August 17, 2015 , the Company entered into an Accelerated Share Repurchase (“ASR”) agreement (refer to Note 13 'Shareholders' Equity' for additional detail). The weighted-average number of shares outstanding used in the computation of basic and diluted earnings per share reflects the Company’s receipt of 4,149,378 shares delivered to the Company on August 20, 2015 under the Company's ASR agreement.

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY	12 Months Ended
	Dec. 31, 2015
Stockholders' Equity Note [Abstract]
SHAREHOLDERS' EQUITY	a) Common Shares At December 31, 2015 , and 2014 , our authorized share capital was 800,000,000 common shares, par value of $0.0125 per share. The following table presents our common shares issued and outstanding, excluding restricted shares under our share-based compensation plans (refer to Note 16 ' Share-based Compensation' ): Year ended December 31, 2015 2014 2013 Shares issued, balance at beginning of year 175,478 174,134 171,867 Shares issued 762 1,344 2,267 Total shares issued at end of year 176,240 175,478 174,134 Treasury shares, balance at beginning of year (76,052 ) (64,649 ) (53,947 ) Shares repurchased (4,616 ) (11,752 ) (10,830 ) Shares reissued from treasury 494 349 128 Total treasury shares at end of year (80,174 ) (76,052 ) (64,649 ) Total shares outstanding 96,066 99,426 109,485 During 2015 , the total cash dividends declared per common share were $1.22 ( 2014 : $1.10 ; 2013 : $1.02 ). Treasury shares On December 7, 2015, our Board of Directors authorized a new share repurchase plan for up to $750 million of our common shares through December 31, 2016. The new plan is effective December 31, 2015. The following table presents our common share repurchase activities, which are held in treasury: Year ended December 31, 2015 2014 2013 In the open market: Total shares (1) 4,264 11,317 7,362 Total cost $ 246,490 $ 524,168 $ 337,083 Average price per share (2) $ 57.80 $ 46.32 $ 45.79 From employees: (3) Total shares 352 435 468 Total cost $ 18,048 $ 19,034 $ 19,080 Average price per share (2) $ 51.34 $ 43.82 $ 40.75 From founding shareholder: (4) Total shares — — 3,000 Total cost $ — $ — $ 116,100 Average price per share (2) $ — $ — $ 38.70 Total Total shares 4,616 11,752 10,830 Total cost $ 264,538 $ 543,202 $ 472,263 Average price per share (2) $ 57.32 $ 46.22 $ 43.61 (1) Amounts in 2015 include 4,149,378 common shares acquired under the accelerated share repurchase program (see below for more detail). (2) Calculated using whole figures. (3) To satisfy withholding tax liabilities upon vesting of restricted stock, restricted stock units, and exercise of stock options. Share repurchases from employees are excluded from the authorized share repurchase plans noted above. (4) Represents privately negotiated repurchases of 3,000,000 of our common shares from Trident II, L.P and affiliated entities in 2013. Accelerated Share Repurchase Program On August 17, 2015 , the Company entered into an ASR agreement with Goldman, Sachs & Co. (“Goldman Sachs”) to repurchase an aggregate of $300 million of the Company’s common shares under an accelerated share repurchase program. During August 2015 , under the terms of this agreement, the Company paid $300 million to Goldman Sachs and initially repurchased 4,149,378 common shares. The initial shares acquired represented 80% of the $300 million total paid to Goldman Sachs and were calculated using the Company’s stock price at activation of the program. The ASR program is accounted for as an equity transaction. Accordingly, $240 million of shares repurchased are included as treasury shares in the Consolidated Balance Sheets with the remaining $60 million included as a reduction to additional paid-in capital until the completion of the ASR agreement. On January 15, 2016 , Goldman Sachs early terminated the ASR agreement and delivered 1,358,380 additional common shares to the Company. In total, the Company repurchased 5,507,758 common shares under the ASR agreement at an average price of $54.47 . b) Preferred Shares Series A Preferred Shares During October 2005, we issued $250 million of 7.25% Series A preferred shares, par value $0.0125 per share, with a liquidation preference of $25.00 per share. In 2012, concurrent with the issuance of our Series C preferred shares (see below), we redeemed 6,000,000 of the 7.25% Series A preferred shares, representing $150 million in aggregate liquidation preference, without accumulation of any undeclared dividends. In connection with this redemption, we recognized a $5 million loss on redemption (calculated as the difference between the redemption price and the carrying value), which was recognized as a reduction in determining our net income available to common shareholders. During June 2013, we redeemed the remaining 4,000,000 Series A preferred shares outstanding, for an aggregate liquidation preference of $100 million . In connection with this redemption, we recognized a $3 million loss. In 2013 , the total dividends declared on Series A preferred shares were $0.9063 per share. In 2013, dividends of $1.3594 per share were paid, of which $0.4531 had been declared in 2012 . Series B Preferred Shares During November 2005, we issued $250 million of 7.50% Series B preferred shares, par value $0.0125 per share, with a liquidation preference of $100.00 per share. We may redeem the shares on or after December 1, 2015 at a redemption price of $100.00 per share. Dividends on the Series B preferred shares if, as and when declared by our board of directors will be payable initially at a fixed rate per annum equal to 7.50% of the liquidation preference on the first day of March, June, September and December of each year, commencing on March 1, 2006, up to but not including December 1, 2015 . Dividends on the Series B preferred shares are non-cumulative. During April 2012, we closed a cash tender offer for any and all of our outstanding 7.50% Series B preferred shares at a purchase price of $102.81 per share. As a result, we purchased 2,471,570 Series B preferred shares for $254 million . In connection with this tender offer, we recognized a $9 million loss on redemption (calculated as the difference between the redemption price and the carrying value), which was recognized as a reduction in determining our net income available to common shareholders. Following the completion of the tender offer, 28,430 Series B preferred shares, representing $3 million in aggregate liquidation preference, remain outstanding. In 2015, total dividends declared on Series B preferred shares were $6.8125 per share, and dividends paid were $7.50 per share. In 2014 and 2013, total dividends declared and paid on Series B preferred shares were $7.50 per share. On January 27, 2016 we redeemed the remaining 28,430 Series B preferred shares, for an aggregate liquidation preference of $3 million . Series C Preferred Shares During March 2012 , we issued $400 million of 6.875% Series C preferred shares, par value $0.0125 per share, with a liquidation preference of $25.00 per share. We may redeem the Series C preferred shares on or after April 15, 2017 at a redemption price of $25.00 per share. Dividends on the Series C preferred shares are non-cumulative. Consequently, if the board of directors does not authorize and declare a dividend for any period, holders of the Series C preferred shares will not be entitled to receive a dividend for such period, and such undeclared dividend will not accumulate and be payable. Holders of the Series C preferred shares will be entitled to receive, only when, as and if declared by the board of directors, non-cumulative cash dividends from the original issue date, quarterly in arrears on the fifteenth day of January, April, July and October of each year, commencing on July 15, 2012, without accumulation of any undeclared dividends. To the extent declared, these dividends will accumulate, with respect to each dividend period, in an amount per share equal to 6.875% of the liquidation preference per annum. For 2015 , 2014 and 2013 , the total dividends declared and paid on Series C preferred shares were $1.7188 per share in each year. Series D Preferred Shares During May 2013, we issued $225 million of 5.50% Series D preferred shares, par value $0.0125 per share, with a liquidation preference of $25.00 per share. We may redeem the Series D preferred shares on or after June 1, 2018 at a redemption price of $25.00 per share. Dividends on the Series D preferred shares are non-cumulative. Consequently, if the Board of Directors does not authorize and declare a dividend for any period, holders of the Series D preferred shares will not be entitled to receive a dividend for such period, and such undeclared dividend will not accumulate and be payable. Holders of the Series D preferred shares will be entitled to receive, only when, as and if declared by the Board of Directors, non-cumulative cash dividends from the original issue date, quarterly in arrears on the first day of March, June, September and December of each year, commencing on September 1, 2013, without accumulation of any undeclared dividends. To the extent declared, these dividends will accumulate, with respect to each dividend period, in an amount per share equal to 5.50% of the liquidation preference per annum. In 2015 and 2014 , total dividends declared and paid on Series D preferred shares were $1.3750 per share. In 2013 the total dividends declared on Series D preferred shares were $0.6875 per share. Of this amount, $0.3438 was paid in 2013 and the remaining $0.3438 was subsequently paid in 2014. The holders of the Series D preferred shares, as well as our previously issued preferred shares, have no voting rights other than the right to elect a specified number of directors if preferred share dividends are not declared and paid for a specified period.

NONCONTROLLING INTERESTS

NONCONTROLLING INTERESTS	12 Months Ended
	Dec. 31, 2015
Noncontrolling Interest [Abstract]
Noncontrolling Interests	During November 2013, the Company formed AXIS Ventures Reinsurance Limited ("Ventures Re"), a Bermuda domiciled insurer. Ventures Re was formed to write reinsurance on a fully collateralized basis.Ventures Re is considered to be a variable interest entity. Prior to the adoption of ASU 2015-02, the Company had concluded that it was the primary beneficiary of Ventures Re and following this determination, Ventures Re was consolidated by the Company. Shareholders' equity attributable to Ventures Re's third party investors was recorded in the Consolidated Financial Statements as noncontrolling interests. During the second quarter of 2015, the Company early adopted ASU 2015-02, “Amendments to the Consolidation Analysis” issued by the FASB. Following the adoption of the new ASU, the Company determined that it no longer had a variable interest in Ventures Re and therefore it was no longer required to consolidate the results of operations and the financial position of Ventures Re. The Company adopted this revised accounting guidance using the modified retrospective approach and ceased to consolidate Ventures Re effective as of January 1, 2015. There was no impact from the adoption of ASU 2015-02 on the Company’s cumulative retained earnings. At December 31, 2014, total assets of Ventures Re were $97 million , consisting primarily of cash and cash equivalents and insurance receivables. Total liabilities were $38 million consisting primarily of loss reserves. The assets of Ventures Re can only be used to settle its own liabilities, and there is no recourse to the Company for any liabilities incurred by this entity. The reconciliation of the beginning and ending balance of the noncontrolling interests in Ventures Re was as follows: Total 2015 2014 Balance at beginning of year $ 58,819 $ 50,000 Increase from issuance of preferred equity to noncontrolling interests — 25,000 Decrease from return of capital to noncontrolling interests — (10,000 ) Amounts attributable from noncontrolling interests — (6,181 ) Adjustment due to the adoption of revised accounting guidance effective January 1, 2015 (58,819 ) — Balance at end of year $ — $ 58,819

RETIREMENT PLANS

RETIREMENT PLANS	12 Months Ended
	Dec. 31, 2015
Compensation and Retirement Disclosure [Abstract]
RETIREMENT PLANS	We provide defined contribution plans that are self directed to eligible employees through various plans sponsored by us. Generally, mutual funds are made available pursuant to which employees and we contribute a percentage of the employee’s gross salary into the plan each month. For eligible U.S. employees, we provide a non-qualified deferred compensation plan that enables them to make salary contributions in excess of those permitted under the AXIS 401(k) Plan, to make additional employee contributions from their bonus payments, and to receive discretionary employer contributions. During 2015 , our total pension expenses were $21 million ( 2014 : $21 million and 2013 : $20 million ) for the above retirement benefits.

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	12 Months Ended
	Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
SHARE-BASED COMPENSATION	In May 2007, our shareholders approved the establishment of the AXIS Capital Holdings Limited 2007 Long-Term Equity Compensation Plan (“2007 Plan”). The 2007 Plan provides for, among other things, the grant of restricted stock, restricted stock units, non-qualified and incentive stock options, and other equity-based awards to our employees and directors. The 2007 Plan authorized the issuance of a total of 5,000,000 shares. In May of 2009 and 2012, our shareholders approved amendments to the 2007 Plan to increase the number of common shares authorized for issuance by 4,000,000 and 6,000,000 respectively, to bring the total number of common shares authorized for issuance to 15,000,000 . As a result of the adoption of the 2007 Plan, the 2003 Long-Term Equity Compensation and 2003 Directors Long-Term Equity Compensation Plan were terminated, except that all related outstanding awards will remain in effect. At December 31, 2015 , 6,007,637 equity-based awards remained available for grant under the 2007 Plan. We currently issue restricted stock and restricted stock units to our employees with service conditions, vesting generally over a period of 3 or 4 years . The 3 year awards are subject to cliff vesting at the end of the 3 year period. With the 4 year awards, 25% of the award vests annually. We also grant performance-based stock awards to certain employees in order to promote long-term growth and profitability. Performance-based awards represent the right to receive a specified number of common shares in the future, based upon the achievement of established performance criteria during the applicable performance period. Some awards have a scaled performance metric, but the actual award could be higher or lower than target. At December 31, 2015 , we anticipate that the established performance based criterion for these awards are likely to be achieved. Grants provided under the 2007 Plan generally allow for accelerated vesting provisions upon the employee’s death, permanent disability, or certain terminations following a change in control of the Company occurring within two years of the change in control event. Notwithstanding these vesting provisions, the Compensation Committee of our Board has broad authority to accelerate vesting at its own discretion. The total fair value of restricted stock and cash settled awards vested during 2015 was $75 million ( 2014 : $68 million ; 2013 : $70 million ). At December 31, 2015 , we had unrecognized compensation costs of $95 million ( 2014 : $112 million ) which are expected to be recognized over the weighted average period of 1.8 years ( 2014 : 2.3 years ). Between January 1, 2016 and February 24, 2016, a total of 1,046,299 service-based restricted stock units and 121,278 performance-based restricted stock units were approved for grant. Included in the total restricted stock awards approved for grant subsequent to December 31, 2015 were 495,195 awards which will be settled in cash upon vesting. We have granted stock options under the 2003 Plans; however, none have been issued since 2005. Stock options expire ten years from the date of the grant. All outstanding options were exercised on or before January 12, 2015. a) Restricted Stock The following table provides a reconciliation of the beginning and ending balance of nonvested restricted stock (including restricted stock units) for the year ended December 31, 2015 : Performance-based Stock Awards Service-based Stock Awards Number of Restricted Stock Weighted Average Grant Date Fair Value Number of Restricted Stock Weighted Average Grant Date Fair Value (1) Nonvested restricted stock - beginning of year 347 $ 37.34 2,768 $ 38.70 Granted 104 53.32 557 51.70 Vested — — (1,156 ) 36.31 Forfeited (250 ) 34.42 (215 ) 43.02 Nonvested restricted stock - end of year 201 $ 49.24 1,954 $ 43.34 (1) Fair value is based on the closing price of our common shares on the New York Stock Exchange on the day of the grant. During 2015 , we granted 661,398 restricted stock awards ( 2014 : 1,121,066 ; 2013 : 1,007,425 ) to our employees with a weighted average grant-date fair value per share of $51.95 ( 2014 : $44.46 ; 2013 : $39.52 ). During 2015 , we incurred a compensation cost of $59 million ( 2014 : $73 million ; 2013 : $57 million ) in respect of all restricted stock, restricted stock units, and cash awards, and recorded tax benefits thereon of $15 million ( 2014 : $14 million ; 2013 : $10 million ). b) Cash-settled Awards During 2015, we also granted 487,758 restricted stock units that will settle in cash rather than shares when the awards ultimately vest ( 2014 : 1,018,083 ); of which 18,659 restricted stock units are performance based and 469,099 restricted stock units are service based. At December 31, 2015 , there were 1,503,264 outstanding restricted stock units that will settle in cash when the awards ultimately vest ( 2014 : 1,503,380 ), and the corresponding liability for cash-settled units, included in other liabilities on the Consolidated Balance Sheets, was $33 million ( 2014 : $21 million ). c) Stock options The following is a summary of stock options outstanding and exercisable at December 31, 2015 and related activity for the year ended: Number of Stock Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding and exercisable - beginning of year 20 $ 28.02 Granted — — Exercised (20 ) 28.02 Expired — — Outstanding and exercisable - end of year — $ — 0.0 $ — The total intrinsic value of stock options exercised during 2015 was less than $1 million ( 2014 : $4 million ) and we received proceeds of $1 million ( 2014 : $5 million ).

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2015
Related Party Transactions [Abstract]
Related Party Transactions	A member of the Company’s Board of Directors, Mr. Charles Davis, is the Chief Executive Officer of Stone Point Capital, LLC ("Stone Point"). In the ordinary course of business, we engage SKY Harbor Capital Management, LLC, an affiliate of Stone Point, for asset management services for certain of our short duration high yield debt portfolios and StoneRiver RegEd, also an affiliate of Stone Point, for broker and adjuster licensing, appointment and compliance services. During 2015 , total fees paid to these Stone Point companies were $4 million ( 2014 : $4 million ; 2013 : $2 million ). We currently have $30 million committed to the NXT Capital Senior Loan Fund II and $30 million committed to NXT Capital Senior Loan Fund III . The manager of these funds is an indirect subsidiary of NXT Capital Holdings, L.P. ("NXT Capital"). Investment funds managed by Stone Point own approximately 45% of NXT Capital. During 2015, fees paid to NXT Capital totaled $1 million (2014: $1 million ). Our Chairman, Mr. Butt, received $1 million in consulting fee payments in 2015 pursuant to the terms of a consulting agreement by and between Mr. Butt and the Company dated May 3, 2012, as amended December 5, 2013, and December 4, 2014 (2014: $1 million ; 2013: $1 million ). The consulting agreement was further amended on January 15, 2016 to extend the term of the agreement to the Company's 2017 Annual General Meeting for an annual fee of $1 million . Our investments portfolio includes certain investments where we are considered to have the ability to exercise significant influence over the investment entity's operations. Significant influence is generally deemed to exist where we have an investment of 20% or more in the common stock of a corporation or an investment of 3% or more in closed end funds, limited partnerships, LLCs or similar investment vehicles. At December 31, 2015 we have $193 million (2014: $366 million ) of investments where we are deemed to have the ability to exercise such significant influence. We generally pay management and performance fees to the investment managers of these investments. We consider all fees paid to the investment managers to be at market rates consistent with negotiated arms-length contracts. As discussed further in Note 14 ' Noncontrolling Interests ', during November 2013, the Company formed Ventures Re, a Bermuda domiciled insurer. With effect from January 1, 2015, Ventures Re is no longer consolidated in the financial statements of the Company. All of Ventures Re's directors are also employees of the Company. In the normal course of business, the Company enters into certain reinsurance contracts with Ventures Re. During the year ended December 31, 2015, the Company ceded premiums of $19 million to Ventures Re and recovered ceded losses of $23 million . In addition, Ventures Re also paid certain acquisition costs and administrative fees to the Company. We believe that all transactions were conducted at market rates consistent with negotiated arms-length contracts.

REORGANIZATION AND RELATED EXPE

REORGANIZATION AND RELATED EXPENSES	12 Months Ended
	Dec. 31, 2015
Disclosure Text Block Supplement [Abstract]
REORGANIZATION AND RELATED EXPENSES	During the third quarter of 2015, the Company implemented a number of profitability enhancement initiatives which resulted in a recognition of reorganization and related expenses of $46 million and additional corporate expenses of $5 million in the Consolidated Statement of Operations for the year ended December 31, 2015. The reorganization and related expenses charge included staff severance and related costs, the write-off of certain information technology assets, lease cancellation costs and an impairment of certain customer-based intangibles following the decision to wind down the Company's Australian retail insurance operations. Refer Note 4 'Goodwill and Intangible Assets' for additional information on the intangible impairment charge.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
INCOME TAXES	Under current Bermuda law, our Bermuda domiciled companies are not required to pay any taxes in Bermuda on income or capital gains. We have received an assurance from the Minister of Finance in Bermuda that, in the event of any taxes being imposed, we will be exempt from taxation in Bermuda until March 2035. Our primary Bermuda subsidiary has an operating branch in Singapore, which is subject to the relevant taxes in that jurisdiction. The branch is not under examination in this tax jurisdiction, but remains subject to examination for tax years 2012 through 2015. Our U.S. subsidiaries are subject to federal, state and local corporate income taxes and other taxes applicable to U.S. corporations. The provision for federal income taxes has been determined under the principles of the consolidated tax provisions of the U.S. Internal Revenue Code and Regulations. Should the U.S. subsidiaries pay a dividend outside the U.S. group, withholding taxes will apply. Our U.S. subsidiaries are not under examination but remain subject to examination in the U.S. for tax years 2012 through 2015. In Canada, our U.S. reinsurance company operates through a branch and our U.S. service company has an unlimited liability company subsidiary based in Canada. These Canadian operations are subject to the relevant taxes in that jurisdiction and generally remain subject to examination for tax years 2011 through 2015. We also have subsidiaries in Ireland, the United Kingdom (U.K.), Australia and Brazil. These subsidiaries and their branches, are not under examination, but generally remain subject to examination in all applicable jurisdictions for tax years 2011 through 2015. The following table provides an analysis of our income tax expense and net tax assets: Year ended December 31, 2015 2014 2013 Current income tax expense United States $ 4,927 $ 8,411 $ 12,466 Europe 144 16,582 9,039 Other 5 1 — Deferred income tax expense (benefit) United States (267 ) 1,313 (13,976 ) Europe (1,781 ) (399 ) (526 ) Other — — (1 ) Total income tax expense $ 3,028 $ 25,908 $ 7,002 Net current tax receivables (payables) $ (69 ) $ (11,203 ) $ 5,689 Net deferred tax assets 104,762 89,405 80,258 Net tax assets $ 104,693 $ 78,202 $ 85,947 Deferred income taxes reflect the tax impact of temporary differences between the carrying amounts of assets and liabilities for financial reporting and income tax purposes. The significant components of our deferred tax assets and liabilities were as follows: At December 31, 2015 2014 Deferred tax assets: Discounting of loss reserves $ 50,928 $ 59,852 Unearned premiums 40,861 39,661 Net unrealized losses on investments 2,161 — Operating and capital loss carryforwards 36,080 26,016 Accruals not currently deductible 58,042 44,082 Other investment adjustments and impairments 917 4,001 Tax credits 12,961 15,412 Other deferred tax assets 2,261 1,324 Deferred tax assets before valuation allowance 204,211 190,348 Valuation allowance (40,331 ) (34,094 ) Deferred tax assets net of valuation allowance 163,880 156,254 Deferred tax liabilities: Deferred acquisition costs (41,170 ) (37,712 ) Net unrealized gains on investments — (12,792 ) Amortization of intangible assets and goodwill (11,972 ) (10,778 ) Accrued market discounts — (707 ) Equalization reserves (4,493 ) (3,554 ) Other deferred tax liabilities (1,483 ) (1,306 ) Deferred tax liabilities (59,118 ) (66,849 ) Net deferred tax assets $ 104,762 $ 89,405 Below is a summary of our total operating and capital loss carryforwards and tax credits: At December 31, 2015 2014 Operating and Capital Loss Carryforwards (1) Singapore (branch) operating loss carryforward $ 102,430 $ 109,871 Australia (branch) operating loss carryforward 121,575 68,357 Australia capital loss carryforward 4,207 4,207 United Kingdom operating loss carryforward 22,002 7,833 Switzerland (branch) operating loss carryforward 378 — Ireland operating loss carryforward 3,258 — Ireland capital loss carryforward 716 540 Tax Credits (1) Ireland foreign tax credit 6,073 7,647 United States alternative minimum tax credit $ 6,888 $ 7,765 (1) All operating and capital loss carryforwards and tax credits can be carried forward indefinitely. The following table provides an analysis of the movement in our valuation allowance: At December 31, 2015 2014 Income tax expense: Valuation allowance - beginning of year $ 34,865 $ 27,070 Operating loss carryforwards 6,809 3,044 Capital loss carryforwards — 1,262 Foreign tax credit (1,573 ) 3,194 Australian CTA and accruals and other foreign rate differentials 1,001 1,052 Change in investment-related items (771 ) (757 ) Valuation allowance - end of year 40,331 34,865 Accumulated other comprehensive income: Valuation allowance - beginning of year (771 ) (1,528 ) Change in investment-related items 771 757 Valuation allowance - end of year — (771 ) Total valuation allowance - end of year $ 40,331 $ 34,094 At December 31, 2015 and 2014 , we established a full valuation allowance on: (1) operating and capital loss carryforwards relating to operations in Australia and Singapore; (2) unutilized foreign tax credits available in Ireland and (3) certain other deferred tax assets related to branch operations. Although realization is not assured, management believes it is more likely than not that the tax benefit of the recorded net deferred tax assets will be realized. Other than the items discussed above, the remaining gross deferred tax assets relate substantially to our U.S. operations. In evaluating our ability to recover these tax assets within the jurisdiction from which they arise, we consider all available positive and negative evidence, including historical results, operating loss carryback potential and scheduled reversals of deferred tax liabilities. Our U.S. operations have produced significant taxable income in prior periods and have deferred tax liabilities that will reverse in future periods such that we believe sufficient ordinary taxable income is available to utilize all remaining ordinary deferred tax assets. In 2015 and 2014 , there were sufficient net unrealized gains or capital loss carryback potential to offset remaining impairments, therefore a valuation allowance on such impairments in the U.S., was not considered necessary. There were no unrecognized tax benefits at December 31, 2015 and 2014 . The following table presents the distribution of income before income taxes between domestic and foreign jurisdictions as well as a reconciliation of the actual income tax rate to the amount computed by applying the effective tax rate of 0% under Bermuda law to income before income taxes: Year ended December 31, 2015 2014 2013 Income before income taxes Bermuda (domestic) $ 652,235 $ 690,517 $ 625,490 Foreign (7,576 ) 139,955 108,977 Total income before income taxes $ 644,659 $ 830,472 $ 734,467 Reconciliation of effective tax rate (% of income before income taxes) Expected tax rate 0.0 % 0.0 % 0.0 % Foreign taxes at local expected rates: United States 0.8 % 1.8 % 2.1 % Europe (0.2 )% 1.5 % 1.0 % Other (0.3 )% — % 0.3 % Valuation allowance 1.2 % 1.1 % (0.7 )% Net tax exempt income (0.1 )% (0.7 )% (1.3 )% Other (0.9 )% (0.6 )% (0.4 )% Actual tax rate 0.5 % 3.1 % 1.0 %

OTHER COMPREHENSIVE LOSS

OTHER COMPREHENSIVE LOSS	12 Months Ended
	Dec. 31, 2015
Equity [Abstract]
OTHER COMPREHENSIVE LOSS	The tax effects allocated to each component of other comprehensive loss were as follows: Before Tax Amount Tax (Expense) Benefit Net of Tax Amount Year ended December 31, 2015 Available for sale investments: Unrealized investment losses arising during the year $ (280,512 ) $ 14,128 $ (266,384 ) Adjustment for reclassification of net realized investment gains (losses) and OTTI losses recognized in net income 145,766 (775 ) 144,991 Unrealized investment losses arising during the year, net of reclassification adjustment (134,746 ) 13,353 (121,393 ) Non-credit portion of OTTI losses — — — Foreign currency translation adjustment (21,498 ) — (21,498 ) Total other comprehensive loss $ (156,244 ) $ 13,353 $ (142,891 ) Year ended December 31, 2014 Available for sale investments: Unrealized investment losses arising during the year $ (22,704 ) $ (15,963 ) $ (38,667 ) Adjustment for reclassification of net realized investment gains and OTTI losses recognized in net income (141,172 ) 26,702 (114,470 ) Unrealized investment losses arising during the year, net of reclassification adjustment (163,876 ) 10,739 (153,137 ) Non-credit portion of OTTI losses — — — Foreign currency translation adjustment (10,262 ) — (10,262 ) Total other comprehensive loss $ (174,138 ) $ 10,739 $ (163,399 ) Year ended December 31, 2013 Available for sale investments: Unrealized investment losses arising during the year $ (169,614 ) $ 7,782 $ (161,832 ) Adjustment for reclassification of net realized investment gains and OTTI losses recognized in net income (67,156 ) 5,605 (61,551 ) Unrealized investment losses arising during the year, net of reclassification adjustment (236,770 ) 13,387 (223,383 ) Non-credit portion of OTTI losses — — — Foreign currency translation adjustment (21,414 ) — (21,414 ) Total other comprehensive loss $ (258,184 ) $ 13,387 $ (244,797 ) Reclassifications out of AOCI into net income available to common shareholders were as follows: Amount Reclassified from AOCI (1) Details About AOCI Components Consolidated Statement of Operations Line Item That Includes Reclassification Year ended December 31, 2015 2014 2013 Unrealized gains (losses) on available for sale investments Other realized investment gains (losses) $ (73,046 ) $ 172,399 $ 76,518 OTTI losses (72,720 ) (31,227 ) (9,362 ) Total before tax (145,766 ) 141,172 67,156 Tax (expense) benefit 775 (26,702 ) (5,605 ) Net of tax $ (144,991 ) $ 114,470 $ 61,551 (1) Amounts in parentheses are debits to net income available to common shareholders

STATUTORY FINANCIAL INFORMATION

STATUTORY FINANCIAL INFORMATION	12 Months Ended
	Dec. 31, 2015
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments [Abstract]
STATUTORY FINANCIAL INFORMATION	Our (re)insurance operations are subject to insurance and/or reinsurance laws and regulations in the jurisdictions in which they operate, the most significant of which include Bermuda, Ireland and the United States. These regulations include certain restrictions on the amount of dividends or other distributions, such as loans or cash advances, available to shareholders without prior approval of the insurance regulatory authorities. The statutory capital and surplus in each of our most significant regulatory jurisdictions at December 31, 2015 and 2014 was as follows: Bermuda Ireland United States At December 31, 2015 2014 2015 2014 2015 2014 Required statutory capital and surplus $ 1,948,833 $ 1,972,951 $ 282,857 $ 299,758 $ 412,990 $ 415,011 Available statutory capital and surplus $ 3,619,642 $ 3,729,925 $ 781,892 $ 788,882 $ 1,439,366 $ 1,443,032 Under the Insurance Act 1978, amendments thereto and Related Regulations of Bermuda (the "Act"), our Bermuda subsidiary, AXIS Specialty Bermuda is required to maintain minimum statutory capital and surplus equal to the greater of a minimum solvency margin ("MSM") and the Enhanced Capital Requirement ("ECR"). The MSM is the greater of $100 million , 50% of net written premiums or 15% of the net reserve for losses and loss adjustment expenses and the ECR is calculated based on either an internally developed risk-based capital model or a standard risk-based capital model developed by the Bermuda Monetary Authority. Under the Act, AXIS Specialty Bermuda is restricted as to the payment of dividends and/or distributions for amounts greater than 25% of the prior year’s statutory capital and surplus, whereby a signed affidavit by at least two members of the Board of Directors attesting that a dividend and/or distribution in excess of this amount would not cause the company to fail to meet its relevant margins is required. The maximum dividend/distribution AXIS Specialty Bermuda could pay, without a signed affidavit, having met minimum levels of statutory capital and surplus requirements, is approximately $905 million . Our Irish subsidiaries, AXIS Specialty Europe SE and AXIS Re SE, are required to maintain minimum levels of statutory and capital surplus. At December 31, 2015 , our subsidiaries were in compliance with these requirements. Our Irish subsidiaries may declare dividends out of retained earnings subject to meeting their solvency and capital requirements, which are to hold statutory capital and surplus equal to or exceeding the Required Solvency Margin ("RSM"). The RSM is calculated with reference to Solvency I regulations. The maximum dividend is limited to "profits available for distribution", which consists of accumulated realized profits less accumulated realized losses and statutory reserves. At December 31, 2015 , the maximum dividend our Irish subsidiaries could pay out of retained earnings, after obtaining prior approval from the Irish regulator, was approximately $184 million . Our U.S. operations required statutory capital and surplus is determined using risk based capital tests, which is the threshold that constitutes the authorized control level. If a company falls below the control level, the commissioner is authorized to take whatever regulatory actions may be considered necessary to protect policyholders and creditors. The maximum dividend that may be paid by our U.S. insurance subsidiaries is restricted by the regulatory requirements of the domiciliary states. Generally, the maximum dividend that may be paid by each of our U.S. insurance subsidiaries is limited to unassigned surplus (statutory equivalent of retained earnings) and may also be limited to statutory net income, net investment income or 10% of total statutory capital and surplus. At December 31, 2015 , the maximum dividend that our U.S. insurance operations could pay without regulatory approval was approximately $144 million . Our operating subsidiaries in Bermuda and the United States maintain branch offices in Singapore and Canada, respectively. Our Irish operating subsidiaries maintain branch offices in Switzerland, Australia and the United Kingdom. As branch offices are not considered separate entities for regulatory purposes, the required and actual statutory capital and surplus amounts for each jurisdiction in the table above include amounts related to the applicable branch offices. Our Singaporean, Australian and Canadian branch offices are subject to additional minimum capital or asset requirements in their countries of domicile. At December 31, 2015 and 2014 , the actual capital/assets for each of these branches exceeded the relevant local regulatory requirements. Total statutory net income of our operating subsidiaries was $457 million , $884 million , $766 million for 2015 , 2014 and 2013 , respectively. The differences between statutory financial statements and statements prepared in accordance with U.S. GAAP vary by jurisdiction; however, the primary differences are that statutory financial statements do not reflect deferred acquisition costs, certain net deferred tax assets, goodwill and intangible assets, unrealized appreciation or depreciation on debt securities or certain unauthorized reinsurance recoverables.

UNAUDITED CONDENSED QUARTERLY F

UNAUDITED CONDENSED QUARTERLY FINANCIAL DATA	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
UNAUDITED CONDENSED QUARTERLY FINANCIAL DATA	The following is an unaudited summary of our quarterly financial results: Quarters ended Mar 31 Jun 30 Sep 30 Dec 31 2015 Net premiums earned $ 904,053 $ 941,211 $ 919,341 $ 921,812 Net investment income 92,107 88,544 45,685 79,000 Net realized investment losses (42,553 ) (11,110 ) (69,957 ) (14,872 ) Underwriting income 100,790 56,848 56,245 88,358 Net income attributable to AXIS Capital 165,825 73,371 257,642 144,790 Net income available to common shareholders 155,803 63,349 247,620 134,787 Earnings per common share - basic $ 1.56 $ 0.63 $ 2.52 $ 1.40 Earnings per common share - diluted $ 1.54 $ 0.63 $ 2.50 $ 1.39 2014 Net premiums earned $ 945,949 $ 1,000,400 $ 966,138 $ 958,517 Net investment income 82,744 114,867 66,562 78,595 Net realized investment gains 10,620 33,261 77,448 10,779 Underwriting income 108,766 126,581 113,464 112,720 Net income attributable to AXIS Capital 147,249 200,686 289,126 173,685 Net income available to common shareholders 137,227 190,664 279,104 163,663 Earnings per common share - basic $ 1.26 $ 1.81 $ 2.71 $ 1.63 Earnings per common share - diluted $ 1.24 $ 1.79 $ 2.68 $ 1.60

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2015
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	Accelerated Share Repurchase Program On January 15, 2016, Goldman Sachs early terminated the ASR agreement and delivered 1,358,380 additional common shares to the Company. Refer to Note 13 ' Shareholders' Equity' for more information. Common Share Repurchases Subsequent to December 31, 2015, we repurchased an additional 1,809,574 common shares at an average price of $52.93 for a total consideration of $96 million under our Board of Directors authorized common share repurchase plan. At February 24, 2016, we have $654 million of remaining authorization under the common share repurchase program, which will expire on December 31, 2016. Series B Preferred Shares On January 27, 2016, we redeemed the remaining Series B preferred shares. Refer to Note 13 ' Shareholders' Equity' for more information.

SCHEDULE II - CONDENSED FINANCI

SCHEDULE II - CONDENSED FINANCIAL INFORMATION OF PARENT COMPANY	12 Months Ended
	Dec. 31, 2015
Condensed Financial Information of Parent Company Only Disclosure [Abstract]
Schedule II - Condensed Financial Information of Parent Company	AXIS CAPITAL HOLDINGS LIMITED CONDENSED BALANCE SHEETS – PARENT COMPANY DECEMBER 31, 2015 AND 2014 2015 2014 (in thousands) Assets Investments in subsidiaries on equity basis $ 5,943,182 $ 6,114,436 Cash and cash equivalents 8,098 7,041 Other assets 9,381 2,642 Total assets $ 5,960,661 $ 6,124,119 Liabilities Intercompany payable $ 32,837 $ 213,149 Dividends payable 52,237 48,197 Other liabilities 8,705 41,652 Total liabilities 93,779 302,998 Shareholders’ equity Preferred shares 627,843 627,843 Common shares (2015: 176,240; 2014: 175,478 shares issued and 2015: 96,066; 2014: 99,426 shares outstanding) 2,202 2,191 Additional paid-in capital 2,241,388 2,285,016 Accumulated other comprehensive loss (188,465 ) (45,574 ) Retained earnings 6,194,353 5,715,504 Treasury shares, at cost (2015: 80,174; 2014: 76,052 shares) (3,010,439 ) (2,763,859 ) Total shareholders’ equity 5,866,882 5,821,121 Total liabilities and shareholders’ equity $ 5,960,661 $ 6,124,119 (1) AXIS Capital has fully and unconditionally guaranteed all obligations of AXIS Specialty Finance LLC, a 100% owned finance subsidiary, related to the issuance of $500 million aggregate principal amount of 5.875% senior unsecured notes. AXIS Capital’s obligations under this guarantee are unsecured and senior and rank equally with all other senior obligations of AXIS Capital. (2) AXIS Capital has fully and unconditionally guaranteed all obligations of AXIS Specialty Finance PLC,, a 100% owned finance subsidiary, related to the issuance of $250 million aggregate principal amount of 2.65% and $250 million aggregate principal amount of 5.15% senior unsecured notes. AXIS Capital's obligations under this guarantee are unsecured and senior and rank equally with all other senior obligations of AXIS Capital. (3) AXIS Capital has fully and unconditionally guaranteed the obligations of AXIS Specialty Finance LLC, AXIS Specialty Finance PLC and AXIS Specialty Holdings Bermuda Limited related to the $250 million credit facility issued by a syndication of lenders. At December 31, 2015 and 2014 , debt outstanding under the credit facility was $ nil . (4) AXIS Capital has fully and unconditionally guaranteed the derivative instrument obligations of certain of its 100% owned operating subsidiaries. At December 31, 2015, the notional value of guaranteed obligations utilized aggregated to $70 million (2014: $ 68 million ). SCHEDULE II AXIS CAPITAL HOLDINGS LIMITED CONDENSED STATEMENTS OF OPERATIONS – PARENT COMPANY YEARS ENDED DECEMBER 31, 2015 , 2014 AND 2013 2015 2014 2013 (in thousands) Revenues Net investment income $ 1 $ 3 $ 5 Termination fee received 280,000 — — Total revenues 280,001 3 5 Expenses General and administrative expenses 8,012 57,998 40,565 Interest expense and financing costs — 26,749 29,201 Total expenses 8,012 84,747 69,766 Income (loss) before equity in net earnings of subsidiaries 271,989 (84,744 ) (69,761 ) Equity in net earnings of subsidiaries 369,642 895,489 797,226 Net income 641,631 810,745 727,465 Preferred share dividends 40,069 40,088 40,474 Loss on repurchase of preferred shares — — 3,081 Net income available to common shareholders $ 601,562 $ 770,657 $ 683,910 Comprehensive income $ 498,740 $ 641,165 $ 482,668 SCHEDULE II AXIS CAPITAL HOLDINGS LIMITED CONDENSED STATEMENTS OF CASH FLOWS – PARENT COMPANY YEARS ENDED DECEMBER 31, 2015 , 2014 AND 2013 2015 2014 2013 (in thousands) Cash flows from operating activities: Net income $ 641,631 $ 810,745 $ 727,465 Adjustments to reconcile net income to net cash provided by operating activities: Equity in net earnings of subsidiaries (369,642 ) (895,489 ) (797,226 ) Change in intercompany payable (180,312 ) 8,272 (38,375 ) Dividends received from subsidiaries 420,000 724,000 566,000 Other items (23,614 ) 53,865 34,803 Net cash provided by operating activities 488,063 701,393 492,667 Cash flows from investing activities: Capital repaid from subsidiary — 496,593 — Net cash provided by investing activities — 496,593 — Cash flows from financing activities: Repurchase of common shares (332,252 ) (543,202 ) (472,263 ) Dividends paid - common shares (118,652 ) (117,619 ) (118,426 ) Dividends paid - preferred shares (40,088 ) (40,088 ) (39,193 ) Proceeds from issuance of common shares 3,986 5,550 20,339 Redemption of senior notes — (500,000 ) — Net proceeds from issuance of preferred shares — — 218,449 Repurchase of preferred shares — — (100,000 ) Net cash used in financing activities (487,006 ) (1,195,359 ) (491,094 ) Increase in cash and cash equivalents 1,057 2,627 1,573 Cash and cash equivalents - beginning of year 7,041 4,414 2,841 Cash and cash equivalents - end of year $ 8,098 $ 7,041 $ 4,414 Supplemental disclosures of cash flow information: Interest paid $ — $ 28,750 $ 28,750

SCHEDULE III - SUPPLEMENTARY IN

SCHEDULE III - SUPPLEMENTARY INSURANCE INFORMATION	12 Months Ended
	Dec. 31, 2015
Supplementary Insurance Information [Abstract]
SUPPLEMENTARY INSURANCE INFORMATION	AXIS CAPITAL HOLDINGS LIMITED SUPPLEMENTARY INSURANCE INFORMATION At and year ended December 31, 2015 (in thousands) Deferred Acquisition Costs Reserve for Losses and Loss Expenses Unearned Premiums Net Premiums Earned Net Investment Income (1) Losses And Loss Expenses Amortization of Deferred Acquisition Costs Other Operating Expenses (2) Net Premiums Written Insurance $ 119,186 $ 5,291,218 $ 1,494,068 $ 1,798,191 $ — $ 1,154,928 $ 261,208 $ 341,658 $ 1,759,359 Reinsurance 352,596 4,355,067 1,266,821 1,888,226 — 1,021,271 456,904 145,253 1,915,307 Corporate — — — — 305,336 — — 109,910 — Total $ 471,782 $ 9,646,285 $ 2,760,889 $ 3,686,417 $ 305,336 $ 2,176,199 $ 718,112 $ 596,821 $ 3,674,666 At and year ended December 31, 2014 (in thousands) Deferred Acquisition Costs Reserve for Losses and Loss Expenses Unearned Premiums Net Premiums Earned Net Investment Income (1) Losses And Loss Expenses Amortization of Deferred Acquisition Costs Other Operating Expenses (2) Net Premiums Written Insurance $ 135,111 $ 5,063,147 $ 1,506,925 $ 1,830,544 $ — $ 1,131,880 $ 278,804 $ 341,214 $ 1,779,501 Reinsurance 331,876 4,533,650 1,228,451 2,040,455 — 1,054,842 458,393 144,987 2,127,474 Corporate — — — — 342,766 — — 135,675 — Total $ 466,987 $ 9,596,797 $ 2,735,376 $ 3,870,999 $ 342,766 $ 2,186,722 $ 737,197 $ 621,876 $ 3,906,975 At and year ended December 31, 2013 (in thousands) Deferred Acquisition Costs Reserve for Losses and Loss Expenses Unearned Premiums Net Premiums Earned Net Investment Income (1) Losses And Loss Expenses Amortization of Deferred Acquisition Costs Other Operating Expenses (2) Net Premiums Written Insurance $ 150,109 $ 4,873,184 $ 1,548,653 $ 1,722,762 $ — $ 1,050,402 $ 242,363 $ 347,684 $ 1,813,538 Reinsurance 306,013 4,708,956 1,135,196 1,984,303 — 1,083,793 421,828 137,450 2,114,662 Corporate — — — — 409,312 — — 90,256 — Total $ 456,122 $ 9,582,140 $ 2,683,849 $ 3,707,065 $ 409,312 $ 2,134,195 $ 664,191 $ 575,390 $ 3,928,200 (1) As we evaluate the underwriting results of each of our reportable segments separately from the results of our investment portfolio, we do not allocate net investment income to our reportable segments. (2) Amounts related to our reportable segments reflect underwriting-related general and administrative expenses, including those incurred directly by segment personnel and certain corporate overhead costs allocated based on estimated consumption, headcount and other variables deemed relevant. Other corporate overhead costs, which are are not incremental and/or directly attributable to our individual underwriting operations, are not allocated to our reportable segments and are presented separately as corporate expenses.

SCHEDULE IV - SUPPLEMENTARY REI

SCHEDULE IV - SUPPLEMENTARY REINSURANCE INFORMATION	12 Months Ended
	Dec. 31, 2015
Supplemental Schedule of Reinsurance Premiums for Insurance Companies [Abstract]
SUPPLEMENTARY REINSURANCE INFORMATION	AXIS CAPITAL HOLDINGS LIMITED SUPPLEMENTARY REINSURANCE INFORMATION YEARS ENDED DECEMBER 31, 2015 , 2014 AND 2013 (in thousands) DIRECT GROSS PREMIUM CEDED TO OTHER COMPANIES ASSUMED FROM OTHER COMPANIES NET AMOUNT PERCENTAGE OF AMOUNT ASSUMED TO NET 2015 Property and Casualty $ 1,901,757 $ 910,917 $ 2,350,680 $ 3,341,520 70.3 % Accident and Health 129,808 18,147 221,485 333,146 66.5 % Total $ 2,031,565 $ 929,064 $ 2,572,165 $ 3,674,666 70.0 % 2014 Property and Casualty $ 1,882,695 $ 786,555 $ 2,548,174 $ 3,644,314 69.9 % Accident and Health 127,279 17,989 153,371 262,661 58.4 % Total $ 2,009,974 $ 804,544 $ 2,701,545 $ 3,906,975 69.1 % 2013 Property and Casualty $ 1,920,203 $ 767,374 $ 2,508,363 $ 3,661,192 68.5 % Accident and Health 54,712 1,467 213,763 267,008 80.1 % Total $ 1,974,915 $ 768,841 $ 2,722,126 $ 3,928,200 69.3 %

SIGNIFICANT ACCOUNTING POLICI34

SIGNIFICANT ACCOUNTING POLICIES (POLICIES)	12 Months Ended
	Dec. 31, 2015
Policy Text Block [Abstract]
Basis of presentation	Tabular dollar and share amounts are in thousands, with the exception of per share amounts. All amounts are reported in U.S. dollars. These consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) and the rules and regulations of the United States Securities and Exchange Commission ("SEC") and include the accounts of AXIS Capital, its wholly-owned subsidiaries, and variable interest entities (“VIEs”) in which the Company is considered the primary beneficiary.
Consolidation/VIEs	All inter-company accounts and transactions have been eliminated. A VIE is an entity that either: (a) does not have equity investors with voting rights or (b) has equity investors that do not provide sufficient financial resources for the entity to support its activities. We are the primary beneficiary of a VIE if we have a controlling financial interest in the VIE, based on the following two characteristics: a) the power to direct the activities of the VIE that most significantly impact the economic performance of the VIE, and b) the obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE.
Use of estimates	The preparation of these consolidated financial statements requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. While management believes that the amounts included in the consolidated financial statements reflect its best estimates and assumptions, actual results could differ from those estimates. The Company’s principal estimates include: • reserve for losses and loss expenses; • reinsurance recoverable on unpaid losses, including the provision for uncollectible amounts; • gross and net premiums written and net premiums earned; • other-than-temporary impairments (“OTTI”) in the carrying value of available-for-sale investment securities; and • fair value measurements for our financial assets and liabilities.
Investments	Investments available for sale Our fixed maturities and equities classified as “available for sale” are reported at fair value at the balance sheet date. Refer to Note 6 ' Fair Value Measurements ' for additional information regarding the determination of fair value. The change in fair value (net unrealized gain or loss) on our available for sale investments, net of tax, is included as a separate component of accumulated other comprehensive income (loss) (“AOCI”) in shareholders’ equity. Net investment income includes interest and dividend income and the amortization of market premiums and discounts and is presented net of investment expenses. Investment income is recognized when earned. Purchases and sales of investments are recorded on a trade-date basis and realized gains/losses on sales of investments are determined based on the specific identification method. We recognize investment income from fixed maturities based on the constant effective yield method, which includes an adjustment for estimated principal repayments, if any. The effective yield used to determine the amortization for fixed maturities subject to prepayment risk (e.g. asset-backed, loan-backed and other structured securities) is recalculated and adjusted periodically based upon actual historical and/or projected future cash flows. The adjustments to the yield for highly-rated prepayable fixed maturities are accounted for using the retrospective method. The adjustments to the yield for other prepayable fixed maturities are accounted for using the prospective method. On a quarterly basis, we assess whether unrealized losses on available for sale investments represent impairments that are other than temporary. Several factors are considered in this assessment including, but not limited to: (i) the extent and duration of the decline, (ii) the reason for the decline (e.g. credit spread widening, credit event, foreign exchange rate movements), (iii) the historical and implied future volatility of the fair value, (iv) the financial condition and near-term prospects of the issuer and (v) the collateral structure and credit support of the security, if applicable. A fixed maturity is impaired when the fair value is below its amortized cost. For an impaired fixed maturity where we intend to sell the security or it is more likely than not that we will be required to sell the security before its anticipated recovery, the full amount of the impairment is charged to earnings and is included in net realized investment gains (losses). Where we intend to hold the impaired fixed maturity, we estimate the anticipated credit loss of the security and recognize only this portion of the impairment in earnings, with the remaining non-credit related balance of the impairment (i.e. related to interest rates, market conditions, etc.) recognized in AOCI. We impair an equity security in an unrealized loss position when we do not have the ability and intent to hold the security for a reasonable period of time to allow for a full recovery. The full impairment is charged to earnings and is included in net realized investment gains (losses). Upon recognition of an OTTI, the new cost basis for the security is the previous amortized cost for a fixed maturity or cost for an equity security less the OTTI recognized in earnings. The new cost basis is not adjusted for subsequent recoveries in fair value; except for fixed maturities whereby the difference between the new cost basis and the expected cash flows is accreted on a quarterly basis to net investment income over the remaining life of the fixed maturity. Mortgage loans held-for-investment Mortgage loans held-for-investment are stated at amortized cost calculated as the unpaid principal balance, adjusted for any unamortized premium or discount, deferred fees or expenses, and are net of valuation allowances. Interest income and prepayment fees are recognized when earned. Interest income is recognized using an effective yield method giving effect to the amortization of premiums and accretion of discounts. Other investments We record other investments at fair value (refer to Note 6 ' Fair Value Measurements '), with both changes in fair value and realized gains/losses reported in net investment income. Short-term investments Short-term investments primarily comprise highly-liquid debt securities with maturities greater than three months but less than one year from the date of purchase. These investments are carried at amortized cost, which approximates fair value.
Cash and cash equivalents	Cash equivalents include money-market funds and fixed interest deposits placed with a maturity of under 90 days when purchased. Cash and cash equivalents are recorded at amortized cost, which approximates fair value due to the short-term, liquid nature of these securities. Our restricted cash balance primarily relates to funds held in trust in support of our obligations in regulatory jurisdictions where we operate as a non-admitted carrier.
Premiums (gross premiums written)	Insurance premiums written are recorded in accordance with the terms of the underlying policies. Reinsurance premiums are recorded at the inception of the contract and are estimated based upon information received from ceding companies. For multi-year contracts where (re)insurance premiums are payable in annual installments, premiums are recorded at the inception of the contract based on management’s best estimate of total premiums to be received. However, premiums are normally recognized on an annual basis for multi-year contracts where the cedant has the ability to unilaterally commute or cancel coverage within the term of the policy. The remaining annual premiums are included as written at each successive anniversary date within the multi-year term. Any subsequent differences arising on insurance and reinsurance premium estimates are recorded in the period they are determined.
Premiums (net premiums earned)	(Re)insurance premiums are earned evenly over the period during which we are exposed to the underlying risk, which is generally one to two years with the exception of multi-year contracts. Unearned premiums represent the portion of premiums written which is applicable to the unexpired risks under contracts in force. Reinstatement premiums are recognized and earned at the time a loss event occurs, where the coverage limits for the remaining life of the contract are reinstated under pre-defined contract terms. The accrual of reinstatement premiums is based on our estimate of losses and loss adjustment expenses, which reflects management’s judgment, as described in Note 2(d) section ' Losses and Loss Expenses ' below.
Premiums (receivables)	Premiums receivable balances are reviewed for impairment at least quarterly and an allowance is established for amounts considered uncollectible. The need for charge-off of any amounts previously reserved as uncollectible is assessed on a quarterly basis.
Acquisition costs	Acquisition costs vary with and are directly related to the acquisition of (re)insurance contracts and consist primarily of fees and commissions paid to brokers and premium taxes. Premiums receivable are presented net of applicable acquisition costs when contract terms provide for the right of offset. Acquisition costs are shown net of commissions earned on ceded reinsurance. Our net acquisition costs are deferred and charged to expense as the related premium is earned. Anticipated losses and loss expenses, other costs and investment income related to these premiums are considered in assessing the recoverability of our deferred acquisition costs. If deferred amounts are estimated to be unrecoverable, they are expensed. Compensation expenses for personnel involved in contract acquisition, as well as advertising costs, are expensed as incurred.
Losses and loss expenses	Our reserve for losses and loss expenses represents an estimate of the unpaid portion of our ultimate liability for losses and loss expenses for (re)insured events that have occurred at or before the balance sheet date. The balance reflects both claims that have been reported to us (“case reserves”) and claims that have been incurred but not yet reported to us (“IBNR”). These amounts are reduced for estimated amounts of salvage and subrogation recoveries. We review our reserve for losses and loss expenses on a quarterly basis. Case reserves are primarily established based on amounts reported from insureds and/or their brokers. Management estimates IBNR after reviewing detailed actuarial analyses and applying informed judgment regarding qualitative factors that may not be fully captured in the actuarial estimates. A variety of actuarial methods are utilized in this process, including the Expected Loss Ratio, Bornhuetter-Ferguson and Chain Ladder methods. Our estimate is highly dependent on management’s judgment as to which method(s) are most appropriate for a particular accident year and class of business. Our historical claims data is often supplemented with industry benchmarks when applying these methodologies. Any adjustments to our previous reserve for losses and loss expenses estimates are recognized in the period they are determined. While we believe that our reserves for losses and loss expenses are adequate, this estimate requires significant judgment and new information, events or circumstances may result in ultimate losses that are materially greater or less than provided for in the Consolidated Balance Sheets.
Reinsurance	In the normal course of business, we purchase reinsurance protection to limit our ultimate losses from catastrophic events and to reduce our loss aggregation risk. The premiums paid to our reinsurers (i.e. premiums ceded) are expensed over the coverage period. Prepaid reinsurance premiums represent the portion of premiums ceded applicable to the unexpired term of the contracts in force. Reinstatement-related premiums ceded are recorded at the time a loss event occurs and our coverage limits for the remaining life of a contract are reinstated under pre-defined contract terms; such premiums are expensed over the remaining risk period. Reinsurance recoverable related to our case reserves is estimated on a case-by-case basis by applying the terms of any applicable reinsurance coverage to our individual case reserve estimates. Our estimate of reinsurance recoverable related to our IBNR reserves is generally developed as part of our loss reserving process. Our reinsurance recoverable is presented net of a provision for uncollectible amounts, reflecting the amount we believe will ultimately not be recovered due to reinsurer insolvency, contractual disputes and/or some other reason. We apply case-specific provisions against certain recoveries that we deem unlikely to be collected in full. In addition, we use a default analysis to estimate our provision for uncollectible amounts on the remainder of the balance. The estimates of our reinsurance recoverable and the associated provision require management’s judgment and are reviewed in detail on a quarterly basis. Any adjustments to amounts recognized in prior periods are reported in our net losses and loss expenses in the Consolidated Statements of Operations for the period when the adjustments were identified. The charge-off of amounts previously reserved as uncollectible is also considered on a case-by-case basis as part of this quarterly process.
Foreign exchange	The Company’s reporting currency is the U.S. dollar. In translating the financial statements of our subsidiaries or branches where the functional currency is other than the U.S. dollar, assets and liabilities are converted into U.S. dollars using the rates of exchange in effect at the balance sheet dates and revenues and expenses are converted using the weighted average foreign exchange rates for the period. The effect of translation adjustments is reported as a separate component of AOCI in shareholders’ equity. In recording foreign currency transactions, revenue and expense items are converted to the relevant functional currency at the exchange rate prevailing at the transaction date. Assets and liabilities originating in currencies other than the functional currency are translated into the functional currency at the rates of exchange in effect at the balance sheet date. The resulting foreign currency gains or losses are recognized in the Consolidated Statements of Operations, with the exception of those related to foreign-denominated available for sale investments. For these investments, exchange rate fluctuations represent an unrealized appreciation/depreciation in the value of the securities and are included in the related component of AOCI.
Share-based compensation	The Company is authorized to issue restricted stock awards and units, stock options and other equity-based awards to its employees and directors. The fair value of service-based awards is measured at the grant date, with the associated expense recognized on a straight-line basis over the service period. The fair value of performance-based awards ("PSUs") is measured at the grant date based on pre-established targets relating to certain performance based measures achieved by the Company, with the associated expense recognized on a straight-line basis over the applicable performance and vesting period. The compensation expense for PSUs is subject to a periodic review and adjustment taking into account actual performance of the Company. The fair value of the liability associated with cash-settled awards is re-measured at each balance sheet date, with the effects recognized as an increase or decrease to share-based compensation expense for the period. Forfeiture benefits are estimated at the time of grant and incorporated in the determination of share-based compensation expense.
Derivatives instruments	We may enter into derivative instruments such as futures, options, interest rate swaps and foreign currency forward contracts as part of our overall foreign currency risk management strategy, to obtain exposure to a particular financial market or for yield enhancement. During 2013, we began to write derivative based risk management products designed to address weather and commodity price risks, with the objective of generating profits on a portfolio basis. From time to time we may also enter into (re)insurance contracts that meet the FASB’s definition of a derivative contract. We measure all derivative instruments at fair value (see Note 6 ' Fair Value Measurements ') and recognize them as either assets or liabilities in the Consolidated Balance Sheets. Subsequent changes in fair value and any realized gains or losses are recognized in the Consolidated Statements of Operations.
Goodwill and intangible assets	We classify intangible assets into three categories: (1) intangible assets with finite lives subject to amortization, (2) intangible assets with indefinite lives not subject to amortization, and (3) goodwill. We amortize intangible assets with finite lives over their estimated useful lives in proportion to the estimated economic benefits of the intangible assets. We also test these assets for impairment if circumstances indicate that the carrying value may not be fully recoverable. Such circumstances may include an economic downturn in a geographic market or a change in the assessment of future operations. If, as a result of such an evaluation, we determine that the carrying value of the finite-lived intangible assets is not recoverable, the value of the assets will be reduced to fair value with the difference being expensed in the Consolidated Statements of Operations. Our intangible assets with indefinite lives include licenses held by certain subsidiaries in various jurisdictions that allow such subsidiaries to write insurance and/or reinsurance business. These intangible assets are carried at or below estimated fair value and are tested annually for impairment, either qualitatively or quantitatively, and between annual tests if events or changes in circumstances indicate that it is more likely than not that the asset is impaired. We have recorded goodwill in connection with certain acquisitions. Goodwill represents the excess of the cost of acquisitions over the fair value of the net assets acquired and is assigned to applicable reporting unit(s) on the acquisition date, based upon the expected benefit to be received by the reporting unit. We determine the expected benefit based on several factors, including the purpose of the business combination, our strategy subsequent to the business combination and the structure of the acquired company subsequent to the business combination. Goodwill is not subject to amortization. We test goodwill for potential impairment during the fourth quarter each year and between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit to a level below its carrying amount. We have the option to first make this assessment on a qualitative basis. Should we choose to forgo this option, or if our qualitative assessment indicates that fair value is more likely than not below carrying value, we conduct a quantitative two-step impairment evaluation at the reporting unit level. First, we identify potential impairment by comparing the estimated fair values of the reporting units to estimated book values, including goodwill. If the estimated fair value of a reporting unit exceeds the estimated book value, goodwill is not considered impaired. If the book value exceeds the estimated fair value, the second step compares the implied fair value of the reporting unit’s goodwill with the carrying amount of the goodwill in order to determine the magnitude of impairment to be recognized.
Income taxes	Certain subsidiaries and branches of the Company operate in jurisdictions where they are subject to taxation. Current and deferred income taxes are charged or credited to net income, or in certain cases to AOCI, based upon enacted tax laws and rates applicable in the relevant jurisdiction in the period in which the tax becomes accruable or realizable. Deferred income taxes are provided for all temporary differences between the bases of assets and liabilities used in the Consolidated Balance Sheets and those used in the various jurisdictional tax returns. When our assessment indicates that it is more likely than not that a portion of a deferred tax asset will not be realized in the foreseeable future, a valuation allowance against deferred tax assets is recorded. We recognize the tax benefits of uncertain tax positions only when the position is more-likely-than-not to be sustained upon audit by the relevant taxing authorities.
Treasury shares	Common shares repurchased by the Company and not subsequently canceled are classified as treasury shares and are recorded at cost. This results in a reduction of shareholders’ equity in the Consolidated Balance Sheets. When shares are reissued from treasury, we use the average cost method to determine the cost of the reissued shares. Gains on sales/reissuances of treasury shares are credited to additional paid-in capital, while losses are charged to additional paid-in capital to the extent that previous net gains from reissued treasury shares were included therein; otherwise losses are charged to retained earnings.
New Accounting Standards Adopted in 2015	Consolidation During the second quarter of 2015, the Company early adopted the Accounting Standards Update (“ASU”) 2015-02, “Amendments to the Consolidation Analysis” issued by the Financial Accounting Standards Board (the “FASB”). The adoption of this amended accounting guidance resulted in the Company concluding that it no longer had a variable interest in AXIS Ventures Reinsurance Limited (“Ventures Re”) and therefore it was no longer required to consolidate the results of operations and the financial position of Ventures Re in its Consolidated Financial Statements. The Company adopted this revised accounting guidance using the modified retrospective approach and ceased to consolidate Ventures Re effective as of January 1, 2015. There was no impact from the adoption of ASU 2015-02 on the Company’s cumulative retained earnings. Refer to Note 14 'Noncontrolling Interests' for more information. The new consolidation guidance did not have an impact on any other investments currently held by the Company.
Recently Issued Accounting Standards Not Yet Adopted	Revenue From Contracts With Customers In May 2014, the FASB issued new guidance on revenue recognition affecting any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards (for example, insurance contracts are not in scope of the new guidance). The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In August 2015, the FASB issued an ASU to defer the effective date for all entities by one year. This guidance is effective for reporting periods beginning after December 15, 2017, and early adoption is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. The Company is currently evaluating the impact of this guidance on our results of operations, financial condition and liquidity. Disclosures About Short-Duration Contracts In May 2015, the FASB issued new guidance making targeted improvements to existing disclosure requirements for short-duration contracts. The guidance requires insurance entities to disclose additional information about the liability for unpaid claims and claim adjustment expenses. The guidance is effective for annual periods beginning after December 15, 2015, and interim periods within annual periods beginning after December 15, 2016, with early adoption permitted. The guidance will be applied retrospectively. As the new guidance is disclosure-related only, the adoption of this guidance is not expected to impact our results of operations, financial condition or liquidity. Investments Measured Using The Net Asset Value Per Share ("NAV") Practical Expedient In May 2015, the FASB issued new guidance eliminating the requirement to categorize investments measured using the NAV practical expedient in the fair value hierarchy table. This guidance is effective for reporting periods beginning after December 15, 2015, with early adoption permitted. The guidance will be applied retrospectively. As the new guidance is disclosure-related only, the adoption of this guidance is not expected to impact our results of operations, financial condition or liquidity. Classification and Measurement of Financial Instruments In January 2016, the FASB issued new guidance making targeted amendments to guidance on classifying and measuring financial instruments. The guidance requires that equity investments (except those accounted for under the equity method of accounting, investments that are consolidated or those that meet a practicability exception) are measured at fair value with changes in fair value recognized in net income. The guidance also amends how entities present certain changes in fair value of financial liabilities, modifies certain disclosure requirements for financial instruments and clarifies that the valuation allowance on a deferred tax asset related to available-for-sale securities should be evaluated in combination with the entity’s other deferred tax assets. This guidance is effective for reporting periods beginning after December 15, 2017, including interim periods within those fiscal years, with early adoption permitted for certain of the amendments. The Company is assessing the impact of the guidance on our results of operations, financial condition and liquidity.

SEGMENT INFORMATION (TABLES)

SEGMENT INFORMATION (TABLES)	12 Months Ended
	Dec. 31, 2015
Segment Reporting [Abstract]
UNDERWRITING RESULTS OF REPORTABLE SEGMENTS	The following tables summarize the underwriting results of our reportable segments, as well as the carrying values of allocated goodwill and intangible assets: At and year ended December 31, 2015 Insurance Reinsurance Total Gross premiums written $ 2,583,081 $ 2,020,649 $ 4,603,730 Net premiums written 1,759,359 1,915,307 3,674,666 Net premiums earned 1,798,191 1,888,226 3,686,417 Other insurance related income (loss) 1,036 (3,989 ) (2,953 ) Net losses and loss expenses (1,154,928 ) (1,021,271 ) (2,176,199 ) Acquisition costs (261,208 ) (456,904 ) (718,112 ) General and administrative expenses (341,658 ) (145,253 ) (486,911 ) Underwriting income $ 41,433 $ 260,809 302,242 Corporate expenses (109,910 ) Net investment income 305,336 Net realized investment losses (138,491 ) Foreign exchange gains 102,312 Interest expense and financing costs (50,963 ) Termination fee received 280,000 Reorganization and related expenses (45,867 ) Income before income taxes $ 644,659 Net loss and loss expense ratio 64.2 % 54.1 % 59.0 % Acquisition cost ratio 14.5 % 24.2 % 19.5 % General and administrative expense ratio 19.1 % 7.7 % 16.2 % Combined ratio 97.8 % 86.0 % 94.7 % Goodwill and intangible assets $ 86,858 $ — $ 86,858 At and year ended December 31, 2014 Insurance Reinsurance Total Gross premiums written $ 2,535,415 $ 2,176,104 $ 4,711,519 Net premiums written 1,779,501 2,127,474 3,906,975 Net premiums earned 1,830,544 2,040,455 3,870,999 Other insurance related income (loss) (11 ) 661 650 Net losses and loss expenses (1,131,880 ) (1,054,842 ) (2,186,722 ) Acquisition costs (278,804 ) (458,393 ) (737,197 ) General and administrative expenses (341,214 ) (144,987 ) (486,201 ) Underwriting income $ 78,635 $ 382,894 461,529 Corporate expenses (135,675 ) Net investment income 342,766 Net realized investment gains 132,108 Foreign exchange gains 104,439 Interest expense and financing costs (74,695 ) Income before income taxes $ 830,472 Net loss and loss expense ratio 61.8 % 51.7 % 56.5 % Acquisition cost ratio 15.2 % 22.5 % 19.0 % General and administrative expense ratio 18.7 % 7.1 % 16.1 % Combined ratio 95.7 % 81.3 % 91.6 % Goodwill and intangible assets $ 88,960 $ — $ 88,960 At and year ended December 31, 2013 Insurance Reinsurance Total Gross premiums written $ 2,559,138 $ 2,137,903 $ 4,697,041 Net premiums written 1,813,538 2,114,662 3,928,200 Net premiums earned 1,722,762 1,984,303 3,707,065 Other insurance related income 2,436 1,988 4,424 Net losses and loss expenses (1,050,402 ) (1,083,793 ) (2,134,195 ) Acquisition costs (242,363 ) (421,828 ) (664,191 ) General and administrative expenses (347,684 ) (137,450 ) (485,134 ) Underwriting income $ 84,749 $ 343,220 427,969 Corporate expenses (90,256 ) Net investment income 409,312 Net realized investment gains 75,564 Foreign exchange losses (26,143 ) Interest expense and financing costs (61,979 ) Income before income taxes $ 734,467 Net loss and loss expense ratio 61.0 % 54.6 % 57.6 % Acquisition cost ratio 14.1 % 21.3 % 17.9 % General and administrative expense ratio 20.1 % 6.9 % 15.5 % Combined ratio 95.2 % 82.8 % 91.0 % Goodwill and intangible assets $ 89,528 $ — $ 89,528
GROSS PREMIUMS WRITTEN BY GEOGRAPHICAL LOCATION OF SUBSIDIARIES	The following table presents our gross premiums written by the geographical location of our subsidiaries: Year ended December 31, 2015 2014 2013 Bermuda $ 525,226 $ 618,273 $ 718,904 Europe 1,714,405 1,784,139 1,699,748 United States 2,364,099 2,309,107 2,278,389 Total gross premium written $ 4,603,730 $ 4,711,519 $ 4,697,041
NET PREMIUMS EARNED BY SEGMENT AND LINE OF BUSINESS	The following table presents our net premiums earned by segment and line of business: Year ended December 31, 2015 2014 2013 Insurance Property $ 432,587 $ 444,197 $ 462,364 Marine 183,696 178,229 179,057 Terrorism 36,818 35,876 39,298 Aviation 45,659 41,192 48,489 Credit and Political Risk 63,583 63,095 68,192 Professional Lines 596,430 629,365 586,200 Liability 161,614 146,819 110,623 Accident and Health 277,804 291,771 228,539 Total Insurance 1,798,191 1,830,544 1,722,762 Reinsurance Catastrophe 216,020 325,307 380,199 Property 306,083 312,443 350,970 Professional Lines 310,915 336,058 304,754 Credit and Surety 250,208 263,013 279,943 Motor 299,883 268,678 221,844 Liability 297,000 289,223 234,736 Agriculture 129,346 164,628 126,490 Engineering 61,043 61,143 66,243 Other 17,728 19,962 19,124 Total Reinsurance 1,888,226 2,040,455 1,984,303 Total $ 3,686,417 $ 3,870,999 $ 3,707,065

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS (TABLES)	12 Months Ended
	Dec. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
SCHEDULE OF GOODWILL AND INTANGIBLE ASSETS	The following table shows an analysis of goodwill and intangible assets: Goodwill Intangible assets with an indefinite life Intangible assets with a finite life Total Net balance at December 31, 2013 $ 46,422 $ 26,036 $ 17,070 $ 89,528 Amortization n/a n/a (1,982 ) (1,982 ) Foreign currency translation adjustment 726 — 688 1,414 Net balance at December 31, 2014 47,148 26,036 15,776 88,960 Acquisition of Ternian — — 13,330 13,330 Amortization n/a n/a (2,493 ) (2,493 ) Impairment charges — — (12,939 ) (12,939 ) Net balance at December 31, 2015 $ 47,148 $ 26,036 $ 13,674 $ 86,858 Gross balance at December 31, 2015 $ 42,237 $ 26,036 $ 29,166 $ 97,439 Accumulated amortization n/a n/a (15,492 ) (15,492 ) Foreign currency translation adjustment 4,911 — — 4,911 Net balance at December 31, 2015 $ 47,148 $ 26,036 $ 13,674 $ 86,858 n/a – not applicable

INVESTMENTS (TABLES)

INVESTMENTS (TABLES)	12 Months Ended
	Dec. 31, 2015
Investments, Debt and Equity Securities [Abstract]
AMORTIZED COST/COST AND FAIR VALUES OF FIXED MATURITIES AND EQUITIES	The amortized cost or cost and fair values of our fixed maturities and equities were as follows: Amortized Cost or Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Non-credit OTTI in AOCI (5) At December 31, 2015 Fixed maturities U.S. government and agency $ 1,673,617 $ 1,545 $ (23,213 ) $ 1,651,949 $ — Non-U.S. government 809,025 2,312 (72,332 ) 739,005 — Corporate debt 4,442,315 16,740 (96,286 ) 4,362,769 — Agency RMBS (1) 2,236,138 22,773 (9,675 ) 2,249,236 — CMBS (2) 1,088,595 3,885 (9,182 ) 1,083,298 — Non-Agency RMBS 99,989 1,992 (973 ) 101,008 (875 ) ABS (3) 1,387,919 952 (17,601 ) 1,371,270 — Municipals (4) 160,041 2,319 (1,146 ) 161,214 — Total fixed maturities $ 11,897,639 $ 52,518 $ (230,408 ) $ 11,719,749 $ (875 ) Equity securities Exchange-traded funds $ 447,524 $ 31,211 $ (4,762 ) $ 473,973 Bond mutual funds 128,252 — (4,227 ) 124,025 Total equity securities $ 575,776 $ 31,211 $ (8,989 ) $ 597,998 At December 31, 2014 Fixed maturities U.S. government and agency $ 1,645,068 $ 3,337 $ (28,328 ) $ 1,620,077 $ — Non-U.S. government 1,080,601 7,383 (54,441 ) 1,033,543 — Corporate debt 4,386,432 40,972 (66,280 ) 4,361,124 — Agency RMBS (1) 2,241,581 40,762 (4,235 ) 2,278,108 — CMBS (2) 1,085,618 13,289 (2,019 ) 1,096,888 — Non-Agency RMBS 71,236 2,765 (915 ) 73,086 (889 ) ABS (3) 1,475,026 2,748 (16,188 ) 1,461,586 — Municipals (4) 200,411 5,282 (832 ) 204,861 — Total fixed maturities $ 12,185,973 $ 116,538 $ (173,238 ) $ 12,129,273 $ (889 ) Equity securities Exchange-traded funds $ 416,063 $ 43,583 $ (4,756 ) $ 454,890 Bond mutual funds 115,585 — (2,768 ) 112,817 Total equity securities $ 531,648 $ 43,583 $ (7,524 ) $ 567,707 (1) Residential mortgage-backed securities (RMBS) originated by U.S. agencies. (2) Commercial mortgage-backed securities (CMBS). (3) Asset-backed securities (ABS) include debt tranched securities collateralized primarily by auto loans, student loans, credit cards, and other asset types. This asset class also includes collateralized loan obligations (CLOs) and collateralized debt obligations (CDOs). (4) Municipals include bonds issued by states, municipalities and political subdivisions. (5) Represents the non-credit component of the other-than-temporary impairment (OTTI) losses, adjusted for subsequent sales of securities. It does not include the change in fair value subsequent to the impairment measurement date.
CONTRACTUAL MATURITIES OF FIXED MATURITIES	The contractual maturities of fixed maturities are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Amortized Cost Fair Value % of Total Fair Value At December 31, 2015 Maturity Due in one year or less $ 291,368 $ 289,571 2.5 % Due after one year through five years 4,217,515 4,142,802 35.3 % Due after five years through ten years 2,263,684 2,181,525 18.6 % Due after ten years 312,431 301,039 2.6 % 7,084,998 6,914,937 59.0 % Agency RMBS 2,236,138 2,249,236 19.2 % CMBS 1,088,595 1,083,298 9.2 % Non-Agency RMBS 99,989 101,008 0.9 % ABS 1,387,919 1,371,270 11.7 % Total $ 11,897,639 $ 11,719,749 100.0 % At December 31, 2014 Maturity Due in one year or less $ 424,077 $ 423,265 3.5 % Due after one year through five years 4,925,780 4,892,411 40.3 % Due after five years through ten years 1,755,248 1,695,641 14.0 % Due after ten years 207,407 208,288 1.7 % 7,312,512 7,219,605 59.5 % Agency RMBS 2,241,581 2,278,108 18.8 % CMBS 1,085,618 1,096,888 9.0 % Non-Agency RMBS 71,236 73,086 0.6 % ABS 1,475,026 1,461,586 12.1 % Total $ 12,185,973 $ 12,129,273 100.0 %
FIXED MATURITIES AND EQUITIES IN AN UNREALIZED LOSS POSITION	The following table summarizes fixed maturities and equities in an unrealized loss position and the aggregate fair value and gross unrealized loss by length of time the security has continuously been in an unrealized loss position: 12 months or greater Less than 12 months Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses At December 31, 2015 Fixed maturities U.S. government and agency $ 84,179 $ (7,622 ) $ 1,474,202 $ (15,591 ) $ 1,558,381 $ (23,213 ) Non-U.S. government 170,269 (50,841 ) 317,693 (21,491 ) 487,962 (72,332 ) Corporate debt 340,831 (33,441 ) 2,845,375 (62,845 ) 3,186,206 (96,286 ) Agency RMBS 64,792 (1,609 ) 1,073,566 (8,066 ) 1,138,358 (9,675 ) CMBS 75,627 (1,579 ) 659,480 (7,603 ) 735,107 (9,182 ) Non-Agency RMBS 5,283 (210 ) 43,199 (763 ) 48,482 (973 ) ABS 562,599 (11,158 ) 667,448 (6,443 ) 1,230,047 (17,601 ) Municipals 14,214 (310 ) 64,104 (836 ) 78,318 (1,146 ) Total fixed maturities $ 1,317,794 $ (106,770 ) $ 7,145,067 $ (123,638 ) $ 8,462,861 $ (230,408 ) Equity securities Exchange-traded funds $ 2,331 $ (313 ) $ 110,972 $ (4,449 ) $ 113,303 $ (4,762 ) Bond mutual funds — — 124,025 (4,227 ) 124,025 (4,227 ) Total equity securities $ 2,331 $ (313 ) $ 234,997 $ (8,676 ) $ 237,328 $ (8,989 ) At December 31, 2014 Fixed maturities U.S. government and agency $ 388,551 $ (24,319 ) $ 786,850 $ (4,009 ) $ 1,175,401 $ (28,328 ) Non-U.S. government 143,602 (29,171 ) 435,670 (25,270 ) 579,272 (54,441 ) Corporate debt 26,708 (2,221 ) 2,199,672 (64,059 ) 2,226,380 (66,280 ) Agency RMBS 259,914 (3,084 ) 333,288 (1,151 ) 593,202 (4,235 ) CMBS 68,624 (925 ) 256,225 (1,094 ) 324,849 (2,019 ) Non-Agency RMBS 6,689 (613 ) 13,442 (302 ) 20,131 (915 ) ABS 425,663 (10,325 ) 750,679 (5,863 ) 1,176,342 (16,188 ) Municipals 34,462 (644 ) 25,284 (188 ) 59,746 (832 ) Total fixed maturities $ 1,354,213 $ (71,302 ) $ 4,801,110 $ (101,936 ) $ 6,155,323 $ (173,238 ) Equity securities Exchange-traded funds $ — $ — $ 91,275 $ (4,756 ) $ 91,275 $ (4,756 ) Bond mutual funds — — 112,817 (2,768 ) 112,817 (2,768 ) Total equity securities $ — $ — $ 204,092 $ (7,524 ) $ 204,092 $ (7,524 )
MORTGAGE LOANS NET OF VALUATION ALLOWANCE	The following table provides a breakdown of our mortgage loans held-for-investment: December 31, 2015 December 31, 2014 Carrying Value % of Total Carrying Value % of Total Mortgage Loans held-for-investment: Commercial $ 206,277 100 % $ — — % 206,277 100 % — — % Valuation allowances — — % — — % Total Mortgage Loans held-for-investment $ 206,277 100 % $ — — %
PORTFOLIO OF OTHER INVESTMENTS	The following tables provide a breakdown of our investments in hedge funds, direct lending funds and CLO Equities, together with additional information relating to the liquidity of each category: Fair Value Redemption Frequency (if currently eligible) Redemption Notice Period At December 31, 2015 Long/short equity funds $ 154,348 19 % Quarterly, Semi-annually, Annually 45-60 days Multi-strategy funds 355,073 43 % Quarterly, Semi-annually 60-95 days Event-driven funds 147,287 18 % Quarterly, Annually 45-60 days Leveraged bank loan funds 65 — % n/a n/a Direct lending funds 90,120 11 % n/a n/a Real estate funds 4,929 1 % n/a n/a CLO - Equities 64,934 8 % n/a n/a Total other investments $ 816,756 100 % At December 31, 2014 Long/short equity funds $ 298,907 31 % Quarterly, Semi-annually 30-60 days Multi-strategy funds 324,020 34 % Quarterly, Semi-annually 60-95 days Event-driven funds 185,899 19 % Quarterly, Annually 45-60 days Leveraged bank loan funds 9,713 1 % Quarterly 65 days Direct lending funds 54,438 6 % n/a n/a Real estate funds — — % n/a n/a CLO - Equities 92,488 9 % n/a n/a Total other investments $ 965,465 100 % n/a – not applicable
NET INVESTMENT INCOME	Net investment income was derived from the following sources: Year ended December 31, 2015 2014 2013 Fixed maturities $ 294,725 $ 296,663 $ 293,609 Other investments 20,148 57,621 128,814 Equity securities 11,289 11,832 10,897 Mortgage loans 1,861 — — Cash and cash equivalents 8,572 11,536 6,337 Short-term investments 439 725 1,181 Gross investment income 337,034 378,377 440,838 Investment expenses (31,698 ) (35,611 ) (31,526 ) Net investment income $ 305,336 $ 342,766 $ 409,312
NET REALIZED INVESTMENT GAINS (LOSSES)	The following table provides an analysis of net realized investment gains (losses): Year ended December 31, 2015 2014 2013 Gross realized gains Fixed maturities and short-term investments $ 60,102 $ 126,023 $ 120,932 Equities 19,113 149,783 54,564 Gross realized gains 79,215 275,806 175,496 Gross realized losses Fixed maturities and short-term investments (143,702 ) (86,943 ) (87,894 ) Equities (8,543 ) (15,925 ) (10,407 ) Gross realized losses (152,245 ) (102,868 ) (98,301 ) Net OTTI recognized in earnings (72,720 ) (31,227 ) (9,362 ) Change in fair value of investment derivatives (1) 7,259 (9,603 ) 7,731 Net realized investment gains (losses) $ (138,491 ) $ 132,108 $ 75,564 (1) Refer to Note 7 'Derivative Instruments
OTTI RECOGNIZED IN EARNINGS BY ASSET CLASS	The following table summarizes the OTTI recognized in earnings by asset class: Year ended December 31, 2015 2014 2013 Fixed maturities: Non-U.S. government $ 3,538 $ 17,291 $ 120 Corporate debt 47,029 8,107 5,802 Non-Agency RMBS 111 7 57 ABS 124 61 129 Municipals — 418 639 50,802 25,884 6,747 Equity Securities Common stocks — 741 2,092 Exchange-traded funds 10,732 4,602 523 Bond mutual funds 11,186 — — 21,918 5,343 2,615 Total OTTI recognized in earnings $ 72,720 $ 31,227 $ 9,362
ROLL FORWARD OF CREDIT LOSSES FOR WHICH A PORTION OF OTTI RECOGNIZED IN AOCI	The following table provides a roll forward of the credit losses (“credit loss table”), before income taxes, for which a portion of the OTTI was recognized in AOCI: Year ended December 31, 2015 2014 Balance at beginning of period $ 1,531 $ 1,594 Credit impairments recognized on securities not previously impaired — — Additional credit impairments recognized on securities previously impaired 33 — Change in timing of future cash flows on securities previously impaired — — Intent to sell of securities previously impaired — — Securities sold/redeemed/matured (58 ) (63 ) Balance at end of period $ 1,506 $ 1,531
RESTRICTED INVESTMENTS	The fair value of our restricted investments primarily relates to these items, as noted in the table below. Our restricted investments primarily consist of high-quality fixed maturity and short-term investment securities. At December 31, 2015 2014 Collateral in Trust for inter-company agreements $ 2,766,453 $ 2,792,461 Collateral for secured letter of credit facility 481,023 468,923 Collateral in Trust for third party agreements (1) 551,985 567,060 Securities on deposit with regulatory authorities 57,597 58,476 Total restricted investments $ 3,857,058 $ 3,886,920 (1) Includes $232 million ( 2014 : $245 million ) of fixed income securities deposited directly with Lloyd's to support the underwriting capacity of the Company's Lloyd's Syndicate, AXIS Syndicate 1686.

FAIR VALUE MEASUREMENTS (TABLES

FAIR VALUE MEASUREMENTS (TABLES)	12 Months Ended
	Dec. 31, 2015
Fair Value Disclosures [Abstract]
FINANCIAL INSTRUMENTS MEASURED AT FAIR VALUE ON A RECURRING BASIS	The table below presents the financial instruments measured at fair value on a recurring basis: Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Fair Value At December 31, 2015 Assets Fixed maturities U.S. government and agency $ 1,632,355 $ 19,594 $ — $ 1,651,949 Non-U.S. government — 739,005 — 739,005 Corporate debt — 4,324,251 38,518 4,362,769 Agency RMBS — 2,249,236 — 2,249,236 CMBS — 1,072,376 10,922 1,083,298 Non-Agency RMBS — 101,008 — 101,008 ABS — 1,371,270 — 1,371,270 Municipals — 161,214 — 161,214 1,632,355 10,037,954 49,440 11,719,749 Equity securities Exchange-traded funds 473,973 — — 473,973 Bond mutual funds — 124,025 — 124,025 473,973 124,025 — 597,998 Other investments Hedge funds — 181,632 475,141 656,773 Direct lending funds — — 90,120 90,120 Real estate funds — — 4,929 4,929 CLO-Equities — — 64,934 64,934 — 181,632 635,124 816,756 Short-term investments — 34,406 — 34,406 Derivative instruments (see Note 7) — 2,072 4,395 6,467 Insurance-linked securities — — 24,925 24,925 Total Assets $ 2,106,328 $ 10,380,089 $ 713,884 $ 13,200,301 Liabilities Derivative instruments (see Note 7) $ — $ 7,692 $ 10,937 $ 18,629 Cash settled awards (see Note 16) — 33,215 — 33,215 Total Liabilities $ — $ 40,907 $ 10,937 $ 51,844 At December 31, 2014 Assets Fixed maturities U.S. government and agency $ 1,497,922 $ 122,155 $ — $ 1,620,077 Non-U.S. government — 1,033,543 — 1,033,543 Corporate debt — 4,345,287 15,837 4,361,124 Agency RMBS — 2,278,108 — 2,278,108 CMBS — 1,079,125 17,763 1,096,888 Non-Agency RMBS — 73,086 — 73,086 ABS — 1,421,555 40,031 1,461,586 Municipals — 204,861 — 204,861 1,497,922 10,557,720 73,631 12,129,273 Equity securities Exchange-traded funds 454,890 — — 454,890 Bond mutual funds — 112,817 — 112,817 454,890 112,817 — 567,707 Other investments Hedge funds — 347,621 470,918 818,539 Direct lending funds — — 54,438 54,438 Real estate funds — — — — CLO-Equities — — 92,488 92,488 — 347,621 617,844 965,465 Short-term investments — 107,534 — 107,534 Derivative instruments (see Note 7) — 7,153 111 7,264 Insurance-linked securities — — — — Total Assets $ 1,952,812 $ 11,132,845 $ 691,586 $ 13,777,243 Liabilities Derivative instruments (see Note 7) $ — $ 3,041 $ 15,288 $ 18,329 Cash settled awards (see Note 16) — 20,518 — 20,518 Total Liabilities $ — $ 23,559 $ 15,288 $ 38,847
LEVEL 3 FAIR VALUE MEASUREMENT INPUTS	Except for hedge funds, direct lending funds, real estate funds and our CLO fund priced using NAV as a practical expedient and certain fixed maturities and insurance-linked securities priced using broker-dealer quotes (underlying inputs are not available), the following table quantifies the significant unobservable inputs we have used in estimating fair value at December 31, 2015 for our investments classified as Level 3 in the fair value hierarchy. Fair Value Valuation Technique Unobservable Input Range Weighted Average Other investments - CLO Equities $ 3,238 Discounted cash flow Default rates 4.0% 4.0% Loss severity rate 53.5% 53.5% Collateral spreads 3.2% - 3.5% 3.3% Estimated maturity dates 2.6 - 4.1 years 3.8 years $ 24,019 Liquidation value Fair value of collateral 100% 100% Discount margin 2.2% - 16.3% 5.0% Derivatives - Weather derivatives, net $ (6,542 ) Simulation model Weather curve 30 - 2,462 (1) n/a (2) Weather standard deviation 65 - 240 (1) n/a (2) (1) Measured in Heating Degree Days ("HDD") which is the number of degrees the daily temperature is below a reference temperature. The cumulative HDD for the duration of the derivatives contract is compared to the strike value to determine the necessary settlement. (2) Due to the diversity of the portfolio, the range of unobservable inputs is widespread; therefore, presentation of a weighted average is not useful. Weather parameters may include various temperature and/or precipitation measures that will naturally vary by geographic location of each counterparty's operations.
CHANGES IN LEVEL 3 FINANCIAL INSTRUMENTS MEASURED AT FAIR VALUE ON A RECURRING BASIS	The following tables present changes in Level 3 for financial instruments measured at fair value on a recurring basis for the periods indicated: Opening Balance Transfers into Level 3 Transfers out of Level 3 Included in earnings (1) Included in OCI (2) Purchases Sales Settlements/ Distributions Closing Balance Change in unrealized investment gain/loss (3) Year ended December 31, 2015 Fixed maturities Corporate debt $ 15,837 $ — $ (7,903 ) $ (49 ) $ 88 $ 39,225 $ (1,723 ) $ (6,957 ) $ 38,518 $ — CMBS 17,763 5,072 (9,902 ) — (647 ) — — (1,364 ) 10,922 — ABS 40,031 — (39,951 ) — 102 — — (182 ) — — 73,631 5,072 (57,756 ) (49 ) (457 ) 39,225 (1,723 ) (8,503 ) 49,440 — Other investments Hedge funds 470,918 — (23,813 ) 16,013 — 42,500 — (30,477 ) 475,141 9,773 Direct lending funds 54,438 — — 4,509 — 35,564 — (4,391 ) 90,120 4,509 Real estate funds — — — (571 ) — 5,500 — — 4,929 (571 ) CLO-Equities 92,488 — — (1,740 ) — — — (25,814 ) 64,934 (1,740 ) 617,844 — (23,813 ) 18,211 — 83,564 — (60,682 ) 635,124 11,971 Other assets Derivative instruments 111 — — 2,555 — 1,865 — (136 ) 4,395 3,580 Insurance-linked securities — — — (75 ) — 25,000 — — 24,925 (75 ) 111 — — 2,480 — 26,865 — (136 ) 29,320 3,505 Total assets $ 691,586 $ 5,072 $ (81,569 ) $ 20,642 $ (457 ) $ 149,654 $ (1,723 ) $ (69,321 ) $ 713,884 $ 15,476 Other liabilities Derivative instruments 15,288 — — (3,208 ) — 4,795 — (5,938 ) 10,937 8,337 Total liabilities $ 15,288 $ — $ — $ (3,208 ) $ — $ 4,795 $ — $ (5,938 ) $ 10,937 $ 8,337 Year ended December 31, 2014 Fixed maturities Corporate debt $ — $ — $ — $ — $ (95 ) $ 15,957 $ — $ (25 ) $ 15,837 $ — CMBS 4,018 9,447 — — 1,381 5,027 — (2,110 ) 17,763 — ABS 30,799 1,125 (6,165 ) — 2,350 39,800 — (27,878 ) 40,031 — 34,817 10,572 (6,165 ) — 3,636 60,784 — (30,013 ) 73,631 — Other investments Hedge funds 461,055 12,355 (32,255 ) 24,790 — 19,500 — (14,527 ) 470,918 24,651 Direct lending funds 22,134 — — 3,515 — 30,101 — (1,312 ) 54,438 3,515 Real estate funds — — — — — — — — — — CLO-Equities 73,866 — — 20,173 — 25,941 — (27,492 ) 92,488 20,173 557,055 12,355 (32,255 ) 48,478 — 75,542 — (43,331 ) 617,844 48,339 Other assets Derivative instruments 984 — — 5,112 — — — (5,985 ) 111 101 Insurance-linked securities — — — — — — — — — — 984 — — 5,112 — — — (5,985 ) 111 101 Total assets $ 592,856 $ 22,927 $ (38,420 ) $ 53,590 $ 3,636 $ 136,326 $ — $ (79,329 ) $ 691,586 $ 48,440 Other liabilities Derivative instruments 815 — — 10,604 — 12,715 — (8,846 ) 15,288 6,621 Total liabilities $ 815 $ — $ — $ 10,604 $ — $ 12,715 $ — $ (8,846 ) $ 15,288 $ 6,621 (1) Gains and losses included in earnings on fixed maturities are included in net realized investment gains (losses). Gains and (losses) included in earnings on other investments are included in net investment income. Gains (losses) on weather derivatives included in earnings are included in other insurance-related income. (2) Gains and losses included in other comprehensive income (“OCI”) on fixed maturities are included in unrealized gains (losses) arising during the period. (3) Change in unrealized investment gain/(loss) relating to assets held at the reporting date.

DERIVATIVE INSTRUMENTS (TABLES)

DERIVATIVE INSTRUMENTS (TABLES)	12 Months Ended
	Dec. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
LOCATION AND AMOUNTS OF DERIVATIVE FAIR VALUES ON THE CONSOLIDATED BALANCE SHEET	The following table summarizes the balance sheet classification of derivatives recorded at fair value. The notional amount of derivative contracts represents the basis upon which pay or receive amounts are calculated and is presented in the table to quantify the volume of our derivative activities. Notional amounts are not reflective of credit risk. None of our derivative instruments are designated as hedges under current accounting guidance. At December 31, 2015 At December 31, 2014 Derivative Notional Amount Asset Derivative Fair Value (1) Liability Derivative Fair Value (1) Derivative Notional Amount Asset Derivative Fair Value (1) Liability Derivative Fair Value (1) Relating to investment portfolio: Foreign exchange forward contracts $ 198,406 $ 490 $ 837 $ 161,678 $ 3,925 $ 12 Interest rate swaps — — — 140,000 — 248 Relating to underwriting portfolio: Foreign exchange forward contracts 692,023 1,582 6,855 577,836 3,228 2,781 Weather-related contracts 51,395 4,395 10,937 58,124 111 15,288 Commodity contracts — — — — — — Total derivatives $ 6,467 $ 18,629 $ 7,264 $ 18,329 (1) Asset and liability derivatives are classified within other assets and other liabilities on the Consolidated Balance Sheets.
RECONCILIATION OF GROSS DERIVATIVE ASSETS AND LIABILITIES TO NET AMOUNTS PRESENTED IN BALANCE SHEETS	The table below presents a reconciliation of our gross derivative assets and liabilities to the net amounts presented in our Consolidated Balance Sheets, with the difference being attributable to the impact of master netting agreements. December 31, 2015 December 31, 2014 Gross Amounts Gross Amounts Offset Net Amounts (1) Gross Amounts Gross Amounts Offset Net Amounts (1) Derivative assets $ 14,336 $ (7,869 ) $ 6,467 $ 15,125 $ (7,861 ) $ 7,264 Derivative liabilities $ 26,498 $ (7,869 ) $ 18,629 $ 26,190 $ (7,861 ) $ 18,329 (1) Net asset and liability derivatives are classified within other assets and other liabilities on the Consolidated Balance Sheets.
TOTAL UNREALIZED AND REALIZED GAINS (LOSSES) ON DERIVATIVES NOT DESIGNATED AS HEDGES RECORDED IN EARNINGS	The total unrealized and realized gains (losses) recognized in earnings for derivatives not designated as hedges were as follows: Location of Gain (Loss) Recognized in Income on Derivative Amount of Gain (Loss) Recognized in Income on Derivative 2015 2014 2013 Relating to investment portfolio: Foreign exchange forward contracts Net realized investment gains (losses) $ 11,265 $ 10,333 $ 10,843 Interest rate swaps Net realized investment gains (losses) (4,006 ) (19,936 ) (3,112 ) Relating to underwriting portfolio: Foreign exchange forward contracts Foreign exchange gains (losses) (25,412 ) (10,363 ) 1,690 Weather-related contracts Other insurance related income (loss) (3,005 ) (5,373 ) 1,987 Commodity contracts Other insurance related income (loss) (1,814 ) 8,328 — Total $ (22,972 ) $ (17,011 ) $ 11,408

RESERVE FOR LOSSES AND LOSS E40

RESERVE FOR LOSSES AND LOSS EXPENSES (TABLES)	12 Months Ended
	Dec. 31, 2015
Insurance Loss Reserves [Abstract]
COMPONENTS OF RESERVE FOR LOSSES AND LOSS EXPENSES	Our reserve for losses and loss expenses comprise the following: As of December 31, 2015 2014 Reserve for reported losses and loss expenses $ 3,253,080 $ 3,285,675 Reserve for losses incurred but not reported 6,393,205 6,311,122 Reserve for losses and loss expenses $ 9,646,285 $ 9,596,797
RECONCILIATION OF BEGINNING AND ENDING GROSS RESERVE FOR LOSSES AND LOSS EXPENSES AND NET RESERVE FOR UNPAID LOSSES AND LOSS EXPENSES	The following table presents a reconciliation of our beginning and ending gross reserve for losses and loss expenses and net reserve for unpaid losses and loss expenses for the years indicated: Year ended December 31, 2015 2014 2013 Gross reserve for losses and loss expenses, beginning of year $ 9,596,797 $ 9,582,140 $ 9,058,731 Less reinsurance recoverable on unpaid losses, beginning of year (1,890,280 ) (1,900,112 ) (1,825,617 ) Net reserve for unpaid losses and loss expenses, beginning of year 7,706,517 7,682,028 7,233,114 Net incurred losses and loss expenses related to: Current year 2,419,247 2,445,666 2,353,631 Prior years (243,048 ) (258,944 ) (219,436 ) 2,176,199 2,186,722 2,134,195 Net paid losses and loss expenses related to: Current year (343,063 ) (387,197 ) (318,006 ) Prior years (1,709,659 ) (1,544,664 ) (1,373,459 ) (2,052,722 ) (1,931,861 ) (1,691,465 ) Foreign exchange and other (215,018 ) (230,372 ) 6,184 Net reserve for unpaid losses and loss expenses, end of year 7,614,976 7,706,517 7,682,028 Reinsurance recoverable on unpaid losses, end of year 2,031,309 1,890,280 1,900,112 Gross reserve for losses and loss expenses, end of year $ 9,646,285 $ 9,596,797 $ 9,582,140
NET PRIOR YEAR RESERVE DEVELOPMENT BY SEGMENT	Such development is summarized by segment in the following table: Insurance Reinsurance Total Year ended December 31, 2015 $ 23,447 $ 219,601 $ 243,048 Year ended December 31, 2014 63,735 195,209 258,944 Year ended December 31, 2013 50,355 169,081 219,436

REINSURANCE (TABLES)

REINSURANCE (TABLES)	12 Months Ended
	Dec. 31, 2015
Reinsurance Disclosures [Abstract]
BREAKDOWN OF GROSS AND NET PREMIUMS WRITTEN AND EARNED	Gross and net premiums written and earned were as follows: Year ended December 31, 2015 2014 2013 Premiums written Premiums earned Premiums written Premiums earned Premiums written Premiums earned Gross $ 4,603,730 $ 4,567,953 $ 4,711,519 $ 4,652,345 $ 4,697,041 $ 4,459,269 Ceded (929,064 ) (881,536 ) (804,544 ) (781,346 ) (768,841 ) (752,204 ) Net $ 3,674,666 $ 3,686,417 $ 3,906,975 $ 3,870,999 $ 3,928,200 $ 3,707,065

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (TABLES)	12 Months Ended
	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
FUTURE MINIMUM LEASE PAYMENTS UNDER OPERATING LEASES	Future minimum lease payments under our leases are expected to be as follows: Year ended December 31, 2016 $ 25,386 2017 24,118 2018 21,559 2019 20,108 2020 15,627 Later years 44,513 Total future minimum lease payments $ 151,311

EARNINGS PER COMMON SHARE (TABL

EARNINGS PER COMMON SHARE (TABLES)	12 Months Ended
	Dec. 31, 2015
Earnings Per Share [Abstract]
BASIC AND DILUTED EARNINGS PER COMMON SHARE	The following table sets forth the comparison of basic and diluted earnings per common share: At and year ended December 31, 2015 2014 2013 Basic earnings per common share Net income $ 641,631 $ 804,564 $ 727,465 Less: amounts attributable from noncontrolling interests — (6,181 ) — Less: preferred share dividends 40,069 40,088 40,474 Less: loss on repurchase of preferred shares — — 3,081 Net income available to common shareholders $ 601,562 $ 770,657 $ 683,910 Weighted average common shares outstanding - basic (1) 98,609 104,368 113,636 Basic earnings per common share $ 6.10 $ 7.38 $ 6.02 Diluted earnings per common share Net income available to common shareholders $ 601,562 $ 770,657 $ 683,910 Weighted average common shares outstanding - basic (1) 98,609 104,368 113,636 Share-based compensation plans 1,020 1,345 1,692 Weighted average common shares outstanding - diluted (1) 99,629 105,713 115,328 Diluted earnings per common share $ 6.04 $ 7.29 $ 5.93 Anti-dilutive shares excluded from the dilutive computation 165 282 250 (1) On August 17, 2015 , the Company entered into an Accelerated Share Repurchase (“ASR”) agreement (refer to Note 13 'Shareholders' Equity' for additional detail). The weighted-average number of shares outstanding used in the computation of basic and diluted earnings per share reflects the Company’s receipt of 4,149,378 shares delivered to the Company on August 20, 2015 under the Company's ASR agreement.

SHAREHOLDERS' EQUITY (TABLES)

SHAREHOLDERS' EQUITY (TABLES)	12 Months Ended
	Dec. 31, 2015
Stockholders' Equity Note [Abstract]
COMMON SHARES ISSUED AND OUTSTANDING	The following table presents our common shares issued and outstanding, excluding restricted shares under our share-based compensation plans (refer to Note 16 ' Share-based Compensation' ): Year ended December 31, 2015 2014 2013 Shares issued, balance at beginning of year 175,478 174,134 171,867 Shares issued 762 1,344 2,267 Total shares issued at end of year 176,240 175,478 174,134 Treasury shares, balance at beginning of year (76,052 ) (64,649 ) (53,947 ) Shares repurchased (4,616 ) (11,752 ) (10,830 ) Shares reissued from treasury 494 349 128 Total treasury shares at end of year (80,174 ) (76,052 ) (64,649 ) Total shares outstanding 96,066 99,426 109,485
SHARE REPURCHASES	The following table presents our common share repurchase activities, which are held in treasury: Year ended December 31, 2015 2014 2013 In the open market: Total shares (1) 4,264 11,317 7,362 Total cost $ 246,490 $ 524,168 $ 337,083 Average price per share (2) $ 57.80 $ 46.32 $ 45.79 From employees: (3) Total shares 352 435 468 Total cost $ 18,048 $ 19,034 $ 19,080 Average price per share (2) $ 51.34 $ 43.82 $ 40.75 From founding shareholder: (4) Total shares — — 3,000 Total cost $ — $ — $ 116,100 Average price per share (2) $ — $ — $ 38.70 Total Total shares 4,616 11,752 10,830 Total cost $ 264,538 $ 543,202 $ 472,263 Average price per share (2) $ 57.32 $ 46.22 $ 43.61 (1) Amounts in 2015 include 4,149,378 common shares acquired under the accelerated share repurchase program (see below for more detail). (2) Calculated using whole figures. (3) To satisfy withholding tax liabilities upon vesting of restricted stock, restricted stock units, and exercise of stock options. Share repurchases from employees are excluded from the authorized share repurchase plans noted above. (4) Represents privately negotiated repurchases of 3,000,000 of our common shares from Trident II, L.P and affiliated entities in 2013. Accelerated Share Repurchase Program On August 17, 2015 , the Company entered into an ASR agreement with Goldman, Sachs & Co. (“Goldman Sachs”) to repurchase an aggregate of $300 million of the Company’s common shares under an accelerated share repurchase program. During August 2015 , under the terms of this agreement, the Company paid $300 million to Goldman Sachs and initially repurchased 4,149,378 common shares. The initial shares acquired represented 80% of the $300 million total paid to Goldman Sachs and were calculated using the Company’s stock price at activation of the program. The ASR program is accounted for as an equity transaction. Accordingly, $240 million of shares repurchased are included as treasury shares in the Consolidated Balance Sheets with the remaining $60 million included as a reduction to additional paid-in capital until the completion of the ASR agreement. On January 15, 2016 , Goldman Sachs early terminated the ASR agreement and delivered 1,358,380 additional common shares to the Company. In total, the Company repurchased 5,507,758 common shares under the ASR agreement at an average price of $54.47 .

NONCONTROLLING INTERESTS (TABLE

NONCONTROLLING INTERESTS (TABLES)	12 Months Ended
	Dec. 31, 2015
Noncontrolling Interest [Abstract]
RECONCILIATION OF BEGINNING AND ENDING BALANCES OF NONCONTROLLING INTERESTS	The reconciliation of the beginning and ending balance of the noncontrolling interests in Ventures Re was as follows: Total 2015 2014 Balance at beginning of year $ 58,819 $ 50,000 Increase from issuance of preferred equity to noncontrolling interests — 25,000 Decrease from return of capital to noncontrolling interests — (10,000 ) Amounts attributable from noncontrolling interests — (6,181 ) Adjustment due to the adoption of revised accounting guidance effective January 1, 2015 (58,819 ) — Balance at end of year $ — $ 58,819

SHARE-BASED COMPENSATION (TABLE

SHARE-BASED COMPENSATION (TABLES)	12 Months Ended
	Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
RECONCILIATION OF BEGINNING AND ENDING BALANCE OF NONVESTED RESTRICTED STOCK (INCLUDING RSUS) TO BE SETTLED IN SHARES	The following table provides a reconciliation of the beginning and ending balance of nonvested restricted stock (including restricted stock units) for the year ended December 31, 2015 : Performance-based Stock Awards Service-based Stock Awards Number of Restricted Stock Weighted Average Grant Date Fair Value Number of Restricted Stock Weighted Average Grant Date Fair Value (1) Nonvested restricted stock - beginning of year 347 $ 37.34 2,768 $ 38.70 Granted 104 53.32 557 51.70 Vested — — (1,156 ) 36.31 Forfeited (250 ) 34.42 (215 ) 43.02 Nonvested restricted stock - end of year 201 $ 49.24 1,954 $ 43.34 (1) Fair value is based on the closing price of our common shares on the New York Stock Exchange on the day of the grant.
SUMMARY OF STOCK OPTIONS OUTSTANDING AND EXERCISABLE AND RELATED ACTIVITY FOR THE YEAR	The following is a summary of stock options outstanding and exercisable at December 31, 2015 and related activity for the year ended: Number of Stock Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding and exercisable - beginning of year 20 $ 28.02 Granted — — Exercised (20 ) 28.02 Expired — — Outstanding and exercisable - end of year — $ — 0.0 $ —

INCOME TAXES (TABLES)

INCOME TAXES (TABLES)	12 Months Ended
	Dec. 31, 2015
INCOME TAXES [Abstract]
SCHEDULE OF INCOME TAX EXPENSE AND NET TAX ASSETS	The following table provides an analysis of our income tax expense and net tax assets: Year ended December 31, 2015 2014 2013 Current income tax expense United States $ 4,927 $ 8,411 $ 12,466 Europe 144 16,582 9,039 Other 5 1 — Deferred income tax expense (benefit) United States (267 ) 1,313 (13,976 ) Europe (1,781 ) (399 ) (526 ) Other — — (1 ) Total income tax expense $ 3,028 $ 25,908 $ 7,002 Net current tax receivables (payables) $ (69 ) $ (11,203 ) $ 5,689 Net deferred tax assets 104,762 89,405 80,258 Net tax assets $ 104,693 $ 78,202 $ 85,947
SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES	The significant components of our deferred tax assets and liabilities were as follows: At December 31, 2015 2014 Deferred tax assets: Discounting of loss reserves $ 50,928 $ 59,852 Unearned premiums 40,861 39,661 Net unrealized losses on investments 2,161 — Operating and capital loss carryforwards 36,080 26,016 Accruals not currently deductible 58,042 44,082 Other investment adjustments and impairments 917 4,001 Tax credits 12,961 15,412 Other deferred tax assets 2,261 1,324 Deferred tax assets before valuation allowance 204,211 190,348 Valuation allowance (40,331 ) (34,094 ) Deferred tax assets net of valuation allowance 163,880 156,254 Deferred tax liabilities: Deferred acquisition costs (41,170 ) (37,712 ) Net unrealized gains on investments — (12,792 ) Amortization of intangible assets and goodwill (11,972 ) (10,778 ) Accrued market discounts — (707 ) Equalization reserves (4,493 ) (3,554 ) Other deferred tax liabilities (1,483 ) (1,306 ) Deferred tax liabilities (59,118 ) (66,849 ) Net deferred tax assets $ 104,762 $ 89,405
SUMMARY OF OPERATING AND CAPITAL LOSS CARRYFORWARDS AND TAX CREDITS	Below is a summary of our total operating and capital loss carryforwards and tax credits: At December 31, 2015 2014 Operating and Capital Loss Carryforwards (1) Singapore (branch) operating loss carryforward $ 102,430 $ 109,871 Australia (branch) operating loss carryforward 121,575 68,357 Australia capital loss carryforward 4,207 4,207 United Kingdom operating loss carryforward 22,002 7,833 Switzerland (branch) operating loss carryforward 378 — Ireland operating loss carryforward 3,258 — Ireland capital loss carryforward 716 540 Tax Credits (1) Ireland foreign tax credit 6,073 7,647 United States alternative minimum tax credit $ 6,888 $ 7,765 (1) All operating and capital loss carryforwards and tax credits can be carried forward indefinitely.
VALUATION ALLOWANCE ROLL FORWARD	The following table provides an analysis of the movement in our valuation allowance: At December 31, 2015 2014 Income tax expense: Valuation allowance - beginning of year $ 34,865 $ 27,070 Operating loss carryforwards 6,809 3,044 Capital loss carryforwards — 1,262 Foreign tax credit (1,573 ) 3,194 Australian CTA and accruals and other foreign rate differentials 1,001 1,052 Change in investment-related items (771 ) (757 ) Valuation allowance - end of year 40,331 34,865 Accumulated other comprehensive income: Valuation allowance - beginning of year (771 ) (1,528 ) Change in investment-related items 771 757 Valuation allowance - end of year — (771 ) Total valuation allowance - end of year $ 40,331 $ 34,094
EFFECTIVE TAX RATE RECONCILIATION	The following table presents the distribution of income before income taxes between domestic and foreign jurisdictions as well as a reconciliation of the actual income tax rate to the amount computed by applying the effective tax rate of 0% under Bermuda law to income before income taxes: Year ended December 31, 2015 2014 2013 Income before income taxes Bermuda (domestic) $ 652,235 $ 690,517 $ 625,490 Foreign (7,576 ) 139,955 108,977 Total income before income taxes $ 644,659 $ 830,472 $ 734,467 Reconciliation of effective tax rate (% of income before income taxes) Expected tax rate 0.0 % 0.0 % 0.0 % Foreign taxes at local expected rates: United States 0.8 % 1.8 % 2.1 % Europe (0.2 )% 1.5 % 1.0 % Other (0.3 )% — % 0.3 % Valuation allowance 1.2 % 1.1 % (0.7 )% Net tax exempt income (0.1 )% (0.7 )% (1.3 )% Other (0.9 )% (0.6 )% (0.4 )% Actual tax rate 0.5 % 3.1 % 1.0 %

OTHER COMPREHENSIVE LOSS (TABLE

OTHER COMPREHENSIVE LOSS (TABLES)	12 Months Ended
	Dec. 31, 2015
Equity [Abstract]
TAX EFFECTS ALLOCATED TO EACH COMPONENT OF OTHER COMPREHENSIVE LOSS	The tax effects allocated to each component of other comprehensive loss were as follows: Before Tax Amount Tax (Expense) Benefit Net of Tax Amount Year ended December 31, 2015 Available for sale investments: Unrealized investment losses arising during the year $ (280,512 ) $ 14,128 $ (266,384 ) Adjustment for reclassification of net realized investment gains (losses) and OTTI losses recognized in net income 145,766 (775 ) 144,991 Unrealized investment losses arising during the year, net of reclassification adjustment (134,746 ) 13,353 (121,393 ) Non-credit portion of OTTI losses — — — Foreign currency translation adjustment (21,498 ) — (21,498 ) Total other comprehensive loss $ (156,244 ) $ 13,353 $ (142,891 ) Year ended December 31, 2014 Available for sale investments: Unrealized investment losses arising during the year $ (22,704 ) $ (15,963 ) $ (38,667 ) Adjustment for reclassification of net realized investment gains and OTTI losses recognized in net income (141,172 ) 26,702 (114,470 ) Unrealized investment losses arising during the year, net of reclassification adjustment (163,876 ) 10,739 (153,137 ) Non-credit portion of OTTI losses — — — Foreign currency translation adjustment (10,262 ) — (10,262 ) Total other comprehensive loss $ (174,138 ) $ 10,739 $ (163,399 ) Year ended December 31, 2013 Available for sale investments: Unrealized investment losses arising during the year $ (169,614 ) $ 7,782 $ (161,832 ) Adjustment for reclassification of net realized investment gains and OTTI losses recognized in net income (67,156 ) 5,605 (61,551 ) Unrealized investment losses arising during the year, net of reclassification adjustment (236,770 ) 13,387 (223,383 ) Non-credit portion of OTTI losses — — — Foreign currency translation adjustment (21,414 ) — (21,414 ) Total other comprehensive loss $ (258,184 ) $ 13,387 $ (244,797 )
RECLASSIFICATIONS OUT OF AOCI INTO NET INCOME AVAILABLE TO COMMON SHAREHOLDERS	Reclassifications out of AOCI into net income available to common shareholders were as follows: Amount Reclassified from AOCI (1) Details About AOCI Components Consolidated Statement of Operations Line Item That Includes Reclassification Year ended December 31, 2015 2014 2013 Unrealized gains (losses) on available for sale investments Other realized investment gains (losses) $ (73,046 ) $ 172,399 $ 76,518 OTTI losses (72,720 ) (31,227 ) (9,362 ) Total before tax (145,766 ) 141,172 67,156 Tax (expense) benefit 775 (26,702 ) (5,605 ) Net of tax $ (144,991 ) $ 114,470 $ 61,551 (1) Amounts in parentheses are debits to net income available to common shareholders

STATUTORY FINANCIAL INFORMATI49

STATUTORY FINANCIAL INFORMATION (TABLES)	12 Months Ended
	Dec. 31, 2015
STATUTORY FINANCIAL INFORMATION [Abstract]
STATUTORY CAPITAL AND SURPLUS BY JURISDICTION	The statutory capital and surplus in each of our most significant regulatory jurisdictions at December 31, 2015 and 2014 was as follows: Bermuda Ireland United States At December 31, 2015 2014 2015 2014 2015 2014 Required statutory capital and surplus $ 1,948,833 $ 1,972,951 $ 282,857 $ 299,758 $ 412,990 $ 415,011 Available statutory capital and surplus $ 3,619,642 $ 3,729,925 $ 781,892 $ 788,882 $ 1,439,366 $ 1,443,032

UNAUDITED CONDENSED QUARTERLY50

UNAUDITED CONDENSED QUARTERLY FINANCIAL DATA (TABLES)	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
UNAUDITED SUMMARY OF QUARTERLY FINANCIAL RESULTS	The following is an unaudited summary of our quarterly financial results: Quarters ended Mar 31 Jun 30 Sep 30 Dec 31 2015 Net premiums earned $ 904,053 $ 941,211 $ 919,341 $ 921,812 Net investment income 92,107 88,544 45,685 79,000 Net realized investment losses (42,553 ) (11,110 ) (69,957 ) (14,872 ) Underwriting income 100,790 56,848 56,245 88,358 Net income attributable to AXIS Capital 165,825 73,371 257,642 144,790 Net income available to common shareholders 155,803 63,349 247,620 134,787 Earnings per common share - basic $ 1.56 $ 0.63 $ 2.52 $ 1.40 Earnings per common share - diluted $ 1.54 $ 0.63 $ 2.50 $ 1.39 2014 Net premiums earned $ 945,949 $ 1,000,400 $ 966,138 $ 958,517 Net investment income 82,744 114,867 66,562 78,595 Net realized investment gains 10,620 33,261 77,448 10,779 Underwriting income 108,766 126,581 113,464 112,720 Net income attributable to AXIS Capital 147,249 200,686 289,126 173,685 Net income available to common shareholders 137,227 190,664 279,104 163,663 Earnings per common share - basic $ 1.26 $ 1.81 $ 2.71 $ 1.63 Earnings per common share - diluted $ 1.24 $ 1.79 $ 2.68 $ 1.60

HISTORY (DETAILS)

HISTORY (DETAILS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Business Acquisition [Line Items]
Termination fee received	$ 280,000	$ 0	$ 0
PartnerRe [Member]
Business Acquisition [Line Items]
Gain on contract termination	315,000
Termination fee received	280,000
Amalgamation costs and expenses reimbursement	$ 35,000

SEGMENT INFORMATION (DETAILS)

SEGMENT INFORMATION (DETAILS) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015USD ($)	Sep. 30, 2015USD ($)	Jun. 30, 2015USD ($)	Mar. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Sep. 30, 2014USD ($)	Jun. 30, 2014USD ($)	Mar. 31, 2014USD ($)	Dec. 31, 2015USD ($)reportable_segment	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Segment Information [Line Items]
Number of reportable segments | reportable_segment									2
Gross premiums written									$ 4,603,730	$ 4,711,519	$ 4,697,041
Net premiums written									3,674,666	3,906,975	3,928,200
Net premiums earned	$ 921,812	$ 919,341	$ 941,211	$ 904,053	$ 958,517	$ 966,138	$ 1,000,400	$ 945,949	3,686,417	3,870,999	3,707,065
Other insurance related income (loss)									(2,953)	650	4,424
Net losses and loss expenses									(2,176,199)	(2,186,722)	(2,134,195)
Acquisition costs									(718,112)	(737,197)	(664,191)
General and administrative expenses									(596,821)	(621,876)	(575,390)
Underwriting income	88,358	56,245	56,848	100,790	112,720	113,464	126,581	108,766
Net investment income	79,000	45,685	88,544	92,107	78,595	66,562	114,867	82,744	305,336	342,766	409,312
Net realized investment gains (losses)	(14,872)	$ (69,957)	$ (11,110)	$ (42,553)	10,779	$ 77,448	$ 33,261	$ 10,620	(138,491)	132,108	75,564
Foreign exchange (losses) gains									102,312	104,439	(26,143)
Interest expense and financing costs									(50,963)	(74,695)	(61,979)
Termination fee received									280,000	0	0
Reorganization and related expenses									(45,867)	0	0
Income before income taxes									$ 644,659	$ 830,472	$ 734,467
Net loss and loss expense ratio									59.00%	56.50%	57.60%
Acquisition cost ratio									19.50%	19.00%	17.90%
General and administrative expense ratio									16.20%	16.10%	15.50%
Combined ratio									94.70%	91.60%	91.00%
Goodwill and intangible assets	86,858				88,960				$ 86,858	$ 88,960	$ 89,528
Insurance [Member]
Segment Information [Line Items]
Net premiums earned									1,798,191	1,830,544	1,722,762
Reinsurance [Member]
Segment Information [Line Items]
Net premiums earned									1,888,226	2,040,455	1,984,303
Operating Segments [Member]
Segment Information [Line Items]
Gross premiums written									4,603,730	4,711,519	4,697,041
Net premiums written									3,674,666	3,906,975	3,928,200
Net premiums earned									3,686,417	3,870,999	3,707,065
Other insurance related income (loss)									(2,953)	650	4,424
Net losses and loss expenses									(2,176,199)	(2,186,722)	(2,134,195)
Acquisition costs									(718,112)	(737,197)	(664,191)
General and administrative expenses									(486,911)	(486,201)	(485,134)
Underwriting income									302,242	461,529	427,969
Operating Segments [Member] | Insurance [Member]
Segment Information [Line Items]
Gross premiums written									2,583,081	2,535,415	2,559,138
Net premiums written									1,759,359	1,779,501	1,813,538
Net premiums earned									1,798,191	1,830,544	1,722,762
Other insurance related income (loss)									1,036	(11)	2,436
Net losses and loss expenses									(1,154,928)	(1,131,880)	(1,050,402)
Acquisition costs									(261,208)	(278,804)	(242,363)
General and administrative expenses									(341,658)	(341,214)	(347,684)
Underwriting income									$ 41,433	$ 78,635	$ 84,749
Net loss and loss expense ratio									64.20%	61.80%	61.00%
Acquisition cost ratio									14.50%	15.20%	14.10%
General and administrative expense ratio									19.10%	18.70%	20.10%
Combined ratio									97.80%	95.70%	95.20%
Goodwill and intangible assets	86,858				88,960				$ 86,858	$ 88,960	$ 89,528
Operating Segments [Member] | Reinsurance [Member]
Segment Information [Line Items]
Gross premiums written									2,020,649	2,176,104	2,137,903
Net premiums written									1,915,307	2,127,474	2,114,662
Net premiums earned									1,888,226	2,040,455	1,984,303
Other insurance related income (loss)									(3,989)	661	1,988
Net losses and loss expenses									(1,021,271)	(1,054,842)	(1,083,793)
Acquisition costs									(456,904)	(458,393)	(421,828)
General and administrative expenses									(145,253)	(144,987)	(137,450)
Underwriting income									$ 260,809	$ 382,894	$ 343,220
Net loss and loss expense ratio									54.10%	51.70%	54.60%
Acquisition cost ratio									24.20%	22.50%	21.30%
General and administrative expense ratio									7.70%	7.10%	6.90%
Combined ratio									86.00%	81.30%	82.80%
Goodwill and intangible assets	$ 0				$ 0				$ 0	$ 0	$ 0
Corporate, Non-Segment [Member]
Segment Information [Line Items]
General and administrative expenses									(109,910)	(135,675)	(90,256)
Significant Reconciling Items [Member]
Segment Information [Line Items]
Net investment income									305,336	342,766	409,312
Net realized investment gains (losses)									(138,491)	132,108	75,564
Foreign exchange (losses) gains									102,312	104,439	(26,143)
Interest expense and financing costs									(50,963)	$ (74,695)	$ (61,979)
Termination fee received									280,000
Reorganization and related expenses									$ (45,867)

SEGMENT INFORMATION (DETAILS 2)

SEGMENT INFORMATION (DETAILS 2) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Revenues From External Customers By Geographic Location Of Subsidiary [Line Items]
Gross premiums written	$ 4,603,730	$ 4,711,519	$ 4,697,041
Bermuda [Member]
Revenues From External Customers By Geographic Location Of Subsidiary [Line Items]
Gross premiums written	525,226	618,273	718,904
Europe [Member]
Revenues From External Customers By Geographic Location Of Subsidiary [Line Items]
Gross premiums written	1,714,405	1,784,139	1,699,748
United States [Member]
Revenues From External Customers By Geographic Location Of Subsidiary [Line Items]
Gross premiums written	$ 2,364,099	$ 2,309,107	$ 2,278,389

SEGMENT INFORMATION (DETAILS 3)

SEGMENT INFORMATION (DETAILS 3) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Revenue from External Customer [Line Items]
Net premiums earned	$ 921,812	$ 919,341	$ 941,211	$ 904,053	$ 958,517	$ 966,138	$ 1,000,400	$ 945,949	$ 3,686,417	$ 3,870,999	$ 3,707,065
Insurance [Member]
Revenue from External Customer [Line Items]
Net premiums earned									1,798,191	1,830,544	1,722,762
Insurance [Member] | Property [Member]
Revenue from External Customer [Line Items]
Net premiums earned									432,587	444,197	462,364
Insurance [Member] | Marine [Member]
Revenue from External Customer [Line Items]
Net premiums earned									183,696	178,229	179,057
Insurance [Member] | Terrorism [Member]
Revenue from External Customer [Line Items]
Net premiums earned									36,818	35,876	39,298
Insurance [Member] | Aviation [Member]
Revenue from External Customer [Line Items]
Net premiums earned									45,659	41,192	48,489
Insurance [Member] | Credit and political risk [Member]
Revenue from External Customer [Line Items]
Net premiums earned									63,583	63,095	68,192
Insurance [Member] | Professional lines [Member]
Revenue from External Customer [Line Items]
Net premiums earned									596,430	629,365	586,200
Insurance [Member] | Liability [Member]
Revenue from External Customer [Line Items]
Net premiums earned									161,614	146,819	110,623
Insurance [Member] | Accident and health [Member]
Revenue from External Customer [Line Items]
Net premiums earned									277,804	291,771	228,539
Reinsurance [Member]
Revenue from External Customer [Line Items]
Net premiums earned									1,888,226	2,040,455	1,984,303
Reinsurance [Member] | Catastrophe [Member]
Revenue from External Customer [Line Items]
Net premiums earned									216,020	325,307	380,199
Reinsurance [Member] | Property [Member]
Revenue from External Customer [Line Items]
Net premiums earned									306,083	312,443	350,970
Reinsurance [Member] | Professional lines [Member]
Revenue from External Customer [Line Items]
Net premiums earned									310,915	336,058	304,754
Reinsurance [Member] | Credit and surety [Member]
Revenue from External Customer [Line Items]
Net premiums earned									250,208	263,013	279,943
Reinsurance [Member] | Motor [Member]
Revenue from External Customer [Line Items]
Net premiums earned									299,883	268,678	221,844
Reinsurance [Member] | Liability [Member]
Revenue from External Customer [Line Items]
Net premiums earned									297,000	289,223	234,736
Reinsurance [Member] | Agriculture [Member]
Revenue from External Customer [Line Items]
Net premiums earned									129,346	164,628	126,490
Reinsurance [Member] | Engineering [Member]
Revenue from External Customer [Line Items]
Net premiums earned									61,043	61,143	66,243
Reinsurance [Member] | Other [Member]
Revenue from External Customer [Line Items]
Net premiums earned									$ 17,728	$ 19,962	$ 19,124

GOODWILL AND INTANGIBLE ASSET55

GOODWILL AND INTANGIBLE ASSETS (DETAILS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015
Goodwill [Roll Forward]
Goodwill net balance, opening	$ 47,148	$ 46,422
Acquisition of Ternian, goodwill	0
Foreign currency translation adjustment, goodwill		726
Impairment charges, goodwill	0
Goodwill net balance, closing	47,148	47,148
Goodwill, gross			$ 42,237
Accumulated foreign currency translation adjustment, goodwill			4,911
Goodwill, net	47,148	46,422	47,148
Intangible Assets with an Indefinite Life [Roll Forward]
Intangible assets with an indefinite life net balance, opening	26,036	26,036
Acquisition of Ternian, intangible assets with an indefinite life	0
Foreign currency translation adjustment, intangible assets with an indefinite life		0
Impairment charges, intangible assets with an indefinite life	0
Intangible assets with an indefinite life net balance, closing	26,036	26,036
Intangible assets with an indefinite life, gross			26,036
Accumulated foreign currency translation adjustment, intangible assets with an indefinite life			0
Intangible assets with an indefinite life, net	26,036	26,036	26,036
Intangible Assets with a Finite Life [Roll Forward]
Intangible assets with a finite life net balance, opening	15,776	17,070
Amortization, intangible assets with a finite life	(2,493)	(1,982)
Foreign currency translation adjustment, intangible assets with a finite life		688
Intangible assets with a finite life net balance, closing	13,674	15,776
Intangible assets with a finite life, gross			29,166
Accumulated amortization, intangible assets with a finite life			(15,492)
Accumulated foreign currency translation adjustment, intangible assets with a finite life			0
Intangible assets with a finite life, net	15,776	17,070	13,674
Goodwill and Intangible Assets [Roll Forward]
Goodwill and intangible assets net balance, opening	88,960	89,528
Amortization, intangible assets with a finite life	(2,493)	(1,982)
Foreign currency translation adjustment, goodwill and intangible assets		1,414
Goodwill and intangible assets net balance, closing	86,858	88,960
Goodwill and intangible assets, gross			97,439
Accumulated amortization, intangible assets with a finite life			(15,492)
Accumulated foreign currency translation, goodwill and intangible assets			4,911
Goodwill and intangible assets, net	88,960	$ 89,528	$ 86,858
Ternian [Member]
Intangible Assets with a Finite Life [Roll Forward]
Acquisition of Ternian, intangible assets with a finite life	13,330
Goodwill and Intangible Assets [Roll Forward]
Acquisition of Ternian, goodwill and intangible assets	13,330
Australian Acquiree [Member]
Intangible Assets with a Finite Life [Roll Forward]
Impairment charges, intangible assets with a finite life	(12,939)
Goodwill and Intangible Assets [Roll Forward]
Impairment charges, goodwill and intangible assets	$ (12,939)

GOODWILL AND INTANGIBLE ASSET56

GOODWILL AND INTANGIBLE ASSETS (DETAILS 2) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2009
Finite-Lived Intangible Assets [Line Items]
Intangible assets with a finite life - future amortization in year one	$ 2
Intangible assets with a finite life - future amortization in year two	2
Intangible assets with a finite life - future amortization in year three	2
Intangible assets with a finite life - future amortization in year four	1
Intangible assets with a finite life - future amortization in year five	$ 1
Minimum [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets with a finite life - remaining useful life	3 years
Maximum [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets with a finite life - remaining useful life	9 years
Australian Acquiree [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets with a finite life - remaining useful life		30 years

INVESTMENTS (DETAILS)

INVESTMENTS (DETAILS) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	$ 11,897,639	$ 12,185,973
Gross Unrealized Gains (fixed maturities)	52,518	116,538
Gross Unrealized Losses (fixed maturities)	(230,408)	(173,238)
Fair Value (fixed maturities)	11,719,749	12,129,273
Non-credit OTTI in AOCI	(875)	(889)
Cost	575,776	531,648
Gross Unrealized Gains (equities)	31,211	43,583
Gross Unrealized Losses (equities)	(8,989)	(7,524)
Fair Value (equities)	597,998	567,707
US Government and Agency [Member]
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	1,673,617	1,645,068
Gross Unrealized Gains (fixed maturities)	1,545	3,337
Gross Unrealized Losses (fixed maturities)	(23,213)	(28,328)
Fair Value (fixed maturities)	1,651,949	1,620,077
Non-credit OTTI in AOCI	0	0
Non-US Government [Member]
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	809,025	1,080,601
Gross Unrealized Gains (fixed maturities)	2,312	7,383
Gross Unrealized Losses (fixed maturities)	(72,332)	(54,441)
Fair Value (fixed maturities)	739,005	1,033,543
Non-credit OTTI in AOCI	0	0
Corporate Debt [Member]
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	4,442,315	4,386,432
Gross Unrealized Gains (fixed maturities)	16,740	40,972
Gross Unrealized Losses (fixed maturities)	(96,286)	(66,280)
Fair Value (fixed maturities)	4,362,769	4,361,124
Non-credit OTTI in AOCI	0	0
Agency RMBS [Member]
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	2,236,138	2,241,581
Gross Unrealized Gains (fixed maturities)	22,773	40,762
Gross Unrealized Losses (fixed maturities)	(9,675)	(4,235)
Fair Value (fixed maturities)	2,249,236	2,278,108
Non-credit OTTI in AOCI	0	0
CMBS [Member]
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	1,088,595	1,085,618
Gross Unrealized Gains (fixed maturities)	3,885	13,289
Gross Unrealized Losses (fixed maturities)	(9,182)	(2,019)
Fair Value (fixed maturities)	1,083,298	1,096,888
Non-credit OTTI in AOCI	0	0
Non-Agency RMBS [Member]
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	99,989	71,236
Gross Unrealized Gains (fixed maturities)	1,992	2,765
Gross Unrealized Losses (fixed maturities)	(973)	(915)
Fair Value (fixed maturities)	101,008	73,086
Non-credit OTTI in AOCI	(875)	(889)
ABS [Member]
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	1,387,919	1,475,026
Gross Unrealized Gains (fixed maturities)	952	2,748
Gross Unrealized Losses (fixed maturities)	(17,601)	(16,188)
Fair Value (fixed maturities)	1,371,270	1,461,586
Non-credit OTTI in AOCI	0	0
Municipals [Member]
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	160,041	200,411
Gross Unrealized Gains (fixed maturities)	2,319	5,282
Gross Unrealized Losses (fixed maturities)	(1,146)	(832)
Fair Value (fixed maturities)	161,214	204,861
Non-credit OTTI in AOCI	0	0
Exchange-Traded Funds [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost	447,524	416,063
Gross Unrealized Gains (equities)	31,211	43,583
Gross Unrealized Losses (equities)	(4,762)	(4,756)
Fair Value (equities)	473,973	454,890
Bond Mutual Funds [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost	128,252	115,585
Gross Unrealized Gains (equities)	0	0
Gross Unrealized Losses (equities)	(4,227)	(2,768)
Fair Value (equities)	$ 124,025	$ 112,817

INVESTMENTS (DETAILS 2)

INVESTMENTS (DETAILS 2) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Schedule Of Available For Sale Securities [Line Items]
Due in one year or less (amortized cost)	$ 291,368	$ 424,077
Due after one year through five years (amortized cost)	4,217,515	4,925,780
Due after five years through ten years (amortized cost)	2,263,684	1,755,248
Due after ten years (amortized cost)	312,431	207,407
Total fixed maturities with a single maturity date (amortized cost)	7,084,998	7,312,512
Total (amortized cost)	11,897,639	12,185,973
Due in one year or less (fair value)	289,571	423,265
Due after one year through five years (fair value)	4,142,802	4,892,411
Due after five years through ten years (fair value)	2,181,525	1,695,641
Due after ten years (fair value)	301,039	208,288
Total fixed maturities with a single maturity date (fair value)	6,914,937	7,219,605
Fair Value (fixed maturities)	$ 11,719,749	$ 12,129,273
Due in one year or less (% of total fair value)	2.50%	3.50%
Due after one year through five years (% of total fair value)	35.30%	40.30%
Due after five years through ten years (% of total fair value)	18.60%	14.00%
Due after ten years (% of total fair value)	2.60%	1.70%
Fixed maturities with single maturity date (% of total fair value)	59.00%	59.50%
Total	100.00%	100.00%
Agency RMBS [Member]
Schedule Of Available For Sale Securities [Line Items]
Fixed maturities without a single maturity date (amortized cost)	$ 2,236,138	$ 2,241,581
Total (amortized cost)	2,236,138	2,241,581
Fixed maturities without a single maturity date (fair value)	2,249,236	2,278,108
Fair Value (fixed maturities)	$ 2,249,236	$ 2,278,108
Fixed maturities without a single maturity date (% of total fair value)	19.20%	18.80%
CMBS [Member]
Schedule Of Available For Sale Securities [Line Items]
Fixed maturities without a single maturity date (amortized cost)	$ 1,088,595	$ 1,085,618
Total (amortized cost)	1,088,595	1,085,618
Fixed maturities without a single maturity date (fair value)	1,083,298	1,096,888
Fair Value (fixed maturities)	$ 1,083,298	$ 1,096,888
Fixed maturities without a single maturity date (% of total fair value)	9.20%	9.00%
Non-Agency RMBS [Member]
Schedule Of Available For Sale Securities [Line Items]
Fixed maturities without a single maturity date (amortized cost)	$ 99,989	$ 71,236
Total (amortized cost)	99,989	71,236
Fixed maturities without a single maturity date (fair value)	101,008	73,086
Fair Value (fixed maturities)	$ 101,008	$ 73,086
Fixed maturities without a single maturity date (% of total fair value)	0.90%	0.60%
ABS [Member]
Schedule Of Available For Sale Securities [Line Items]
Fixed maturities without a single maturity date (amortized cost)	$ 1,387,919	$ 1,475,026
Total (amortized cost)	1,387,919	1,475,026
Fixed maturities without a single maturity date (fair value)	1,371,270	1,461,586
Fair Value (fixed maturities)	$ 1,371,270	$ 1,461,586
Fixed maturities without a single maturity date (% of total fair value)	11.70%	12.10%

INVESTMENTS (DETAILS 3)

INVESTMENTS (DETAILS 3) $ in Thousands	Dec. 31, 2015USD ($)security	Dec. 31, 2014USD ($)security
Fixed Maturities [Member]
Schedule Of Available For Sale Securities [Line Items]
Fair Value - 12 months or greater	$ 1,317,794	$ 1,354,213
Unrealized Losses - 12 months or greater	(106,770)	(71,302)
Fair Value - Less than 12 months	7,145,067	4,801,110
Unrealized Losses - Less than 12 months	(123,638)	(101,936)
Total Fair Value of Securities in Unrealized Loss Position	8,462,861	6,155,323
Total Unrealized Losses	$ (230,408)	$ (173,238)
Number of Available For Sale Securities In Unrealized Loss Positions | security	2,314	1,388
Number of Available For Sale Securities in Unrealized Loss Positions for 12 Months or Greater | security	383	223
Fixed Maturities [Member] | Below Investment Grade or Not Rated [Member]
Schedule Of Available For Sale Securities [Line Items]
Total Unrealized Losses	$ (39,000)	$ (36,000)
US Government and Agency [Member]
Schedule Of Available For Sale Securities [Line Items]
Fair Value - 12 months or greater	84,179	388,551
Unrealized Losses - 12 months or greater	(7,622)	(24,319)
Fair Value - Less than 12 months	1,474,202	786,850
Unrealized Losses - Less than 12 months	(15,591)	(4,009)
Total Fair Value of Securities in Unrealized Loss Position	1,558,381	1,175,401
Total Unrealized Losses	(23,213)	(28,328)
Non-US Government [Member]
Schedule Of Available For Sale Securities [Line Items]
Fair Value - 12 months or greater	170,269	143,602
Unrealized Losses - 12 months or greater	(50,841)	(29,171)
Fair Value - Less than 12 months	317,693	435,670
Unrealized Losses - Less than 12 months	(21,491)	(25,270)
Total Fair Value of Securities in Unrealized Loss Position	487,962	579,272
Total Unrealized Losses	(72,332)	(54,441)
Corporate Debt [Member]
Schedule Of Available For Sale Securities [Line Items]
Fair Value - 12 months or greater	340,831	26,708
Unrealized Losses - 12 months or greater	(33,441)	(2,221)
Fair Value - Less than 12 months	2,845,375	2,199,672
Unrealized Losses - Less than 12 months	(62,845)	(64,059)
Total Fair Value of Securities in Unrealized Loss Position	3,186,206	2,226,380
Total Unrealized Losses	(96,286)	(66,280)
Agency RMBS [Member]
Schedule Of Available For Sale Securities [Line Items]
Fair Value - 12 months or greater	64,792	259,914
Unrealized Losses - 12 months or greater	(1,609)	(3,084)
Fair Value - Less than 12 months	1,073,566	333,288
Unrealized Losses - Less than 12 months	(8,066)	(1,151)
Total Fair Value of Securities in Unrealized Loss Position	1,138,358	593,202
Total Unrealized Losses	(9,675)	(4,235)
CMBS [Member]
Schedule Of Available For Sale Securities [Line Items]
Fair Value - 12 months or greater	75,627	68,624
Unrealized Losses - 12 months or greater	(1,579)	(925)
Fair Value - Less than 12 months	659,480	256,225
Unrealized Losses - Less than 12 months	(7,603)	(1,094)
Total Fair Value of Securities in Unrealized Loss Position	735,107	324,849
Total Unrealized Losses	(9,182)	(2,019)
Non-Agency RMBS [Member]
Schedule Of Available For Sale Securities [Line Items]
Fair Value - 12 months or greater	5,283	6,689
Unrealized Losses - 12 months or greater	(210)	(613)
Fair Value - Less than 12 months	43,199	13,442
Unrealized Losses - Less than 12 months	(763)	(302)
Total Fair Value of Securities in Unrealized Loss Position	48,482	20,131
Total Unrealized Losses	(973)	(915)
ABS [Member]
Schedule Of Available For Sale Securities [Line Items]
Fair Value - 12 months or greater	562,599	425,663
Unrealized Losses - 12 months or greater	(11,158)	(10,325)
Fair Value - Less than 12 months	667,448	750,679
Unrealized Losses - Less than 12 months	(6,443)	(5,863)
Total Fair Value of Securities in Unrealized Loss Position	1,230,047	1,176,342
Total Unrealized Losses	(17,601)	(16,188)
Municipals [Member]
Schedule Of Available For Sale Securities [Line Items]
Fair Value - 12 months or greater	14,214	34,462
Unrealized Losses - 12 months or greater	(310)	(644)
Fair Value - Less than 12 months	64,104	25,284
Unrealized Losses - Less than 12 months	(836)	(188)
Total Fair Value of Securities in Unrealized Loss Position	78,318	59,746
Total Unrealized Losses	(1,146)	(832)
Equity Securities [Member]
Schedule Of Available For Sale Securities [Line Items]
Fair Value - 12 months or greater	2,331	0
Unrealized Losses - 12 months or greater	(313)	0
Fair Value - Less than 12 months	234,997	204,092
Unrealized Losses - Less than 12 months	(8,676)	(7,524)
Total Fair Value of Securities in Unrealized Loss Position	237,328	204,092
Total Unrealized Losses	$ (8,989)	$ (7,524)
Number of Available For Sale Securities In Unrealized Loss Positions | security	35	9
Number of Available For Sale Securities in Unrealized Loss Positions for 12 Months or Greater | security	1	0
Exchange-Traded Funds [Member]
Schedule Of Available For Sale Securities [Line Items]
Fair Value - 12 months or greater	$ 2,331	$ 0
Unrealized Losses - 12 months or greater	(313)	0
Fair Value - Less than 12 months	110,972	91,275
Unrealized Losses - Less than 12 months	(4,449)	(4,756)
Total Fair Value of Securities in Unrealized Loss Position	113,303	91,275
Total Unrealized Losses	(4,762)	(4,756)
Bond Mutual Funds [Member]
Schedule Of Available For Sale Securities [Line Items]
Fair Value - 12 months or greater	0	0
Unrealized Losses - 12 months or greater	0	0
Fair Value - Less than 12 months	124,025	112,817
Unrealized Losses - Less than 12 months	(4,227)	(2,768)
Total Fair Value of Securities in Unrealized Loss Position	124,025	112,817
Total Unrealized Losses	$ (4,227)	$ (2,768)

INVESTMENTS (DETAILS 4)

INVESTMENTS (DETAILS 4) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Mortgage Loans held-for-investment, net [Abstract]
Commercial	$ 206,277	$ 0
Commercial, Percent	100.00%	0.00%
Valuation allowances	$ 0	$ 0
Valuation allowance, Percent	0.00%	0.00%
Total Mortgage Loans held-for-investment	$ 206,277	$ 0
Total Mortgage Loans held-for-investment, Percent	100.00%	0.00%
Debt Service Coverage Ratio	1.3
Loan-to-Value Ratio, Percent (less than)	65.00%

INVESTMENTS (DETAILS 5)

INVESTMENTS (DETAILS 5) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Mar. 31, 2015
Other Investments [Line Items]
Other investments	$ 816,756	$ 965,465
Percentage of total fair value	100.00%	100.00%
Unfunded commitments related to other investments	$ 379,000	$ 123,000
Hedge funds [Member] | Lockup Redemption Restriction [Member]
Other Investments [Line Items]
Fair value of other investments subject to redemption restrictions	$ 66,000	$ 87,000
Percentage of fair value of other investments subject to redemption restrictions	10.00%	11.00%
Long/short equity funds [Member]
Other Investments [Line Items]
Other investments	$ 154,348	$ 298,907
Percentage of total fair value	19.00%	31.00%
Redemption frequency	Quarterly, Semi-annually, Annually	Quarterly, Semi-annually
Long/short equity funds [Member] | Minimum [Member]
Other Investments [Line Items]
Redemption notice period	45 days	30 days
Long/short equity funds [Member] | Maximum [Member]
Other Investments [Line Items]
Redemption notice period	60 days	60 days
Multi-strategy funds [Member]
Other Investments [Line Items]
Other investments	$ 355,073	$ 324,020
Percentage of total fair value	43.00%	34.00%
Redemption frequency	Quarterly, Semi-annually	Quarterly, Semi-annually
Multi-strategy funds [Member] | Other Redemption Restriction [Member]
Other Investments [Line Items]
Unfunded commitments related to other investments	$ 12,000	$ 35,000
Optional extension of investment term	3 years
Multi-strategy funds [Member] | Minimum [Member]
Other Investments [Line Items]
Redemption notice period	60 days	60 days
Multi-strategy funds [Member] | Maximum [Member]
Other Investments [Line Items]
Redemption notice period	95 days	95 days
Event driven funds [Member]
Other Investments [Line Items]
Other investments	$ 147,287	$ 185,899
Percentage of total fair value	18.00%	19.00%
Redemption frequency	Quarterly, Annually	Quarterly, Annually
Event driven funds [Member] | Minimum [Member]
Other Investments [Line Items]
Redemption notice period	45 days	45 days
Event driven funds [Member] | Maximum [Member]
Other Investments [Line Items]
Redemption notice period	60 days	60 days
Leveraged bank loan funds [Member]
Other Investments [Line Items]
Other investments	$ 65	$ 9,713
Percentage of total fair value	0.00%	1.00%
Redemption frequency		Quarterly
Redemption notice period		65 days
Direct Lending Funds [Member]
Other Investments [Line Items]
Other investments	$ 90,120	$ 54,438
Percentage of total fair value	11.00%	6.00%
Direct Lending Funds [Member] | Other Redemption Restriction [Member]
Other Investments [Line Items]
Unfunded commitments related to other investments	$ 222,000	$ 88,000
Optional extension of investment term	3 years
Direct Lending Funds [Member] | Minimum [Member] | Other Redemption Restriction [Member]
Other Investments [Line Items]
Investment term	5 years
Direct Lending Funds [Member] | Maximum [Member] | Other Redemption Restriction [Member]
Other Investments [Line Items]
Investment term	10 years
Real Estate Funds [Member]
Other Investments [Line Items]
Other investments	$ 4,929	$ 0
Percentage of total fair value	1.00%	0.00%
Real Estate Funds [Member] | Other Redemption Restriction [Member]
Other Investments [Line Items]
Unfunded commitments related to other investments	$ 95,000		$ 100,000
Investment term	8 years
Commitment period	3 years
CLO-Equities [Member]
Other Investments [Line Items]
Other investments	$ 64,934	$ 92,488
Percentage of total fair value	8.00%	9.00%
Bank Revolver Opportunity Funds [Member]
Other Investments [Line Items]
Unfunded commitments related to other investments	$ 50,000
Investment term	7 years
Optional extension of investment term	2 years

INVESTMENTS (DETAILS 6)

INVESTMENTS (DETAILS 6) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Net Investment Income [Line Items]
Gross investment income									$ 337,034	$ 378,377	$ 440,838
Investment expenses									(31,698)	(35,611)	(31,526)
Net investment income	$ 79,000	$ 45,685	$ 88,544	$ 92,107	$ 78,595	$ 66,562	$ 114,867	$ 82,744	305,336	342,766	409,312
Fixed Maturities [Member]
Net Investment Income [Line Items]
Gross investment income									294,725	296,663	293,609
Other Investments [Member]
Net Investment Income [Line Items]
Gross investment income									20,148	57,621	128,814
Equity Securities [Member]
Net Investment Income [Line Items]
Gross investment income									11,289	11,832	10,897
Mortgage loans [Member]
Net Investment Income [Line Items]
Gross investment income									1,861	0	0
Cash And Cash Equivalents [Member]
Net Investment Income [Line Items]
Gross investment income									8,572	11,536	6,337
Short-term Investments [Member]
Net Investment Income [Line Items]
Gross investment income									$ 439	$ 725	$ 1,181

INVESTMENTS (DETAILS 7)

INVESTMENTS (DETAILS 7) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Schedule Of Available For Sale Securities [Line Items]
Gross realized gains									$ 79,215	$ 275,806	$ 175,496
Gross realized losses									(152,245)	(102,868)	(98,301)
Net OTTI recognized in earnings									(72,720)	(31,227)	(9,362)
Change in fair value of investment derivatives									7,259	(9,603)	7,731
Total net realized investment gains (losses)	$ (14,872)	$ (69,957)	$ (11,110)	$ (42,553)	$ 10,779	$ 77,448	$ 33,261	$ 10,620	(138,491)	132,108	75,564
Fixed Maturities And Short-Term Investments [Member]
Schedule Of Available For Sale Securities [Line Items]
Gross realized gains									60,102	126,023	120,932
Gross realized losses									(143,702)	(86,943)	(87,894)
Equity Securities [Member]
Schedule Of Available For Sale Securities [Line Items]
Gross realized gains									19,113	149,783	54,564
Gross realized losses									$ (8,543)	$ (15,925)	$ (10,407)

INVESTMENTS (DETAILS 8)

INVESTMENTS (DETAILS 8) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Net [Line Items]
Total OTTI recognized in earnings	$ 72,720	$ 31,227	$ 9,362
Fixed Maturities [Member]
Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Net [Line Items]
Total OTTI recognized in earnings	50,802	25,884	6,747
Non-US Government [Member]
Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Net [Line Items]
Total OTTI recognized in earnings	3,538	17,291	120
Corporate Debt [Member]
Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Net [Line Items]
Total OTTI recognized in earnings	47,029	8,107	5,802
Non-Agency RMBS [Member]
Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Net [Line Items]
Total OTTI recognized in earnings	111	7	57
ABS [Member]
Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Net [Line Items]
Total OTTI recognized in earnings	124	61	129
Municipals [Member]
Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Net [Line Items]
Total OTTI recognized in earnings	0	418	639
Equity Securities [Member]
Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Net [Line Items]
Total OTTI recognized in earnings	21,918	5,343	2,615
Common Stock [Member]
Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Net [Line Items]
Total OTTI recognized in earnings	0	741	2,092
Exchange-Traded Funds [Member]
Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Net [Line Items]
Total OTTI recognized in earnings	10,732	4,602	523
Bond Mutual Funds [Member]
Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Net [Line Items]
Total OTTI recognized in earnings	$ 11,186	$ 0	$ 0

INVESTMENTS (DETAILS 9)

INVESTMENTS (DETAILS 9) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Credit Losses For Which a Portion of OTTI Was Recognized in AOCI [Roll Forward]
Balance at beginning of period	$ 1,531	$ 1,594
Credit impairments recognized on securities not previously impaired	0	0
Additional credit impairments recognized on securities previously impaired	33	0
Change in timing of future cash flows on securities previously impaired	0	0
Intent to sell of securities previously impaired	0	0
Securities sold/redeemed/matured	(58)	(63)
Balance at end of period	$ 1,506	$ 1,531

INVESTMENTS (DETAILS 10)

INVESTMENTS (DETAILS 10) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Schedule Of Available For Sale Securities [Line Items]
Fair Value (fixed maturities)	$ 11,719,749	$ 12,129,273
Non-US Government [Member]
Schedule Of Available For Sale Securities [Line Items]
Fair Value (fixed maturities)	739,005	1,033,543
Non-US Government [Member] | eurozone [Member]
Schedule Of Available For Sale Securities [Line Items]
Fair Value (fixed maturities)	21,000	119,000
CMBS [Member]
Schedule Of Available For Sale Securities [Line Items]
Fair Value (fixed maturities)	$ 1,083,298	$ 1,096,888
CMBS [Member] | Weighted Average [Member]
Schedule Of Available For Sale Securities [Line Items]
Subordination percentage input for determining credit losses	32.00%	30.00%
Non-Agency RMBS [Member]
Schedule Of Available For Sale Securities [Line Items]
Fair Value (fixed maturities)	$ 101,008	$ 73,086
Non-Agency RMBS [Member] | Prime [Member]
Schedule Of Available For Sale Securities [Line Items]
Fair Value (fixed maturities)	82,000	49,000
Non-Agency RMBS [Member] | Alt A [Member]
Schedule Of Available For Sale Securities [Line Items]
Fair Value (fixed maturities)	$ 13,000	$ 17,000

INVESTMENTS (DETAILS 11)

INVESTMENTS (DETAILS 11) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Restricted Investments [Line Items]
Collateral in Trust for inter-company agreements	$ 2,766,453	$ 2,792,461
Collateral for secured letter of credit facility	481,023	468,923
Collateral in Trust for third party agreements	551,985	567,060
Securities on deposit with regulatory authorities	57,597	58,476
Total restricted investments	3,857,058	3,886,920
Lloyd's [Member]
Restricted Investments [Line Items]
Collateral in Trust for third party agreements	$ 232,000	$ 245,000

INVESTMENTS (DETAILS 12)

INVESTMENTS (DETAILS 12) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Investments, Debt and Equity Securities [Abstract]
Value of reverse repurchase agreements	$ 30	$ 110
Minimum required collateral for reverse repurchase agreements, expressed as a percentage of loan principal	102.00%

FAIR VALUE MEASUREMENTS (DETAIL

FAIR VALUE MEASUREMENTS (DETAILS) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities	$ 11,719,749	$ 12,129,273
Equity securities	597,998	567,707
Other investments	816,756	965,465
Short-term investments	34,406	107,534
Derivative instruments (see Note 7)	6,467	7,264
Derivative instruments (see Note 7)	18,629	18,329
Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities	11,719,749	12,129,273
Equity securities	597,998	567,707
Other investments	816,756	965,465
Short-term investments	34,406	107,534
Derivative instruments (see Note 7)	6,467	7,264
Insurance-linked securities	24,925	0
Total Assets	13,200,301	13,777,243
Derivative instruments (see Note 7)	18,629	18,329
Cash settled awards (see Note 16)	33,215	20,518
Total Liabilities	51,844	38,847
US Government and Agency [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities	1,651,949	1,620,077
US Government and Agency [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities	1,651,949	1,620,077
Non-US Government [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities	739,005	1,033,543
Non-US Government [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities	739,005	1,033,543
Corporate Debt [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities	4,362,769	4,361,124
Corporate Debt [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities	4,362,769	4,361,124
Agency RMBS [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities	2,249,236	2,278,108
Agency RMBS [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities	2,249,236	2,278,108
CMBS [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities	1,083,298	1,096,888
CMBS [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities	1,083,298	1,096,888
Non-Agency RMBS [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities	101,008	73,086
Non-Agency RMBS [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities	101,008	73,086
ABS [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities	1,371,270	1,461,586
ABS [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities	1,371,270	1,461,586
Municipals [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities	161,214	204,861
Municipals [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities	161,214	204,861
Exchange-Traded Funds [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Equity securities	473,973	454,890
Exchange-Traded Funds [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Equity securities	473,973	454,890
Bond Mutual Funds [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Equity securities	124,025	112,817
Bond Mutual Funds [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Equity securities	124,025	112,817
Hedge funds [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Other investments	656,773	818,539
Direct Lending Funds [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Other investments	90,120	54,438
Real Estate Funds [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Other investments	4,929	0
CLO-Equities [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Other investments	64,934	92,488
Level 1 [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities	1,632,355	1,497,922
Equity securities	473,973	454,890
Other investments	0	0
Short-term investments	0	0
Derivative instruments (see Note 7)	0	0
Insurance-linked securities	0	0
Total Assets	2,106,328	1,952,812
Derivative instruments (see Note 7)	0	0
Cash settled awards (see Note 16)	0	0
Total Liabilities	0	0
Level 1 [Member] | US Government and Agency [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities	1,632,355	1,497,922
Level 1 [Member] | Non-US Government [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities	0	0
Level 1 [Member] | Corporate Debt [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities	0	0
Level 1 [Member] | Agency RMBS [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities	0	0
Level 1 [Member] | CMBS [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities	0	0
Level 1 [Member] | Non-Agency RMBS [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities	0	0
Level 1 [Member] | ABS [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities	0	0
Level 1 [Member] | Municipals [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities	0	0
Level 1 [Member] | Exchange-Traded Funds [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Equity securities	473,973	454,890
Level 1 [Member] | Bond Mutual Funds [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Equity securities	0	0
Level 1 [Member] | Hedge funds [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Other investments	0	0
Level 1 [Member] | Direct Lending Funds [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Other investments	0	0
Level 1 [Member] | Real Estate Funds [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Other investments	0	0
Level 1 [Member] | CLO-Equities [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Other investments	0	0
Level 2 [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities	10,037,954	10,557,720
Equity securities	124,025	112,817
Other investments	181,632	347,621
Short-term investments	34,406	107,534
Derivative instruments (see Note 7)	2,072	7,153
Insurance-linked securities	0	0
Total Assets	10,380,089	11,132,845
Derivative instruments (see Note 7)	7,692	3,041
Cash settled awards (see Note 16)	33,215	20,518
Total Liabilities	40,907	23,559
Level 2 [Member] | US Government and Agency [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities	19,594	122,155
Level 2 [Member] | Non-US Government [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities	739,005	1,033,543
Level 2 [Member] | Corporate Debt [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities	4,324,251	4,345,287
Level 2 [Member] | Agency RMBS [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities	2,249,236	2,278,108
Level 2 [Member] | CMBS [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities	1,072,376	1,079,125
Level 2 [Member] | Non-Agency RMBS [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities	101,008	73,086
Level 2 [Member] | ABS [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities	1,371,270	1,421,555
Level 2 [Member] | Municipals [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities	161,214	204,861
Level 2 [Member] | Exchange-Traded Funds [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Equity securities	0	0
Level 2 [Member] | Bond Mutual Funds [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Equity securities	124,025	112,817
Level 2 [Member] | Hedge funds [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Other investments	181,632	347,621
Level 2 [Member] | Direct Lending Funds [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Other investments	0	0
Level 2 [Member] | Real Estate Funds [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Other investments	0	0
Level 2 [Member] | CLO-Equities [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Other investments	0	0
Level 3 [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities	49,440	73,631
Equity securities	0	0
Other investments	635,124	617,844
Short-term investments	0	0
Derivative instruments (see Note 7)	4,395	111
Insurance-linked securities	24,925	0
Total Assets	713,884	691,586
Derivative instruments (see Note 7)	10,937	15,288
Cash settled awards (see Note 16)	0	0
Total Liabilities	10,937	15,288
Level 3 [Member] | US Government and Agency [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities	0	0
Level 3 [Member] | Non-US Government [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities	0	0
Level 3 [Member] | Corporate Debt [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities	38,518	15,837
Level 3 [Member] | Agency RMBS [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities	0	0
Level 3 [Member] | CMBS [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities	10,922	17,763
Level 3 [Member] | Non-Agency RMBS [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities	0	0
Level 3 [Member] | ABS [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities	0	40,031
Level 3 [Member] | Municipals [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities	0	0
Level 3 [Member] | Exchange-Traded Funds [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Equity securities	0	0
Level 3 [Member] | Bond Mutual Funds [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Equity securities	0	0
Level 3 [Member] | Hedge funds [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Other investments	475,141	470,918
Level 3 [Member] | Direct Lending Funds [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Other investments	90,120	54,438
Level 3 [Member] | Real Estate Funds [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Other investments	4,929	0
Level 3 [Member] | CLO-Equities [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Other investments	$ 64,934	$ 92,488

FAIR VALUE MEASUREMENTS (DETA70

FAIR VALUE MEASUREMENTS (DETAILS 2) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)degree_day	Dec. 31, 2014USD ($)
Fair Value Inputs Assets Quantitative Information [Line Items]
Other investments | $	$ 816,756	$ 965,465
Discounted cash flow [Member] | Level 3 [Member] | Other Investments - CLO-Equities [Member]
Fair Value Inputs Assets Quantitative Information [Line Items]
Other investments | $	$ 3,238
Default rates	4.00%
Loss severity rate	53.50%
Liquidation value [Member] | Level 3 [Member] | Other Investments - CLO-Equities [Member]
Fair Value Inputs Assets Quantitative Information [Line Items]
Other investments | $	$ 24,019
Fair value of collateral	100.00%
Simulation Model [Member] | Level 3 [Member] | Weather Related Derivative [Member]
Fair Value Inputs Assets Quantitative Information [Line Items]
Net derivative assets | $	$ (6,542)
Minimum [Member] | Discounted cash flow [Member] | Level 3 [Member] | Other Investments - CLO-Equities [Member]
Fair Value Inputs Assets Quantitative Information [Line Items]
Collateral spreads	3.20%
Estimated maturity dates (years)	2 years 7 months 21 days
Minimum [Member] | Liquidation value [Member] | Level 3 [Member] | Other Investments - CLO-Equities [Member]
Fair Value Inputs Assets Quantitative Information [Line Items]
Discount Margin	2.20%
Minimum [Member] | Simulation Model [Member] | Level 3 [Member] | Weather Related Derivative [Member]
Fair Value Inputs Assets Quantitative Information [Line Items]
Weather curve | degree_day	30
Weather standard deviation | degree_day	65
Maximum [Member] | Discounted cash flow [Member] | Level 3 [Member] | Other Investments - CLO-Equities [Member]
Fair Value Inputs Assets Quantitative Information [Line Items]
Collateral spreads	3.50%
Estimated maturity dates (years)	4 years 1 month 13 days
Maximum [Member] | Liquidation value [Member] | Level 3 [Member] | Other Investments - CLO-Equities [Member]
Fair Value Inputs Assets Quantitative Information [Line Items]
Discount Margin	16.30%
Maximum [Member] | Simulation Model [Member] | Level 3 [Member] | Weather Related Derivative [Member]
Fair Value Inputs Assets Quantitative Information [Line Items]
Weather curve | degree_day	2,462
Weather standard deviation | degree_day	240
Weighted Average [Member] | Discounted cash flow [Member] | Level 3 [Member] | Other Investments - CLO-Equities [Member]
Fair Value Inputs Assets Quantitative Information [Line Items]
Default rates	4.00%
Loss severity rate	53.50%
Collateral spreads	3.30%
Estimated maturity dates (years)	3 years 9 months 22 days
Weighted Average [Member] | Liquidation value [Member] | Level 3 [Member] | Other Investments - CLO-Equities [Member]
Fair Value Inputs Assets Quantitative Information [Line Items]
Fair value of collateral	100.00%
Discount Margin	5.00%

FAIR VALUE MEASUREMENTS (DETA71

FAIR VALUE MEASUREMENTS (DETAILS 3) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Fixed Maturities [Member]
Changes in Level 3 Financial Instruments Measured at Fair Value on a Recurring Basis [Line Items]
Opening Balance	$ 73,631	$ 34,817
Transfers into Level 3	5,072	10,572
Transfers out of Level 3	(57,756)	(6,165)
Included in earnings	(49)	0
Included in OCI	(457)	3,636
Purchases	39,225	60,784
Sales	(1,723)	0
Settlements/ Distributions	(8,503)	(30,013)
Closing Balance	49,440	73,631
Change in unrealized investment gain/(loss) relating to assets held at the reporting date	0	0
Other Investments [Member]
Changes in Level 3 Financial Instruments Measured at Fair Value on a Recurring Basis [Line Items]
Opening Balance	617,844	557,055
Transfers into Level 3	0	12,355
Transfers out of Level 3	(23,813)	(32,255)
Included in earnings	18,211	48,478
Included in OCI	0	0
Purchases	83,564	75,542
Sales	0	0
Settlements/ Distributions	(60,682)	(43,331)
Closing Balance	635,124	617,844
Change in unrealized investment gain/(loss) relating to assets held at the reporting date	11,971	48,339
Other Assets [Member]
Changes in Level 3 Financial Instruments Measured at Fair Value on a Recurring Basis [Line Items]
Opening Balance	111	984
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Included in earnings	2,480	5,112
Included in OCI	0	0
Purchases	26,865	0
Sales	0	0
Settlements/ Distributions	(136)	(5,985)
Closing Balance	29,320	111
Change in unrealized investment gain/(loss) relating to assets held at the reporting date	3,505	101
Total Assets [Member]
Changes in Level 3 Financial Instruments Measured at Fair Value on a Recurring Basis [Line Items]
Opening Balance	691,586	592,856
Transfers into Level 3	5,072	22,927
Transfers out of Level 3	(81,569)	(38,420)
Included in earnings	20,642	53,590
Included in OCI	(457)	3,636
Purchases	149,654	136,326
Sales	(1,723)	0
Settlements/ Distributions	(69,321)	(79,329)
Closing Balance	713,884	691,586
Change in unrealized investment gain/(loss) relating to assets held at the reporting date	15,476	48,440
Total Liabilities [Member]
Changes in Level 3 Financial Instruments Measured at Fair Value on a Recurring Basis [Line Items]
Opening Balance	15,288	815
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Included in earnings	(3,208)	10,604
Included in OCI	0	0
Purchases	4,795	12,715
Sales	0	0
Settlements/ Distributions	(5,938)	(8,846)
Closing Balance	10,937	15,288
Change in unrealized investment gain/(loss) relating to assets held at the reporting date	8,337	6,621
Corporate Debt [Member] | Fixed Maturities [Member]
Changes in Level 3 Financial Instruments Measured at Fair Value on a Recurring Basis [Line Items]
Opening Balance	15,837	0
Transfers into Level 3	0	0
Transfers out of Level 3	(7,903)	0
Included in earnings	(49)	0
Included in OCI	88	(95)
Purchases	39,225	15,957
Sales	(1,723)	0
Settlements/ Distributions	(6,957)	(25)
Closing Balance	38,518	15,837
Change in unrealized investment gain/(loss) relating to assets held at the reporting date	0	0
CMBS [Member] | Fixed Maturities [Member]
Changes in Level 3 Financial Instruments Measured at Fair Value on a Recurring Basis [Line Items]
Opening Balance	17,763	4,018
Transfers into Level 3	5,072	9,447
Transfers out of Level 3	(9,902)	0
Included in earnings	0	0
Included in OCI	(647)	1,381
Purchases	0	5,027
Sales	0	0
Settlements/ Distributions	(1,364)	(2,110)
Closing Balance	10,922	17,763
Change in unrealized investment gain/(loss) relating to assets held at the reporting date	0	0
ABS [Member] | Fixed Maturities [Member]
Changes in Level 3 Financial Instruments Measured at Fair Value on a Recurring Basis [Line Items]
Opening Balance	40,031	30,799
Transfers into Level 3	0	1,125
Transfers out of Level 3	(39,951)	(6,165)
Included in earnings	0	0
Included in OCI	102	2,350
Purchases	0	39,800
Sales	0	0
Settlements/ Distributions	(182)	(27,878)
Closing Balance	0	40,031
Change in unrealized investment gain/(loss) relating to assets held at the reporting date	0	0
Hedge funds [Member] | Other Investments [Member]
Changes in Level 3 Financial Instruments Measured at Fair Value on a Recurring Basis [Line Items]
Opening Balance	470,918	461,055
Transfers into Level 3	0	12,355
Transfers out of Level 3	(23,813)	(32,255)
Included in earnings	16,013	24,790
Included in OCI	0	0
Purchases	42,500	19,500
Sales	0	0
Settlements/ Distributions	(30,477)	(14,527)
Closing Balance	475,141	470,918
Change in unrealized investment gain/(loss) relating to assets held at the reporting date	9,773	24,651
Direct Lending Funds [Member] | Other Investments [Member]
Changes in Level 3 Financial Instruments Measured at Fair Value on a Recurring Basis [Line Items]
Opening Balance	54,438	22,134
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Included in earnings	4,509	3,515
Included in OCI	0	0
Purchases	35,564	30,101
Sales	0	0
Settlements/ Distributions	(4,391)	(1,312)
Closing Balance	90,120	54,438
Change in unrealized investment gain/(loss) relating to assets held at the reporting date	4,509	3,515
Real Estate Funds [Member] | Other Investments [Member]
Changes in Level 3 Financial Instruments Measured at Fair Value on a Recurring Basis [Line Items]
Opening Balance	0	0
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Included in earnings	(571)	0
Included in OCI	0	0
Purchases	5,500	0
Sales	0	0
Settlements/ Distributions	0	0
Closing Balance	4,929	0
Change in unrealized investment gain/(loss) relating to assets held at the reporting date	(571)	0
CLO-Equities [Member] | Other Investments [Member]
Changes in Level 3 Financial Instruments Measured at Fair Value on a Recurring Basis [Line Items]
Opening Balance	92,488	73,866
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Included in earnings	(1,740)	20,173
Included in OCI	0	0
Purchases	0	25,941
Sales	0	0
Settlements/ Distributions	(25,814)	(27,492)
Closing Balance	64,934	92,488
Change in unrealized investment gain/(loss) relating to assets held at the reporting date	(1,740)	20,173
Derivative [Member] | Other Assets [Member]
Changes in Level 3 Financial Instruments Measured at Fair Value on a Recurring Basis [Line Items]
Opening Balance	111	984
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Included in earnings	2,555	5,112
Included in OCI	0	0
Purchases	1,865	0
Sales	0	0
Settlements/ Distributions	(136)	(5,985)
Closing Balance	4,395	111
Change in unrealized investment gain/(loss) relating to assets held at the reporting date	3,580	101
Derivative [Member] | Other Liabilities [Member]
Changes in Level 3 Financial Instruments Measured at Fair Value on a Recurring Basis [Line Items]
Opening Balance	15,288	815
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Included in earnings	(3,208)	10,604
Included in OCI	0	0
Purchases	4,795	12,715
Sales	0	0
Settlements/ Distributions	(5,938)	(8,846)
Closing Balance	10,937	15,288
Change in unrealized investment gain/(loss) relating to assets held at the reporting date	8,337	6,621
Insurance-linked Securities [Member] | Other Assets [Member]
Changes in Level 3 Financial Instruments Measured at Fair Value on a Recurring Basis [Line Items]
Opening Balance	0	0
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Included in earnings	(75)	0
Included in OCI	0	0
Purchases	25,000	0
Sales	0	0
Settlements/ Distributions	0	0
Closing Balance	24,925	0
Change in unrealized investment gain/(loss) relating to assets held at the reporting date	$ (75)	$ 0

FAIR VALUE MEASUREMENTS (DETA72

FAIR VALUE MEASUREMENTS (DETAILS 4) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Senior notes	$ 991,825	$ 990,790
Estimate Of Fair Value [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Senior notes	$ 1,058,000	$ 1,089,000

DERIVATIVE INSTRUMENTS (DETAILS

DERIVATIVE INSTRUMENTS (DETAILS) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Derivative Fair Values on Consolidated Balance Sheet [Line Items]
Asset Derivative Fair Value	$ 6,467	$ 7,264
Liability Derivative Fair Value	18,629	18,329
Other Assets [Member]
Derivative Fair Values on Consolidated Balance Sheet [Line Items]
Asset Derivative Fair Value	6,467	7,264
Other Liabilities [Member]
Derivative Fair Values on Consolidated Balance Sheet [Line Items]
Liability Derivative Fair Value	18,629	18,329
Investment Portfolio [Member] | Foreign Exchange Forward Contracts [Member] | Not Designated as Hedging Instruments [Member]
Derivative Fair Values on Consolidated Balance Sheet [Line Items]
Derivative Notional Amount	198,406	161,678
Investment Portfolio [Member] | Foreign Exchange Forward Contracts [Member] | Other Assets [Member] | Not Designated as Hedging Instruments [Member]
Derivative Fair Values on Consolidated Balance Sheet [Line Items]
Asset Derivative Fair Value	490	3,925
Investment Portfolio [Member] | Foreign Exchange Forward Contracts [Member] | Other Liabilities [Member] | Not Designated as Hedging Instruments [Member]
Derivative Fair Values on Consolidated Balance Sheet [Line Items]
Liability Derivative Fair Value	837	12
Investment Portfolio [Member] | Interest Rate Swap [Member] | Not Designated as Hedging Instruments [Member]
Derivative Fair Values on Consolidated Balance Sheet [Line Items]
Derivative Notional Amount	0	140,000
Investment Portfolio [Member] | Interest Rate Swap [Member] | Other Assets [Member] | Not Designated as Hedging Instruments [Member]
Derivative Fair Values on Consolidated Balance Sheet [Line Items]
Asset Derivative Fair Value	0	0
Investment Portfolio [Member] | Interest Rate Swap [Member] | Other Liabilities [Member] | Not Designated as Hedging Instruments [Member]
Derivative Fair Values on Consolidated Balance Sheet [Line Items]
Liability Derivative Fair Value	0	248
Underwriting Portfolio [Member] | Foreign Exchange Forward Contracts [Member] | Not Designated as Hedging Instruments [Member]
Derivative Fair Values on Consolidated Balance Sheet [Line Items]
Derivative Notional Amount	692,023	577,836
Underwriting Portfolio [Member] | Foreign Exchange Forward Contracts [Member] | Other Assets [Member] | Not Designated as Hedging Instruments [Member]
Derivative Fair Values on Consolidated Balance Sheet [Line Items]
Asset Derivative Fair Value	1,582	3,228
Underwriting Portfolio [Member] | Foreign Exchange Forward Contracts [Member] | Other Liabilities [Member] | Not Designated as Hedging Instruments [Member]
Derivative Fair Values on Consolidated Balance Sheet [Line Items]
Liability Derivative Fair Value	6,855	2,781
Underwriting Portfolio [Member] | Weather-related contracts [Member] | Not Designated as Hedging Instruments [Member]
Derivative Fair Values on Consolidated Balance Sheet [Line Items]
Derivative Notional Amount	51,395	58,124
Underwriting Portfolio [Member] | Weather-related contracts [Member] | Other Assets [Member] | Not Designated as Hedging Instruments [Member]
Derivative Fair Values on Consolidated Balance Sheet [Line Items]
Asset Derivative Fair Value	4,395	111
Underwriting Portfolio [Member] | Weather-related contracts [Member] | Other Liabilities [Member] | Not Designated as Hedging Instruments [Member]
Derivative Fair Values on Consolidated Balance Sheet [Line Items]
Liability Derivative Fair Value	10,937	15,288
Underwriting Portfolio [Member] | Commodity Contract [Member] | Not Designated as Hedging Instruments [Member]
Derivative Fair Values on Consolidated Balance Sheet [Line Items]
Derivative Notional Amount	0	0
Underwriting Portfolio [Member] | Commodity Contract [Member] | Other Assets [Member] | Not Designated as Hedging Instruments [Member]
Derivative Fair Values on Consolidated Balance Sheet [Line Items]
Asset Derivative Fair Value	0	0
Underwriting Portfolio [Member] | Commodity Contract [Member] | Other Liabilities [Member] | Not Designated as Hedging Instruments [Member]
Derivative Fair Values on Consolidated Balance Sheet [Line Items]
Liability Derivative Fair Value	$ 0	$ 0

DERIVATIVE INSTRUMENTS (DETAI74

DERIVATIVE INSTRUMENTS (DETAILS 2) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative assets - gross amounts	$ 14,336	$ 15,125
Derivative assets - gross amounts offset	(7,869)	(7,861)
Derivative assets - net amounts	6,467	7,264
Derivative liabilities - gross amounts	26,498	26,190
Derivative liabilities - gross amounts offset	(7,869)	(7,861)
Derivative liabilities - net amounts	$ 18,629	$ 18,329

DERIVATIVE INSTRUMENTS (DETAI75

DERIVATIVE INSTRUMENTS (DETAILS 3) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Unrealized and Realized Gains (Losses) Recognized in Earnings for Derivatives Not Designated As Hedges [Line Items]
Unrealized and realized gains (losses) recognized in earnings for derivatives not designated as hedges	$ (22,972)	$ (17,011)	$ 11,408
Investment Portfolio [Member] | Foreign Exchange Forward Contracts [Member] | Net Realized Investment Gains (Losses) [Member]
Unrealized and Realized Gains (Losses) Recognized in Earnings for Derivatives Not Designated As Hedges [Line Items]
Unrealized and realized gains (losses) recognized in earnings for derivatives not designated as hedges	11,265	10,333	10,843
Investment Portfolio [Member] | Interest Rate Swap [Member] | Net Realized Investment Gains (Losses) [Member]
Unrealized and Realized Gains (Losses) Recognized in Earnings for Derivatives Not Designated As Hedges [Line Items]
Unrealized and realized gains (losses) recognized in earnings for derivatives not designated as hedges	(4,006)	(19,936)	(3,112)
Underwriting Portfolio [Member] | Foreign Exchange Forward Contracts [Member] | Foreign Exchange Gains (Losses) [Member]
Unrealized and Realized Gains (Losses) Recognized in Earnings for Derivatives Not Designated As Hedges [Line Items]
Unrealized and realized gains (losses) recognized in earnings for derivatives not designated as hedges	(25,412)	(10,363)	1,690
Underwriting Portfolio [Member] | Weather-related contracts [Member] | Other Insurance Related Income (Loss) [Member]
Unrealized and Realized Gains (Losses) Recognized in Earnings for Derivatives Not Designated As Hedges [Line Items]
Unrealized and realized gains (losses) recognized in earnings for derivatives not designated as hedges	(3,005)	(5,373)	1,987
Underwriting Portfolio [Member] | Commodity Contract [Member] | Other Insurance Related Income (Loss) [Member]
Unrealized and Realized Gains (Losses) Recognized in Earnings for Derivatives Not Designated As Hedges [Line Items]
Unrealized and realized gains (losses) recognized in earnings for derivatives not designated as hedges	$ (1,814)	$ 8,328	$ 0

RESERVE FOR LOSSES AND LOSS E76

RESERVE FOR LOSSES AND LOSS EXPENSES (DETAILS) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Insurance Loss Reserves [Abstract]
Reserve for reported losses and loss expenses	$ 3,253,080	$ 3,285,675
Reserve for losses incurred but not reported	6,393,205	6,311,122
Reserve for losses and loss expenses	$ 9,646,285	$ 9,596,797	$ 9,582,140	$ 9,058,731

RESERVE FOR LOSSES AND LOSS E77

RESERVE FOR LOSSES AND LOSS EXPENSES (DETAILS 2) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Reconciliation of Beginning and Ending Gross Unpaid Losses and Loss Expenses
Gross reserve for losses and loss expenses, beginning of year	$ 9,596,797	$ 9,582,140	$ 9,058,731
Less reinsurance recoverable on unpaid losses, beginning of year	(1,890,280)	(1,900,112)	(1,825,617)
Net reserve for unpaid losses and loss expenses, beginning of year	7,706,517	7,682,028	7,233,114
Net incurred losses and loss expenses related to:
Current year	2,419,247	2,445,666	2,353,631
Prior years	(243,048)	(258,944)	(219,436)
Net incurred losses and loss expenses	2,176,199	2,186,722	2,134,195
Net paid losses and loss expenses related to:
Current year	(343,063)	(387,197)	(318,006)
Prior years	(1,709,659)	(1,544,664)	(1,373,459)
Net paid losses and loss expenses	(2,052,722)	(1,931,861)	(1,691,465)
Foreign exchange and other	(215,018)	(230,372)	6,184
Net reserve for unpaid losses and loss expenses, end of year	7,614,976	7,706,517	7,682,028
Reinsurance recoverable on unpaid losses, end of year	2,031,309	1,890,280	1,900,112
Gross reserve for losses and loss expenses, end of year	$ 9,646,285	$ 9,596,797	$ 9,582,140

RESERVE FOR LOSSES AND LOSS E78

RESERVE FOR LOSSES AND LOSS EXPENSES (DETAILS 3) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Net Favorable Prior Year Reserve Development [Line Items]
Net favorable prior year reserve development	$ 243,048	$ 258,944	$ 219,436
Insurance [Member]
Net Favorable Prior Year Reserve Development [Line Items]
Net favorable prior year reserve development	23,447	63,735	50,355
Reinsurance [Member]
Net Favorable Prior Year Reserve Development [Line Items]
Net favorable prior year reserve development	$ 219,601	$ 195,209	$ 169,081

RESERVE FOR LOSSES AND LOSS E79

RESERVE FOR LOSSES AND LOSS EXPENSES (DETAILS 4) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Additional Information Related to Net Incurred Losses [Line Items]
Current year net loss and loss expenses	$ 2,419,247	$ 2,445,666	$ 2,353,631
Net favorable (adverse) prior year reserve development	243,048	258,944	219,436
Short Tail Lines Insurance and Reinsurance Business [Member]
Additional Information Related to Net Incurred Losses [Line Items]
Net favorable (adverse) prior year reserve development	152,000	207,000	162,000
Professional Lines Reinsurance Business [Member]
Additional Information Related to Net Incurred Losses [Line Items]
Net favorable (adverse) prior year reserve development	38,000	33,000	22,000
Professional Lines Insurance Business [Member]
Additional Information Related to Net Incurred Losses [Line Items]
Net favorable (adverse) prior year reserve development	(14,000)		(51,000)
Credit and Surety Business [Member]
Additional Information Related to Net Incurred Losses [Line Items]
Net favorable (adverse) prior year reserve development	27,000
Credit and Political Risk Business [Member]
Additional Information Related to Net Incurred Losses [Line Items]
Net favorable (adverse) prior year reserve development	(15,000)
Liability and Motor Reinsurance Business [Member]
Additional Information Related to Net Incurred Losses [Line Items]
Net favorable (adverse) prior year reserve development	82,000	40,000	91,000
Liability Insurance Business [Member]
Additional Information Related to Net Incurred Losses [Line Items]
Net favorable (adverse) prior year reserve development	(27,000)	(23,000)	(24,000)
Catastrophe and Weather-related Events [Member]
Additional Information Related to Net Incurred Losses [Line Items]
Current year net loss and loss expenses	$ 100,000	$ 93,000	$ 201,000

REINSURANCE (DETAILS)

REINSURANCE (DETAILS) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Premiums written
Gross									$ 4,603,730	$ 4,711,519	$ 4,697,041
Ceded									(929,064)	(804,544)	(768,841)
Net									3,674,666	3,906,975	3,928,200
Premiums earned
Gross									4,567,953	4,652,345	4,459,269
Ceded									(881,536)	(781,346)	(752,204)
Net	$ 921,812	$ 919,341	$ 941,211	$ 904,053	$ 958,517	$ 966,138	$ 1,000,400	$ 945,949	3,686,417	3,870,999	3,707,065
Reinsurance receivables:
Ceded losses and loss expenses									577,000	401,000	$ 415,000
Provision for unrecoverable reinsurance	$ 18,000				$ 18,000				$ 18,000	$ 18,000
AM Best A minus Or Better Rating [Member] | Gross Reinsurance Recoverable [Member]
Concentration Risk [Line Items]
Percentage of gross reinsurance recoverables collectible from reinsurers rated A- or better by A.M. Best									96.20%	98.50%

DEBT AND FINANCING ARRANGEMEN81

DEBT AND FINANCING ARRANGEMENTS (DETAILS) - USD ($) $ in Thousands	Dec. 01, 2014	Mar. 13, 2014	Mar. 23, 2010	Nov. 15, 2004	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Senior notes [Line Items]
Net proceeds from issuance of senior notes					$ 0	$ 494,344	$ 0
Redemption of senior notes					0	500,000	0
Senior Notes [Member]
Senior notes [Line Items]
Interest Expense					50,000	$ 72,000	$ 59,000
Senior Notes [Member] | 2004 AXIS Capital Holdings Limited Senior Notes [Member]
Senior notes [Line Items]
Face amount	$ 500,000
Interest rate	5.75%
Issue price (percentage of face amount)				99.785%
Net proceeds from issuance of senior notes				$ 496,000
Redemption of senior notes	$ 500,000
Senior Notes [Member] | 2010 AXIS Specialty Finance LLC Senior Notes [Member]
Senior notes [Line Items]
Face amount					$ 500,000
Interest rate					5.875%
Issue price (percentage of face amount)			99.624%
Net proceeds from issuance of senior notes			$ 495,000
Senior Notes [Member] | Senior Notes Due 2019 Axis Specialty Finance PLC 2014 [Member]
Senior notes [Line Items]
Face amount					$ 250,000
Interest rate					2.65%
Issue price (percentage of face amount)		99.896%
Net proceeds from issuance of senior notes		$ 248,000
Senior Notes [Member] | Senior Notes Due 2045 Axis Specialty Finance PLC 2014 [Member]
Senior notes [Line Items]
Face amount					$ 250,000
Interest rate					5.15%
Issue price (percentage of face amount)		99.474%
Net proceeds from issuance of senior notes		$ 246,000
AXIS Specialty Finance LLC [Member] | Senior Notes [Member]
Senior notes [Line Items]
Percentage ownership in subsidiary					100.00%
AXIS Specialty Finance PLC [Member] | Senior Notes [Member]
Senior notes [Line Items]
Percentage ownership in subsidiary					100.00%

DEBT AND FINANCIING ARRANGEMENT

DEBT AND FINANCIING ARRANGEMENTS (DETAILS 2) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Mar. 30, 2015
Letter of Credit Facility [Member] | Citibank [Member]
Line of Credit Facility [Line Items]
Maximum capacity	$ 500	$ 750
LOC Facility term	4 years
Letters of credit outstanding	$ 341
Credit Facility [Member] | Syndication of Lenders [Member]
Line of Credit Facility [Line Items]
Maximum capacity	250
Potential increase in maximum capacity	150
Letters of credit outstanding	0
Credit facility borrowings	$ 0

COMMITMENTS AND CONTINGENCIES83

COMMITMENTS AND CONTINGENCIES (DETAILS) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Commitments and Contingencies Disclosure [Abstract]
Fixed maturity portfolio - corporate issuer concentration limit above A-	2.00%
Fixed maturity portfolio - corporate issuer concentration limit below A-	1.00%
Total cash and invested assets - corporate issuer concentration	1.50%
Premiums receivable allowance for doubtful accounts	$ 3	$ 4

COMMITMENTS AND CONTINGENCIES84

COMMITMENTS AND CONTINGENCIES (DETAILS 2) - broker	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Reinsurance Recoverable On Unpaid And Paid Losses [Member] | Reinsurer Concentration [Member] | Reinsurer 1 [Member]
Concentration Risk [Line Items]
Concentration risk, percentage of total	11.00%	13.00%
Reinsurance Recoverable On Unpaid And Paid Losses [Member] | Reinsurer Concentration [Member] | Reinsurer 2 [Member]
Concentration Risk [Line Items]
Concentration risk, percentage of total	11.00%	11.00%
Reinsurance Recoverable On Unpaid And Paid Losses [Member] | Reinsurer Concentration [Member] | Reinsurer 3 [Member]
Concentration Risk [Line Items]
Concentration risk, percentage of total	11.00%	11.00%
Reinsurance Recoverable On Unpaid And Paid Losses [Member] | Reinsurer Concentration [Member] | Top Ten Reinsurers [Member] | AM Best, A+ Rating [Member]
Concentration Risk [Line Items]
Concentration risk, percentage of total	72.00%	77.00%
Gross Premiums Written [Member] | Customer Concentration [Member]
Concentration Risk [Line Items]
Concentration risk, percentage of total	53.00%	56.00%	61.00%
Concentration risk, number of brokers exceeding threshold	3
Gross Premiums Written [Member] | Customer Concentration [Member] | Aon Corporation [Member]
Concentration Risk [Line Items]
Concentration risk, percentage of total	18.00%	22.00%	26.00%
Gross Premiums Written [Member] | Customer Concentration [Member] | Marsh, Inc. [Member]
Concentration Risk [Line Items]
Concentration risk, percentage of total	22.00%	22.00%	23.00%
Gross Premiums Written [Member] | Customer Concentration [Member] | Willis Group Holdings Ltd. [Member]
Concentration Risk [Line Items]
Concentration risk, percentage of total	13.00%	12.00%	12.00%

COMMITMENTS AND CONTINGENCIES85

COMMITMENTS AND CONTINGENCIES (DETAILS 3) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Commitments and Contingencies Disclosure [Abstract]
Rent expense related to operating leases	$ 28,000	$ 27,000	$ 29,000
Office Space [Member]
Future minimum lease payments under operating leases [Line Items]
2,016	25,386
2,017	24,118
2,018	21,559
2,019	20,108
2,020	15,627
Later years	44,513
Total future minimum lease payments	$ 151,311

COMMITMENTS AND CONTINGENCIES86

COMMITMENTS AND CONTINGENCIES (DETAILS 4) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Unrecorded Unconditional Purchase Obligation [Line Items]
Unfunded commitments related to other investments	$ 379	$ 123
Minimum reinsurance premiums [Member]
Unrecorded Unconditional Purchase Obligation [Line Items]
Outstanding purchase commitment, due in 2016	$ 29

EARNINGS PER COMMON SHARE (DETA

EARNINGS PER COMMON SHARE (DETAILS) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Basic earnings per common share
Net income									$ 641,631	$ 804,564	$ 727,465
Less: amounts attributable from noncontrolling interests									0	(6,181)	0
Less: preferred share dividends									40,069	40,088	40,474
Less: loss on repurchase of preferred shares									0	0	3,081
Net income available to common shareholders	$ 134,787	$ 247,620	$ 63,349	$ 155,803	$ 163,663	$ 279,104	$ 190,664	$ 137,227	$ 601,562	$ 770,657	$ 683,910
Weighted average common shares outstanding - basic									98,609,000	104,368,000	113,636,000
Basic earnings per common share (in dollars per share)	$ 1.40	$ 2.52	$ 0.63	$ 1.56	$ 1.63	$ 2.71	$ 1.81	$ 1.26	$ 6.10	$ 7.38	$ 6.02
Diluted earnings per common share
Net income available to common shareholders	$ 134,787	$ 247,620	$ 63,349	$ 155,803	$ 163,663	$ 279,104	$ 190,664	$ 137,227	$ 601,562	$ 770,657	$ 683,910
Weighted average common shares outstanding - basic									98,609,000	104,368,000	113,636,000
Share-based compensation plans									1,020,000	1,345,000	1,692,000
Weighted average common shares outstanding - diluted									99,629,000	105,713,000	115,328,000
Diluted earnings per common share (in dollars per share)	$ 1.39	$ 2.50	$ 0.63	$ 1.54	$ 1.60	$ 2.68	$ 1.79	$ 1.24	$ 6.04	$ 7.29	$ 5.93
Anti-dilutive shares excluded from the dilutive computation									165,000	282,000	250,000
Accelerated Share Repurchase Agreement August 17 2015 [Member]
Accelerated Share Repurchases [Line Items]
Treasury Stock, Shares, Acquired									4,149,378

SHAREHOLDERS' EQUITY (DETAILS)

SHAREHOLDERS' EQUITY (DETAILS) - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Class of Stock [Line Items]
Authorized share capital, common	800,000,000	800,000,000
Par value per share, common	$ 0.0125	$ 0.0125
Common Shares Issued and Outstanding [Roll Forward]
Shares issued, balance at beginning of year	175,478,000
Total shares issued at end of year	176,240,000	175,478,000
Treasury Shares Issued and Outstanding [Roll Forward]
Treasury shares, balance at beginning of year	(76,052,000)
Total treasury shares at end of year	(80,174,000)	(76,052,000)
Total shares outstanding	96,066,000	99,426,000
Cash dividends declared per common share	$ 1.22	$ 1.10	$ 1.02
Common Stock [Member]
Common Shares Issued and Outstanding [Roll Forward]
Shares issued, balance at beginning of year	175,478,000	174,134,000	171,867,000
Shares issued	762,000	1,344,000	2,267,000
Total shares issued at end of year	176,240,000	175,478,000	174,134,000
Treasury Shares Issued and Outstanding [Roll Forward]
Treasury shares, balance at beginning of year	(76,052,000)	(64,649,000)	(53,947,000)
Shares repurchased	(4,616,000)	(11,752,000)	(10,830,000)
Shares reissued from treasury	494,000	349,000	128,000
Total treasury shares at end of year	(80,174,000)	(76,052,000)	(64,649,000)
Total shares outstanding	96,066,000	99,426,000	109,485,000

SHAREHOLDERS' EQUITY (DETAILS 2

SHAREHOLDERS' EQUITY (DETAILS 2) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 07, 2015
Accelerated Share Repurchase Agreement August 17 2015 [Member]
Treasury Shares [Line Items]
Total shares	4,149,378
Total cost	$ 300,000
Common Stock [Member]
Treasury Shares [Line Items]
Value of share repurchase authorized by the Board of Directors during the period				$ 750,000
Total shares	4,616,000	11,752,000	10,830,000
Total cost	$ 264,538	$ 543,202	$ 472,263
Average price per share	$ 57.32	$ 46.22	$ 43.61
Common Stock [Member] | In the open market [Member]
Treasury Shares [Line Items]
Total shares	4,264,000	11,317,000	7,362,000
Total cost	$ 246,490	$ 524,168	$ 337,083
Average price per share	$ 57.80	$ 46.32	$ 45.79
Common Stock [Member] | In the open market [Member] | Accelerated Share Repurchase Agreement August 17 2015 [Member]
Treasury Shares [Line Items]
Total shares	4,149,378
Common Stock [Member] | From employees [Member]
Treasury Shares [Line Items]
Total shares	352,000	435,000	468,000
Total cost	$ 18,048	$ 19,034	$ 19,080
Average price per share	$ 51.34	$ 43.82	$ 40.75
Common Stock [Member] | From founding shareholder [Member]
Treasury Shares [Line Items]
Total shares	0	0	3,000,000
Total cost	$ 0	$ 0	$ 116,100
Average price per share	$ 0	$ 0	$ 38.70
Common Stock [Member] | From founding shareholder [Member] | Trident [Member]
Treasury Shares [Line Items]
Total shares			3,000,000

SHAREHOLDERS' EQUITY (DETAILS 3

SHAREHOLDERS' EQUITY (DETAILS 3) - USD ($) $ / shares in Units, $ in Thousands	Jan. 15, 2016	Jan. 15, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Treasury Stock [Member]
Class of Stock [Line Items]
Total cost			$ 264,538	$ 543,202	$ 472,263
Additional paid-in capital [Member]
Class of Stock [Line Items]
Total cost			60,000	$ 0	$ 0
Accelerated Share Repurchase Agreement August 17 2015 [Member]
Class of Stock [Line Items]
Total cost			$ 300,000
Total shares			4,149,378
Accelerated Share Repurchases, initial repurchase percentage			80.00%
Accelerated Share Repurchase Agreement August 17 2015 [Member] | Subsequent Event [Member]
Class of Stock [Line Items]
Total shares	1,358,380	5,507,758
Average price per share		$ 54.47
Accelerated Share Repurchase Agreement August 17 2015 [Member] | Treasury Stock [Member]
Class of Stock [Line Items]
Total cost			$ 240,000
Accelerated Share Repurchase Agreement August 17 2015 [Member] | Additional paid-in capital [Member]
Class of Stock [Line Items]
Total cost			$ 60,000

SHAREHOLDERS' EQUITY (DETAILS 4

SHAREHOLDERS' EQUITY (DETAILS 4) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended							3 Months Ended	12 Months Ended
	Jan. 27, 2016	Jun. 30, 2013	May. 31, 2013	Apr. 30, 2012	Mar. 31, 2012	Nov. 30, 2005	Oct. 31, 2005	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Class of Stock [Line Items]
Loss on repurchase of preferred shares									$ 0	$ 0	$ 3,081
Preferred shares, aggregate liquidation value outstanding									627,843	627,843
Aggregate cash payment to acquire preferred shares									$ 0	$ 0	$ 100,000
Series A 7.25% Preferred Shares [Member]
Class of Stock [Line Items]
Preferred shares, aggregate liquidation value issued							$ 250,000
Preferred shares, dividend rate		7.25%
Preferred shares, aggregate liquidation preference repurchased		$ 100,000			$ 150,000
Preferred shares, par value per share		$ 0.0125
Preferred shares, liquidation preference per share		$ 25
Preferred shares, dividend declared per share											$ 0.9063	$ 0.4531
Preferred shares, dividends paid per share											1.3594
Preferred shares, number of shares repurchased		4,000,000			6,000,000
Loss on repurchase of preferred shares		$ 3,000			$ 5,000
Series B 7.50% Preferred Shares [Member]
Class of Stock [Line Items]
Preferred shares, aggregate liquidation value issued						$ 250,000
Preferred shares, dividend rate									7.50%
Preferred shares, par value per share									$ 0.0125
Preferred shares, liquidation preference per share									100
Preferred shares, redemption price per share									100
Preferred shares, dividend declared per share									6.8125	$ 7.50	7.50
Preferred shares, dividends paid per share									$ 7.50	7.50	7.50
Preferred shares, number of shares repurchased				2,471,570
Loss on repurchase of preferred shares				$ 9,000
Preferred shares, number of shares outstanding									28,430
Preferred shares, aggregate liquidation value outstanding									$ 3,000
Preferred shares, purchase price per share				$ 102.81
Aggregate cash payment to acquire preferred shares				$ 254,000
Series B 7.50% Preferred Shares [Member] | Subsequent Event [Member]
Class of Stock [Line Items]
Preferred shares, aggregate liquidation preference repurchased	$ 3,000
Preferred shares, number of shares repurchased	28,430
Series C 6.875% Preferred Shares [Member]
Class of Stock [Line Items]
Preferred shares, aggregate liquidation value issued					$ 400,000
Preferred shares, dividend rate									6.875%
Preferred shares, par value per share									$ 0.0125
Preferred shares, liquidation preference per share									25
Preferred shares, redemption price per share									25
Preferred shares, dividend declared per share									1.7188	1.7188	1.7188
Preferred shares, dividends paid per share									$ 1.7188	1.7188	1.7188
Series D 5.50% Preferred Shares [Member]
Class of Stock [Line Items]
Preferred shares, aggregate liquidation value issued			$ 225,000
Preferred shares, dividend rate									5.50%
Preferred shares, par value per share									$ 0.0125
Preferred shares, liquidation preference per share									25
Preferred shares, redemption price per share									25
Preferred shares, dividend declared per share									1.3750	1.3750	0.6875
Preferred shares, dividends paid per share								$ 0.3438	$ 1.3750	$ 1.3750	$ 0.3438

NONCONTROLLING INTERESTS (DETAI

NONCONTROLLING INTERESTS (DETAILS) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Noncontrolling Interests [Line Items]
Assets	$ 19,981,891	$ 19,955,736
Liabilities	$ 14,115,009	14,075,796
Ventures Re [Member]
Noncontrolling Interests [Line Items]
Assets		97,000
Liabilities		$ 38,000

NONCONTROLLING INTERESTS (DET93

NONCONTROLLING INTERESTS (DETAILS 2) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Change in Noncontrolling Interests [Roll Forward]
Balance at beginning of year	$ 58,819	$ 50,000
Increase from issuance of preferred equity to noncontrolling interests	0	25,000
Decrease from return of capital to noncontrolling interests	0	(10,000)
Amounts attributable from noncontrolling interests	0	(6,181)	$ 0
Adjustment due to the adoption of revised accounting guidance effective January 1, 2015	(58,819)	0
Balance at end of year	$ 0	$ 58,819	$ 50,000

RETIREMENT PLANS (DETAILS)

RETIREMENT PLANS (DETAILS) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Compensation and Retirement Disclosure [Abstract]
Total pension expenses	$ 21	$ 21	$ 20

SHARE-BASED COMPENSATION (DETAI

SHARE-BASED COMPENSATION (DETAILS) - USD ($) $ in Millions	1 Months Ended			2 Months Ended	12 Months Ended
	May. 31, 2012	May. 31, 2009	May. 31, 2007	Feb. 24, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Restricted Stock And Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of restricted stock and cash settled awards vested					$ 75	$ 68	$ 70
Unrecognized compensation costs					$ 95	$ 112
Weighted average period for recognition of share based compensation					1 year 294 days	2 years 102 days
Restricted Stock And Restricted Stock Units [Member] | Share Settled [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of restricted stock and restricted stock units granted					661,398	1,121,066	1,007,425
Restricted Stock And Restricted Stock Units [Member] | Cash Settled [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of restricted stock and restricted stock units granted					487,758	1,018,083
Service Based Restricted Stock And Restricted Stock Units [Member] | Share Settled [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of restricted stock and restricted stock units granted					557,000
Service Based Restricted Stock And Restricted Stock Units [Member] | Cash Settled [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of restricted stock and restricted stock units granted					469,099
Performance Based Restricted Stock and Restricted Stock Units [Member] | Share Settled [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of restricted stock and restricted stock units granted					104,000
Performance Based Restricted Stock and Restricted Stock Units [Member] | Cash Settled [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of restricted stock and restricted stock units granted					18,659
2007 Long-term Equity Compensation Plan [Member] | Share Settled [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional shares authorized for issuance under plan	6,000,000	4,000,000	5,000,000
Maximum number of shares to be issued under the plan					15,000,000
Number of awards available for grant under plan					6,007,637
Period of time subsequent to a change in control during which plan allows for accelerated vesting of awards for certain terminations					2 years
2007 Long-term Equity Compensation Plan [Member] | Restricted Stock And Restricted Stock Units [Member] | Cash Settled [Member] | Subsequent Event [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of restricted stock and restricted stock units granted				495,195
2007 Long-term Equity Compensation Plan [Member] | Service Based Restricted Stock And Restricted Stock Units [Member] | Subsequent Event [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of restricted stock and restricted stock units granted				1,046,299
2007 Long-term Equity Compensation Plan [Member] | Service Based Restricted Stock And Restricted Stock Units [Member] | Cliff Vesting [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
General award vesting period					3 years
2007 Long-term Equity Compensation Plan [Member] | Service Based Restricted Stock And Restricted Stock Units [Member] | Graded Vesting [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
General award vesting period					4 years
Annual award vesting percentage					25.00%
2007 Long-term Equity Compensation Plan [Member] | Performance Based Restricted Stock and Restricted Stock Units [Member] | Subsequent Event [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of restricted stock and restricted stock units granted				121,278
2003 Long-term Equity Compensation Plan [Member] | Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiry date from date of grant					10 years

SHARE-BASED COMPENSATION (DET96

SHARE-BASED COMPENSATION (DETAILS 2) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Restricted Stock And Restricted Stock Units RSU [Member]
Reconcilation of Beginning and Ending Balance of Nonvested Restricted Stock (including RSUs) [Line Items]
Share based compensation expense incurred	$ 59	$ 73	$ 57
Tax benefit related to share-based compensation costs incurred	$ 15	$ 14	$ 10
Restricted Stock And Restricted Stock Units RSU [Member] | Share Settled [Member]
Reconcilation of Beginning and Ending Balance of Nonvested Restricted Stock (including RSUs) [Line Items]
Granted (number)	661,398	1,121,066	1,007,425
Weighted average grant date fair value - granted	$ 51.95	$ 44.46	$ 39.52
Restricted Stock And Restricted Stock Units RSU [Member] | Cash Settled [Member]
Reconcilation of Beginning and Ending Balance of Nonvested Restricted Stock (including RSUs) [Line Items]
Nonvested restricted stock (number) - beginning of year	1,503,380
Granted (number)	487,758	1,018,083
Nonvested restricted stock (number) - end of year	1,503,264	1,503,380
Liability for cash-settled units	$ 33	$ 21
Performance Based Restricted Stock and Restricted Stock Units [Member] | Share Settled [Member]
Reconcilation of Beginning and Ending Balance of Nonvested Restricted Stock (including RSUs) [Line Items]
Nonvested restricted stock (number) - beginning of year	347,000
Granted (number)	104,000
Vested (number)	0
Forfeited (number)	(250,000)
Nonvested restricted stock (number) - end of year	201,000	347,000
Weighted average grant date fair value - beginning of year	$ 37.34
Weighted average grant date fair value - granted	53.32
Weighted average grant date fair value - vested	0
Weighted average grant date fair value - forfeited	34.42
Weighted average grant date fair value - end of year	$ 49.24	$ 37.34
Performance Based Restricted Stock and Restricted Stock Units [Member] | Cash Settled [Member]
Reconcilation of Beginning and Ending Balance of Nonvested Restricted Stock (including RSUs) [Line Items]
Granted (number)	18,659
Service Based Restricted Stock And Restricted Stock Units [Member] | Share Settled [Member]
Reconcilation of Beginning and Ending Balance of Nonvested Restricted Stock (including RSUs) [Line Items]
Nonvested restricted stock (number) - beginning of year	2,768,000
Granted (number)	557,000
Vested (number)	(1,156,000)
Forfeited (number)	(215,000)
Nonvested restricted stock (number) - end of year	1,954,000	2,768,000
Weighted average grant date fair value - beginning of year	$ 38.70
Weighted average grant date fair value - granted	51.70
Weighted average grant date fair value - vested	36.31
Weighted average grant date fair value - forfeited	43.02
Weighted average grant date fair value - end of year	$ 43.34	$ 38.70
Service Based Restricted Stock And Restricted Stock Units [Member] | Cash Settled [Member]
Reconcilation of Beginning and Ending Balance of Nonvested Restricted Stock (including RSUs) [Line Items]
Granted (number)	469,099

SHARE-BASED COMPENSATION (DET97

SHARE-BASED COMPENSATION (DETAILS 3) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Options outstanding [Roll Forward]
Options outstanding - beginning of year	20
Granted	0
Exercised	(20)
Expired	0
Options outstanding - end of year	0	20
Options exercisable	0	20
Options outstanding, weighted average exercise price [Roll Forward]
Weighted average exercise price options outstanding, beginning of year	$ 28.02
Granted	0
Exercised	28.02
Expired	0
Weighted average exercise price options outstanding, end of year	0	$ 28.02
Weighted average exercise price, options exercisable	$ 0	$ 28.02
Weighted average remaining contractual term, options outstanding	0 days
Weighted average remaining contractual term, options exercisable	0 days
Aggregate intrinsic value, options outstanding	$ 0
Aggregate intrinsic value, options exercisable	0
Aggregate intrinsic value, options excerised	1,000	$ 4,000
Proceeds received on exercise from options	$ 1,000	$ 5,000

RELATED PARTY TRANSACTIONS (DET

RELATED PARTY TRANSACTIONS (DETAILS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Related Party Transaction [Line Items]
Unfunded commitments related to other investments		$ 379,000	$ 123,000
Percentage ownership by related parties		45.00%
Ceded premiums		$ 929,064	804,544	$ 768,841
Ceded losses and loss expenses		577,000	401,000	415,000
Stone Point Group [Member]
Related Party Transaction [Line Items]
Fees paid to related party		4,000	4,000	2,000
NXT Capital [Member]
Related Party Transaction [Line Items]
Fees paid to related party		1,000	1,000
NXT Capital II [Member]
Related Party Transaction [Line Items]
Unfunded commitments related to other investments		30,000
NXT Capital III [Member]
Related Party Transaction [Line Items]
Unfunded commitments related to other investments		30,000
Chairman [Member]
Related Party Transaction [Line Items]
Fees paid to related party		1,000	1,000	$ 1,000
Chairman [Member] | Subsequent Event [Member]
Related Party Transaction [Line Items]
Fees paid to related party	$ 1,000
Significant influence [Member]
Related Party Transaction [Line Items]
Amounts of transactions with related parties		193,000	$ 366,000
Ventures Re [Member]
Related Party Transaction [Line Items]
Ceded premiums		19,000
Ceded losses and loss expenses		$ 23,000

REORGANIZATION AND RELATED EX99

REORGANIZATION AND RELATED EXPENSES (DETAILS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Reorganization and Related Expenses [Line Items]
Reorganization and related expenses	$ 45,867	$ 0	$ 0
Corporate expenses [Member]
Reorganization and Related Expenses [Line Items]
Other assets write down	$ 5,000

INCOME TAXES (DETAILS)

INCOME TAXES (DETAILS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income tax expense [Line Items]
Total income tax expense	$ 3,028	$ 25,908	$ 7,002
Net current tax receivables (payables)	(69)	(11,203)	5,689
Net deferred tax assets	104,762	89,405	80,258
Net tax assets	104,693	78,202	85,947
United States [Member]
Income tax expense [Line Items]
Current income tax expense	4,927	8,411	12,466
Deferred income tax expense (benefit)	(267)	1,313	(13,976)
Europe [Member]
Income tax expense [Line Items]
Current income tax expense	144	16,582	9,039
Deferred income tax expense (benefit)	(1,781)	(399)	(526)
Other [Member]
Income tax expense [Line Items]
Current income tax expense	5	1	0
Deferred income tax expense (benefit)	$ 0	$ 0	$ (1)

INCOME TAXES (DETAILS 2)

INCOME TAXES (DETAILS 2) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Deferred tax assets:
Discounting of loss reserves	$ 50,928	$ 59,852
Unearned premiums	40,861	39,661
Net unrealized losses on investments	2,161	0
Operating and capital loss carryforwards	36,080	26,016
Accruals not currently deductible	58,042	44,082
Other investment adjustments and impairments	917	4,001
Tax credits	12,961	15,412
Other deferred tax assets	2,261	1,324
Deferred tax assets before valuation allowance	204,211	190,348
Valuation allowance	(40,331)	(34,094)
Deferred tax assets net of valuation allowance	163,880	156,254
Deferred tax liabilities:
Deferred acquisition costs	(41,170)	(37,712)
Net unrealized gains on investments	0	(12,792)
Amortization of intangible assets and goodwill	(11,972)	(10,778)
Accrued market discounts	0	(707)
Equalization reserves	(4,493)	(3,554)
Other deferred tax liabilities	(1,483)	(1,306)
Deferred tax liabilities	(59,118)	(66,849)
Net deferred tax assets	$ 104,762	$ 89,405	$ 80,258

INCOME TAXES (DETAILS 3)

INCOME TAXES (DETAILS 3) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Singapore [Member]
Operating Loss And Tax Credit Carryforwards [Line Items]
Operating loss carryforwards	$ 102,430	$ 109,871
Australia [Member]
Operating Loss And Tax Credit Carryforwards [Line Items]
Operating loss carryforwards	121,575	68,357
Australia [Member] | Capital loss carryforward [Member]
Operating Loss And Tax Credit Carryforwards [Line Items]
Capital loss carryforwards	4,207	4,207
United Kingdom [Member]
Operating Loss And Tax Credit Carryforwards [Line Items]
Operating loss carryforwards	22,002	7,833
Switzerland [Member]
Operating Loss And Tax Credit Carryforwards [Line Items]
Operating loss carryforwards	378	0
Ireland [Member]
Operating Loss And Tax Credit Carryforwards [Line Items]
Operating loss carryforwards	3,258	0
Ireland foreign tax credit	6,073	7,647
Ireland [Member] | Capital loss carryforward [Member]
Operating Loss And Tax Credit Carryforwards [Line Items]
Capital loss carryforwards	716	540
United States [Member]
Operating Loss And Tax Credit Carryforwards [Line Items]
United States alternative minimum tax credit	$ 6,888	$ 7,765

INCOME TAXES (DETAILS 4)

INCOME TAXES (DETAILS 4) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Movement in Valuation Allowances and Reserves [Roll Forward]
Valuation allowance - beginning of year	$ 34,094
Valuation allowance - end of year	40,331	$ 34,094
Income Tax Expense [Member]
Movement in Valuation Allowances and Reserves [Roll Forward]
Valuation allowance - beginning of year	34,865	27,070
Valuation allowance - end of year	40,331	34,865
Income Tax Expense [Member] | Operating Loss Carryforwards [Member]
Movement in Valuation Allowances and Reserves [Roll Forward]
Change in valuation allowance	6,809	3,044
Income Tax Expense [Member] | Capital Loss Carryforwards [Member]
Movement in Valuation Allowances and Reserves [Roll Forward]
Change in valuation allowance	0	1,262
Income Tax Expense [Member] | Foreign Tax Credit [Member]
Movement in Valuation Allowances and Reserves [Roll Forward]
Change in valuation allowance	(1,573)	3,194
Income Tax Expense [Member] | Australian CTA and accruals and other foreign rate differentials [Member]
Movement in Valuation Allowances and Reserves [Roll Forward]
Change in valuation allowance	1,001	1,052
Income Tax Expense [Member] | Change in investment-related items [Member]
Movement in Valuation Allowances and Reserves [Roll Forward]
Change in valuation allowance	(771)	(757)
Accumulated Other Comprehensive Income [Member]
Movement in Valuation Allowances and Reserves [Roll Forward]
Valuation allowance - beginning of year	(771)	(1,528)
Valuation allowance - end of year	0	(771)
Accumulated Other Comprehensive Income [Member] | Change in investment-related items [Member]
Movement in Valuation Allowances and Reserves [Roll Forward]
Change in valuation allowance	$ 771	$ 757

INCOME TAXES (DETAILS 5)

INCOME TAXES (DETAILS 5) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Reconciliation of effective tax rate (% of income before income taxes) [Line Items]
Expected tax rate	0.00%	0.00%	0.00%
Valuation allowance	1.20%	1.10%	(0.70%)
Net tax exempt income	(0.10%)	(0.70%)	(1.30%)
Other	(0.90%)	(0.60%)	(0.40%)
Actual tax rate	0.50%	3.10%	1.00%
Income before income taxes - Bermuda (domestic)	$ 652,235,000	$ 690,517,000	$ 625,490,000
Income before income taxes - foreign	(7,576,000)	139,955,000	108,977,000
Income before income taxes	644,659,000	830,472,000	$ 734,467,000
Unrecognized Tax Benefits	$ 0	$ 0
United States [Member]
Reconciliation of effective tax rate (% of income before income taxes) [Line Items]
Foreign taxes at local expected rates	0.80%	1.80%	2.10%
Europe [Member]
Reconciliation of effective tax rate (% of income before income taxes) [Line Items]
Foreign taxes at local expected rates	(0.20%)	1.50%	1.00%
Other [Member]
Reconciliation of effective tax rate (% of income before income taxes) [Line Items]
Foreign taxes at local expected rates	(0.30%)	0.00%	0.30%

OTHER COMPREHENSIVE LOSS (DETAI

OTHER COMPREHENSIVE LOSS (DETAILS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Before Tax Amount
Unrealized investment losses arising during the year	$ (280,512)	$ (22,704)	$ (169,614)
Adjustment for reclassification of net realized investment gains (losses) and OTTI losses recognized in net income	145,766	(141,172)	(67,156)
Unrealized investment losses arising during the year, net of reclassification adjustment	(134,746)	(163,876)	(236,770)
Non-credit portion of OTTI losses	0	0	0
Foreign currency translation adjustment	(21,498)	(10,262)	(21,414)
Total other comprehensive loss	(156,244)	(174,138)	(258,184)
Tax (Expense) Benefit
Unrealized investment losses arising during the year	14,128	(15,963)	7,782
Adjustment for reclassification of net realized investment gains (losses) and OTTI losses recognized in net income	(775)	26,702	5,605
Unrealized investment losses arising during the year, net of reclassification adjustment	13,353	10,739	13,387
Non-credit portion of OTTI losses	0	0	0
Foreign currency translation adjustment	0	0	0
Total other comprehensive loss	13,353	10,739	13,387
Net of Tax Amount
Unrealized investment losses arising during the year	(266,384)	(38,667)	(161,832)
Adjustment for reclassification of net realized investment gains (losses) and OTTI losses recognized in net income	144,991	(114,470)	(61,551)
Unrealized investment losses arising during the year, net of reclassification adjustment	(121,393)	(153,137)	(223,383)
Non-credit portion of OTTI losses	0	0	0
Foreign currency translation adjustment	(21,498)	(10,262)	(21,414)
Total other comprehensive loss, net of tax	$ (142,891)	$ (163,399)	$ (244,797)

OTHER COMPREHENSIVE LOSS (DE106

OTHER COMPREHENSIVE LOSS (DETAILS 2) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Reclassification out of accumulated comprehensive income into net income available to common shareholders [Line Items]
Other realized investment gains (losses)									$ (65,771)	$ 163,335	$ 84,926
OTTI losses									(72,720)	(31,227)	(9,362)
Income before income taxes									644,659	830,472	734,467
Tax (expense) benefit									(3,028)	(25,908)	(7,002)
Net income attributable to AXIS Capital	$ 144,790	$ 257,642	$ 73,371	$ 165,825	$ 173,685	$ 289,126	$ 200,686	$ 147,249	641,631	810,745	727,465
Unrealized gains (losses) on available for sale investments [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassification out of accumulated comprehensive income into net income available to common shareholders [Line Items]
Other realized investment gains (losses)									(73,046)	172,399	76,518
OTTI losses									(72,720)	(31,227)	(9,362)
Income before income taxes									(145,766)	141,172	67,156
Tax (expense) benefit									775	(26,702)	(5,605)
Net income attributable to AXIS Capital									$ (144,991)	$ 114,470	$ 61,551

STATUTORY FINANCIAL INFORMAT107

STATUTORY FINANCIAL INFORMATION (DETAILS) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)board_member	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Statutory Financial Information [Line Items]
Statutory net income	$ 457,000	$ 884,000	$ 766,000
Bermuda [Member]
Statutory Financial Information [Line Items]
Required statutory capital and surplus	1,948,833	1,972,951
Available statutory capital and surplus	3,619,642	3,729,925
Minimum solvency margin amount	$ 100,000
Minimum solvency margin percentage of net written premiums	50.00%
Minimum solvency margin percentage of net reserves	15.00%
Limit - prior year's total statutory capital surplus (Bermuda)	25.00%
Number of directors required to sign affidavits in order to pay dividend/distribution greater than 25% of prior year statutory capital and surplus | board_member	2
Maximum dividend/distribution payable without regulatory approval	$ 905,000
Ireland [Member]
Statutory Financial Information [Line Items]
Required statutory capital and surplus	282,857	299,758
Available statutory capital and surplus	781,892	788,882
Maximum dividend/distribution payable with regulatory approval	184,000
United States [Member]
Statutory Financial Information [Line Items]
Required statutory capital and surplus	412,990	415,011
Available statutory capital and surplus	1,439,366	$ 1,443,032
Maximum dividend/distribution payable without regulatory approval	$ 144,000
Maximum dividend limit - percentage of total statutory capital and surplus	10.00%

UNAUDITED CONDENSED QUARTERL108

UNAUDITED CONDENSED QUARTERLY FINANCIAL DATA (DETAILS) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Quarterly Financial Information Disclosure [Abstract]
Net premiums earned	$ 921,812	$ 919,341	$ 941,211	$ 904,053	$ 958,517	$ 966,138	$ 1,000,400	$ 945,949	$ 3,686,417	$ 3,870,999	$ 3,707,065
Net investment income	79,000	45,685	88,544	92,107	78,595	66,562	114,867	82,744	305,336	342,766	409,312
Net realized investment gains (losses)	(14,872)	(69,957)	(11,110)	(42,553)	10,779	77,448	33,261	10,620	(138,491)	132,108	75,564
Underwriting income	88,358	56,245	56,848	100,790	112,720	113,464	126,581	108,766
Net income attributable to AXIS Capital	144,790	257,642	73,371	165,825	173,685	289,126	200,686	147,249	641,631	810,745	727,465
Net income available to common shareholders	$ 134,787	$ 247,620	$ 63,349	$ 155,803	$ 163,663	$ 279,104	$ 190,664	$ 137,227	$ 601,562	$ 770,657	$ 683,910
Basic earnings per common share (in dollars per share)	$ 1.40	$ 2.52	$ 0.63	$ 1.56	$ 1.63	$ 2.71	$ 1.81	$ 1.26	$ 6.10	$ 7.38	$ 6.02
Diluted earnings per common share (in dollars per share)	$ 1.39	$ 2.50	$ 0.63	$ 1.54	$ 1.60	$ 2.68	$ 1.79	$ 1.24	$ 6.04	$ 7.29	$ 5.93

SUBSEQUENT EVENTS (DETAILS)

SUBSEQUENT EVENTS (DETAILS) - USD ($) $ / shares in Units, $ in Thousands	Jan. 15, 2016	Feb. 24, 2016	Jan. 15, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Common Stock [Member]
Subsequent Event [Line Items]
Treasury Stock, Shares, Acquired				4,616,000	11,752,000	10,830,000
Treasury Stock Acquired, Average Cost Per Share				$ 57.32	$ 46.22	$ 43.61
Treasury Stock Acquired, Cost				$ 264,538	$ 543,202	$ 472,263
Accelerated Share Repurchase Agreement August 17 2015 [Member]
Subsequent Event [Line Items]
Treasury Stock, Shares, Acquired				4,149,378
Treasury Stock Acquired, Cost				$ 300,000
Subsequent Event [Member] | Common Stock [Member]
Subsequent Event [Line Items]
Stock Repurchase Program, Remaining Authorized Repurchase Amount		$ 654,000
Subsequent Event [Member] | Excluding Accelerated Share Repurchases [Member] | Common Stock [Member]
Subsequent Event [Line Items]
Treasury Stock, Shares, Acquired		1,809,574
Treasury Stock Acquired, Average Cost Per Share		$ 52.93
Treasury Stock Acquired, Cost		$ 96,000
Subsequent Event [Member] | Accelerated Share Repurchase Agreement August 17 2015 [Member]
Subsequent Event [Line Items]
Treasury Stock, Shares, Acquired	1,358,380		5,507,758
Treasury Stock Acquired, Average Cost Per Share			$ 54.47

SCHEDULE II - CONDENSED PARENT

SCHEDULE II - CONDENSED PARENT COMPANY BALANCE SHEETS (DETAILS) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Assets
Cash and cash equivalents	$ 988,133	$ 921,830	$ 923,326	$ 759,817
Other assets	313,267	250,670
Total assets	19,981,891	19,955,736
Liabilities
Other liabilities	350,237	315,471
Total liabilities	14,115,009	14,075,796
Shareholders’ equity
Preferred shares	627,843	627,843
Common shares (2015: 176,240; 2014: 175,478 shares issued and 2015: 96,066; 2014: 99,426 shares outstanding)	2,202	2,191
Additional paid-in capital	2,241,388	2,285,016
Accumulated other comprehensive loss	(188,465)	(45,574)
Retained earnings	6,194,353	5,715,504
Treasury shares, at cost (2015: 80,174; 2014: 76,052 shares)	(3,010,439)	(2,763,859)
Total shareholders’ equity attributable to AXIS Capital	5,866,882	5,821,121
Total liabilities and shareholders’ equity	19,981,891	19,955,736
AXIS Capital Holdings Limited [Member]
Assets
Investments in subsidiaries on equity basis	5,943,182	6,114,436
Cash and cash equivalents	8,098	7,041	$ 4,414	$ 2,841
Other assets	9,381	2,642
Total assets	5,960,661	6,124,119
Liabilities
Intercompany payable	32,837	213,149
Dividends payable	52,237	48,197
Other liabilities	8,705	41,652
Total liabilities	93,779	302,998
Shareholders’ equity
Preferred shares	627,843	627,843
Common shares (2015: 176,240; 2014: 175,478 shares issued and 2015: 96,066; 2014: 99,426 shares outstanding)	2,202	2,191
Additional paid-in capital	2,241,388	2,285,016
Accumulated other comprehensive loss	(188,465)	(45,574)
Retained earnings	6,194,353	5,715,504
Treasury shares, at cost (2015: 80,174; 2014: 76,052 shares)	(3,010,439)	(2,763,859)
Total shareholders’ equity attributable to AXIS Capital	5,866,882	5,821,121
Total liabilities and shareholders’ equity	$ 5,960,661	$ 6,124,119

SCHEDULE II - CONDENSED PARE111

SCHEDULE II - CONDENSED PARENT COMPANY BALANCE SHEET Non-printing (DETAILS 2) - shares shares in Thousands	Dec. 31, 2015	Dec. 31, 2014
Condensed Financial Information of Parent Company [Line Items]
Common shares, shares issued	176,240	175,478
Common shares, shares outstanding	96,066	99,426
Treasury shares, shares	80,174	76,052
AXIS Capital Holdings Limited [Member]
Condensed Financial Information of Parent Company [Line Items]
Common shares, shares issued	176,240	175,478
Common shares, shares outstanding	96,066	99,426
Treasury shares, shares	80,174	76,052

SCHEDULE II - CONDENSED PARE112

SCHEDULE II - CONDENSED PARENT COMPANY BALANCE SHEET NOTES (DETAILS 3) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Senior Notes [Member] | 2010 AXIS Specialty Finance LLC Senior Notes [Member]
Condensed Financial Information of Parent Company [Line Items]
Interest rate	5.875%
Senior Notes [Member] | Senior Notes Due 2019 Axis Specialty Finance PLC 2014 [Member]
Condensed Financial Information of Parent Company [Line Items]
Interest rate	2.65%
Senior Notes [Member] | Senior Notes Due 2045 Axis Specialty Finance PLC 2014 [Member]
Condensed Financial Information of Parent Company [Line Items]
Interest rate	5.15%
Revolving Credit Facility [Member] | Syndication Of Lenders [Member]
Condensed Financial Information of Parent Company [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 250
AXIS Capital Holdings Limited [Member] | Weather Related Derivative [Member] | Full and Unconditional Guarantee of Debt [Member]
Condensed Financial Information of Parent Company [Line Items]
Guarantor obligations, current carrying value	$ 70	$ 68
AXIS Capital Holdings Limited [Member] | Senior Notes [Member] | 2010 AXIS Specialty Finance LLC Senior Notes [Member] | Full and Unconditional Guarantee of Debt [Member]
Condensed Financial Information of Parent Company [Line Items]
Interest rate	5.875%
Principal amount guaranteed	$ 500
AXIS Capital Holdings Limited [Member] | Senior Notes [Member] | Senior Notes Due 2019 Axis Specialty Finance PLC 2014 [Member] | Full and Unconditional Guarantee of Debt [Member]
Condensed Financial Information of Parent Company [Line Items]
Interest rate	2.65%
Principal amount guaranteed	$ 250
AXIS Capital Holdings Limited [Member] | Senior Notes [Member] | Senior Notes Due 2045 Axis Specialty Finance PLC 2014 [Member] | Full and Unconditional Guarantee of Debt [Member]
Condensed Financial Information of Parent Company [Line Items]
Interest rate	5.15%
Principal amount guaranteed	$ 250
AXIS Capital Holdings Limited [Member] | Revolving Credit Facility [Member] | Syndication Of Lenders [Member] | Full and Unconditional Guarantee of Debt [Member]
Condensed Financial Information of Parent Company [Line Items]
Guarantor obligations, current carrying value	0
Line of Credit Facility, Maximum Borrowing Capacity	$ 250
AXIS Specialty Finance PLC [Member] | Senior Notes [Member]
Condensed Financial Information of Parent Company [Line Items]
Percentage ownership in subsidiary	100.00%
AXIS Specialty Finance PLC [Member] | Senior Notes [Member] | Full and Unconditional Guarantee of Debt [Member]
Condensed Financial Information of Parent Company [Line Items]
Percentage ownership in subsidiary	100.00%
AXIS Specialty Finance LLC [Member] | Senior Notes [Member]
Condensed Financial Information of Parent Company [Line Items]
Percentage ownership in subsidiary	100.00%
AXIS Specialty Finance LLC [Member] | Senior Notes [Member] | Full and Unconditional Guarantee of Debt [Member]
Condensed Financial Information of Parent Company [Line Items]
Percentage ownership in subsidiary	100.00%
Subsidiaries [Member] | Weather Related Derivative [Member] | Full and Unconditional Guarantee of Debt [Member]
Condensed Financial Information of Parent Company [Line Items]
Percentage ownership in subsidiary	100.00%

SCHEDULE II - CONDENSED PARE113

SCHEDULE II - CONDENSED PARENT COMPANY STATEMENTS OF OPERATIONS (DETAILS 4) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Revenues
Termination fee received									$ 280,000	$ 0	$ 0
Total revenues									4,130,309	4,346,523	4,196,365
Expenses
Interest expense and financing costs									50,963	74,695	61,979
Net income attributable to AXIS Capital	$ 144,790	$ 257,642	$ 73,371	$ 165,825	$ 173,685	$ 289,126	$ 200,686	$ 147,249	641,631	810,745	727,465
Preferred share dividends									40,069	40,088	40,474
Loss on repurchase of preferred shares									0	0	3,081
Net income available to common shareholders	$ 134,787	$ 247,620	$ 63,349	$ 155,803	$ 163,663	$ 279,104	$ 190,664	$ 137,227	601,562	770,657	683,910
Comprehensive income									498,740	647,346	482,668
AXIS Capital Holdings Limited [Member]
Revenues
Net investment income									1	3	5
Termination fee received									280,000	0	0
Total revenues									280,001	3	5
Expenses
General and administrative expenses									8,012	57,998	40,565
Interest expense and financing costs									0	26,749	29,201
Total expenses									8,012	84,747	69,766
Income (loss) before equity in net earnings of subsidiaries									271,989	(84,744)	(69,761)
Equity in net earnings of subsidiaries									369,642	895,489	797,226
Net income attributable to AXIS Capital									641,631	810,745	727,465
Preferred share dividends									40,069	40,088	40,474
Loss on repurchase of preferred shares									0	0	3,081
Net income available to common shareholders									601,562	770,657	683,910
Comprehensive income									$ 498,740	$ 641,165	$ 482,668

SCHEDULE II - CONDENSED PARE114

SCHEDULE II - CONDENSED PARENT COMPANY STATEMENTS OF CASH FLOWS (DETAILS 5) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Cash flows from operating activities:
Net income attributable to AXIS Capital	$ 144,790	$ 257,642	$ 73,371	$ 165,825	$ 173,685	$ 289,126	$ 200,686	$ 147,249	$ 641,631	$ 810,745	$ 727,465
Adjustments to reconcile net income to net cash provided by operating activities:
Other items									16,119	81,202	(789)
Net cash provided by operating activities									791,200	862,182	1,096,968
Cash flows from investing activities:
Net cash provided by (used in) investing activities									(225,697)	(154,076)	(489,287)
Cash flows from financing activities:
Repurchase of common shares									(332,252)	(543,202)	(472,263)
Dividends paid - common shares									(118,652)	(117,619)	(118,426)
Dividends paid - preferred shares									(40,088)	(40,088)	(39,193)
Proceeds from issuance of common shares									3,986	5,550	20,339
Redemption of senior notes									0	(500,000)	0
Net proceeds from issuance of preferred shares									0	0	218,449
Repurchase of preferred shares									0	0	(100,000)
Net cash used in financing activities									(487,006)	(686,015)	(441,094)
Increase (decrease) in cash and cash equivalents									66,303	(1,496)	163,509
Cash and cash equivalents - beginning of year				921,830				923,326	921,830	923,326	759,817
Cash and cash equivalents - end of year	988,133				921,830				988,133	921,830	923,326
Supplemental disclosures of cash flow information:
Interest paid									48,875	68,850	58,125
AXIS Capital Holdings Limited [Member]
Cash flows from operating activities:
Net income attributable to AXIS Capital									641,631	810,745	727,465
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in net earnings of subsidiaries									(369,642)	(895,489)	(797,226)
Change in intercompany payable									(180,312)	8,272	(38,375)
Dividends received from subsidiaries									420,000	724,000	566,000
Other items									(23,614)	53,865	34,803
Net cash provided by operating activities									488,063	701,393	492,667
Cash flows from investing activities:
Capital repaid from subsidiary									0	496,593	0
Net cash provided by (used in) investing activities									0	496,593	0
Cash flows from financing activities:
Repurchase of common shares									(332,252)	(543,202)	(472,263)
Dividends paid - common shares									(118,652)	(117,619)	(118,426)
Dividends paid - preferred shares									(40,088)	(40,088)	(39,193)
Proceeds from issuance of common shares									3,986	5,550	20,339
Redemption of senior notes									0	(500,000)	0
Net proceeds from issuance of preferred shares									0	0	218,449
Repurchase of preferred shares									0	0	(100,000)
Net cash used in financing activities									(487,006)	(1,195,359)	(491,094)
Increase (decrease) in cash and cash equivalents									1,057	2,627	1,573
Cash and cash equivalents - beginning of year				$ 7,041				$ 4,414	7,041	4,414	2,841
Cash and cash equivalents - end of year	$ 8,098				$ 7,041				8,098	7,041	4,414
Supplemental disclosures of cash flow information:
Interest paid									$ 0	$ 28,750	$ 28,750

SCHEDULE III - SUPPLEMENTARY115

SCHEDULE III - SUPPLEMENTARY INSURANCE INFORMATION (DETAILS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Supplementary Insurance Information [Line Items]
Deferred Acquisition Costs	$ 471,782	$ 466,987	$ 456,122
Reserve for Losses and Loss Expenses	9,646,285	9,596,797	9,582,140
Unearned Premiums	2,760,889	2,735,376	2,683,849
Net Premiums Earned	3,686,417	3,870,999	3,707,065
Net Investment Income	305,336	342,766	409,312
Losses And Loss Expenses	2,176,199	2,186,722	2,134,195
Amortization of Deferred Acquisition Costs	718,112	737,197	664,191
Other Operating Expenses	596,821	621,876	575,390
Net Premiums Written	3,674,666	3,906,975	3,928,200
Insurance [Member]
Supplementary Insurance Information [Line Items]
Deferred Acquisition Costs	119,186	135,111	150,109
Reserve for Losses and Loss Expenses	5,291,218	5,063,147	4,873,184
Unearned Premiums	1,494,068	1,506,925	1,548,653
Net Premiums Earned	1,798,191	1,830,544	1,722,762
Net Investment Income	0	0	0
Losses And Loss Expenses	1,154,928	1,131,880	1,050,402
Amortization of Deferred Acquisition Costs	261,208	278,804	242,363
Other Operating Expenses	341,658	341,214	347,684
Net Premiums Written	1,759,359	1,779,501	1,813,538
Reinsurance [Member]
Supplementary Insurance Information [Line Items]
Deferred Acquisition Costs	352,596	331,876	306,013
Reserve for Losses and Loss Expenses	4,355,067	4,533,650	4,708,956
Unearned Premiums	1,266,821	1,228,451	1,135,196
Net Premiums Earned	1,888,226	2,040,455	1,984,303
Net Investment Income	0	0	0
Losses And Loss Expenses	1,021,271	1,054,842	1,083,793
Amortization of Deferred Acquisition Costs	456,904	458,393	421,828
Other Operating Expenses	145,253	144,987	137,450
Net Premiums Written	1,915,307	2,127,474	2,114,662
Corporate, Non-Segment [Member]
Supplementary Insurance Information [Line Items]
Deferred Acquisition Costs	0	0	0
Reserve for Losses and Loss Expenses	0	0	0
Unearned Premiums	0	0	0
Net Premiums Earned	0	0	0
Net Investment Income	305,336	342,766	409,312
Losses And Loss Expenses	0	0	0
Amortization of Deferred Acquisition Costs	0	0	0
Other Operating Expenses	109,910	135,675	90,256
Net Premiums Written	$ 0	$ 0	$ 0

SCHEDULE IV - SUPPLEMENTARY 116

SCHEDULE IV - SUPPLEMENTARY REINSURANCE INFORMATION (DETAILS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Supplementary Insurance Information [Line Items]
DIRECT GROSS PREMIUM	$ 2,031,565	$ 2,009,974	$ 1,974,915
CEDED TO OTHER COMPANIES	929,064	804,544	768,841
ASSUMED FROM OTHER COMPANIES	2,572,165	2,701,545	2,722,126
NET AMOUNT	$ 3,674,666	$ 3,906,975	$ 3,928,200
PERCENTAGE OF AMOUNT ASSUMED TO NET	70.00%	69.10%	69.30%
Property and Casualty [Member]
Supplementary Insurance Information [Line Items]
DIRECT GROSS PREMIUM	$ 1,901,757	$ 1,882,695	$ 1,920,203
CEDED TO OTHER COMPANIES	910,917	786,555	767,374
ASSUMED FROM OTHER COMPANIES	2,350,680	2,548,174	2,508,363
NET AMOUNT	$ 3,341,520	$ 3,644,314	$ 3,661,192
PERCENTAGE OF AMOUNT ASSUMED TO NET	70.30%	69.90%	68.50%
Accident and Health [Member]
Supplementary Insurance Information [Line Items]
DIRECT GROSS PREMIUM	$ 129,808	$ 127,279	$ 54,712
CEDED TO OTHER COMPANIES	18,147	17,989	1,467
ASSUMED FROM OTHER COMPANIES	221,485	153,371	213,763
NET AMOUNT	$ 333,146	$ 262,661	$ 267,008
PERCENTAGE OF AMOUNT ASSUMED TO NET	66.50%	58.40%	80.10%