The financial results of these divisions for the years ended December 31, 2004, 2003 and 2002 are as follows (in thousands): Year Ended December 31, 2004 Americas Eur oAsia London Market U.S. Insurance Total Gross premiums written (1) $1,263,210 $553,671 $447,681 $412,069 $2,676,631 Net premiums written $1,208,178 $530,511 $388,245 $235,643 $2,362,577 Net premiums earned $1,229,393 $482,096 $421,219 $198,359 $2,331,067 Losses and loss adjustment  expenses 906,081 299,791 293,560 130,132 1,629,564 Acquisition costs and other  underwriting expenses 389,707 123,099 103,024 38,274 654,104 Total underwriting deductions 1,295,788 422,890 396,584 168,406 2,283,668 Underwriting (loss) income $ (66,395) $  59,206 $ 24,635 $ 29,953 47,399 Net investment income 164,703 Net realized investment gains 113,464 Other expense, net (21,207) Interest expense (25,609) Income before income taxes $ 278,750 Underwriting ratios: Losses and loss adjustment  expenses 73.7% 62.2% 69.7% 65.6% 69.9% Acquisition costs and other  underwriting expenses 31.7 25.5 24.5 19.3 28.1 Combined ratio 105.4% 87.7% 94.2% 84.9% 98.0% ODYSSEY RE HOLDINGS CORP. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, Continued