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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☒        QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2023
OR
☐        TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Commission file number 001-31721
AXIS CAPITAL HOLDINGS LIMITED
(Exact name of registrant as specified in its charter)

Bermuda
(State or other jurisdiction of incorporation or organization)
98-0395986
(I.R.S. Employer Identification No.)
92 Pitts Bay Road, Pembroke, Bermuda HM 08
(Address of principal executive offices and zip code)
(441) 496-2600
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Exchange Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common shares, par value $0.0125 per shareAXSNew York Stock Exchange
Depositary shares, each representing a 1/100th interest in a 5.50% Series E preferred shareAXS PRENew York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes  ☒    No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes  ☒  No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer", "accelerated filer", "smaller reporting company", and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☒
    Accelerated filer
☐
Non-accelerated filer☐
 Smaller reporting company
☐
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes  ☐  No  ☒
At October 27, 2023, there were 85,241,668 common shares outstanding, $0.0125 par value per share, of the registrant.


AXIS CAPITAL HOLDINGS LIMITED
INDEX TO FORM 10-Q




2

PART I     FINANCIAL INFORMATION

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of section 27A of the Securities Act of 1933 and section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts included in this report, including statements regarding our estimates, beliefs, expectations, intentions, strategies or projections are forward-looking statements. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the United States ("U.S.") federal securities laws. In some cases, these statements can be identified by the use of forward-looking words such as "may", "should", "could", "anticipate", "estimate", "expect", "plan", "believe", "predict", "potential", "intend" or similar expressions. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections, and various assumptions, many of which, by their nature, are inherently uncertain and beyond management's control.
Forward-looking statements contained in this report may include, but are not limited to, information regarding our estimates for catastrophes and other weather-related losses including losses related to the COVID-19 pandemic, measurements of potential losses in the fair market value of our investment portfolio and derivative contracts, our expectations regarding the performance of our business, our financial results, our liquidity and capital resources, the outcome of our strategic initiatives including our exit from catastrophe and property reinsurance lines of business, our expectations regarding pricing, and other market and economic conditions including the liquidity of financial markets, developments in the commercial real estate market, inflation, our growth prospects, and valuations of the potential impact of movements in interest rates, credit spreads, equity securities' prices, and foreign currency exchange rates.
Forward-looking statements only reflect our expectations and are not guarantees of performance. These statements involve risks, uncertainties and assumptions. Accordingly, there are or will be important factors that could cause actual events or results to differ materially from those indicated in such statements.
We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
In this Form 10-Q, references to "AXIS Capital" refer to AXIS Capital Holdings Limited and references to "we", "us", "our", "AXIS", the "Group" or the "Company" refer to AXIS Capital Holdings Limited and its direct and indirect subsidiaries and branches.
Summary of Risk Factors
Investing in our common stock involves substantial risks, and our ability to successfully operate our business is subject to numerous risks, including those that are generally associated with operating in the insurance/reinsurance industry. Some of the more significant material challenges and risks include the following:

Insurance Risk
•the cyclical nature of the insurance and reinsurance business leading to periods with excess underwriting capacity and unfavorable premium rates;
•the occurrence and magnitude of natural and man-made disasters, including the potential increase of our exposure to natural catastrophe losses due to climate change and the potential for inherently unpredictable losses from man-made catastrophes, such as cyber-attacks;
•the effects of emerging claims, systemic risks, and coverage and regulatory issues, including increasing litigation and uncertainty related to coverage definitions, limits, terms and conditions;
•actual claims exceeding reserves for losses and loss expenses;
•losses related to the Israel-Hamas conflict, Russian invasion of Ukraine, terrorism and political unrest, or other unanticipated losses;
•the adverse impact of inflation;
•the failure of any of the loss limitation methods we employ;
•the failure of our cedants to adequately evaluate risks;

Strategic Risk
•underwriting and investment exposure in light of the recent disruption in the banking sector, which we expect to be within our risk appetite for an event of this nature;

3
•changes in the political environment of certain countries in which we operate or underwrite business, including the United Kingdom's withdrawal from the European Union;
•the loss of business provided to us by major brokers;
•a decline in our ratings with rating agencies;
•the loss of one or more of our key executives;
•increasing scrutiny and evolving expectations from investors, customers, regulators, policymakers and other stakeholders regarding environmental, social and governance matters;
•the adverse impact of contagious diseases (including COVID-19) on our business, results of operations, financial condition, and liquidity;

Credit and Market Risk
•the inability to purchase reinsurance or collect amounts due to us from reinsurance we have purchased;
•the failure of our policyholders or intermediaries to pay premiums;
•general economic, capital and credit market conditions, including banking and commercial real estate sector instability, financial market illiquidity and fluctuations in interest rates, credit spreads, equity securities' prices, and/or foreign currency exchange rates;
•breaches by third parties in our program business of their obligations to us;

Liquidity Risk
•the inability to access sufficient cash to meet our obligations when they are due;

Operational Risk
•changes in accounting policies or practices;
•the use of industry models and changes to these models;
•difficulties with technology and/or data security;
•the failure of the processes, people or systems that we rely on to maintain our operations and manage the operational risks inherent to our business, including those outsourced to third parties;

Regulatory Risk
•changes in governmental regulations and potential government intervention in our industry;
•inadvertent failure to comply with certain laws and regulations relating to sanctions, foreign corrupt practices, data protection and privacy; and

Risks Related to Taxation
•changes in tax laws.

Readers should carefully consider the risks noted above together with other factors including but not limited to those described under Item 1A, 'Risk Factors' in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC"), as those factors may be updated from time to time in our periodic and other filings with the SEC, which are accessible on the SEC's website at www.sec.gov.

Website and Social Media Disclosure

We use our website (www.axiscapital.com) and our corporate LinkedIn (AXIS Capital) and X Corp. (@AXIS_Capital) accounts as channels of distribution of Company information. The information we post through these channels may be deemed material. Accordingly, investors should monitor these channels, in addition to following our press releases, SEC filings and public conference calls and webcasts. In addition, e-mail alerts and other information about AXIS Capital may be received by those enrolled in our "E-mail Alerts" program, which can be found in the Investor Information section of our website (www.axiscapital.com). The contents of our website and social media channels are not part of this Quarterly Report on Form 10-Q.

4

ITEM 1.     CONSOLIDATED FINANCIAL STATEMENTS

 Page 
Consolidated Balance Sheets at September 30, 2023 (Unaudited) and December 31, 2022
Consolidated Statements of Operations for the three and nine months ended September 30, 2023 and 2022 (Unaudited)
Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2023 and 2022 (Unaudited)
Consolidated Statements of Changes in Shareholders' Equity for the three and nine months ended September 30, 2023 and 2022 (Unaudited)
Consolidated Statements of Cash Flows for the nine months ended September 30, 2023 and 2022 (Unaudited)
Notes to Consolidated Financial Statements (Unaudited)
Note 1 - Basis of Presentation and Significant Accounting Policies
Note 2 - Segment Information
Note 3 - Investments
Note 4 - Fair Value Measurements
Note 5 - Derivative Instruments
Note 6 - Reserve for Losses and Loss Expenses
Note 7 - Earnings Per Common Share
Note 8 - Share-Based Compensation
Note 9 - Shareholders' Equity
Note 10 - Debt and Financing Arrangements
Note 11 - Federal Home Loan Bank Advances
Note 12 - Commitments and Contingencies
Note 13 - Other Comprehensive Income (Loss)
Note 14 - Related Party Transactions
Note 15 - Reorganization Expenses























5
AXIS CAPITAL HOLDINGS LIMITED
CONSOLIDATED BALANCE SHEETS
SEPTEMBER 30, 2023 (UNAUDITED) AND DECEMBER 31, 2022  
20232022
 (in thousands)
Assets
Investments:
Fixed maturities, available for sale, at fair value
    (Amortized cost 2023: $12,587,327; 2022: $12,176,473
    Allowance for expected credit losses 2023: $8,933; 2022: $11,733)
$11,723,368 $11,326,894 
Fixed maturities, held to maturity, at amortized cost
    (Fair value 2023: $696,639; 2022: $674,743
    Allowance for expected credit losses 2023: $nil; 2022: $nil)
712,840 698,351 
Equity securities, at fair value
    (Cost 2023: $561,558; 2022: $494,356)
556,262 485,253 
 Mortgage loans, held for investment, at fair value
     (Allowance for expected credit losses 2023: $4,179; 2022: $nil)
610,277 627,437 
Other investments, at fair value954,571 996,751 
Equity method investments162,412 148,288 
Short-term investments, at fair value115,959 70,310 
Total investments14,835,689 14,353,284 
Cash and cash equivalents889,574 751,415 
Restricted cash and cash equivalents377,741 423,238 
Accrued interest receivable99,978 94,418 
Insurance and reinsurance premium balances receivable
     (Allowance for expected credit losses 2023: $14,781; 2022: $9,521)
3,207,444 2,733,464 
Reinsurance recoverable on unpaid losses and loss expenses
     (Allowance for expected credit losses 2023: $34,724; 2022: $30,715)
6,031,527 5,831,172 
Reinsurance recoverable on paid losses and loss expenses594,375 539,676 
Deferred acquisition costs503,617 473,569 
Prepaid reinsurance premiums1,973,378 1,550,370 
Receivable for investments sold17,306 16,052 
Goodwill100,801 100,801 
Intangible assets189,612 197,800 
Operating lease right-of-use assets104,240 92,214 
Other assets547,242 438,338 
Total assets$29,472,524 $27,595,811 
Liabilities
Reserve for losses and loss expenses$15,555,256 $15,168,863 
Unearned premiums4,995,785 4,361,447 
Insurance and reinsurance balances payable1,900,188 1,522,764 
Debt1,313,358 1,312,314 
Federal Home Loan Bank advances85,790 81,388 
Payable for investments purchased87,992 19,693 
Operating lease liabilities116,547 102,577 
Other liabilities384,400 386,855 
Total liabilities24,439,316 22,955,901 
Shareholders’ equity
Preferred shares 550,000 550,000 
Common shares (shares issued 2023: 176,580; 2022: 176,580
    shares outstanding 2023: 85,228; 2022: 84,668)
2,206 2,206 
Additional paid-in capital2,375,678 2,366,253 
Accumulated other comprehensive income (loss)(775,439)(760,300)
Retained earnings6,628,179 6,247,022 
Treasury shares, at cost (2023: 91,352; 2022: 91,912)
(3,747,416)(3,765,271)
Total shareholders’ equity 5,033,208 4,639,910 
Total liabilities and shareholders’ equity$29,472,524 $27,595,811 
See accompanying notes to Consolidated Financial Statements.

6
AXIS CAPITAL HOLDINGS LIMITED
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2023 AND 2022

 Three months endedNine months ended
2023202220232022
 (in thousands, except per share amounts)
Revenues
Net premiums earned$1,322,564 $1,284,866 $3,818,508 $3,820,163 
Net investment income154,201 88,177 424,802 271,744 
Other insurance related income10,344 1,092 16,444 9,998 
Net investment gains (losses):
(Increase) decrease in allowance for expected credit losses
1,077 (3,210)(1,380)(10,191)
Impairment losses(41)(6,491)(9,124)(7,074)
Other realized and unrealized investment gains (losses)(54,150)(136,757)(87,167)(396,966)
Total net investment gains (losses)(53,114)(146,458)(97,671)(414,231)
Total revenues1,433,995 1,227,677 4,162,083 3,687,674 
Expenses
Net losses and loss expenses783,940 941,911 2,240,840 2,444,196 
Acquisition costs263,389 240,511 747,027 746,443 
General and administrative expenses179,283 158,245 514,596 492,872 
Foreign exchange gains(50,570)(135,660)(11,755)(236,934)
Interest expense and financing costs16,445 15,915 50,077 46,720 
Reorganization expenses28,997 6,213 28,997 21,941 
    Amortization of intangible assets2,729 2,729 8,188 8,188 
Total expenses1,224,213 1,229,864 3,577,970 3,523,426 
Income (loss) before income taxes and interest in income (loss) of equity method investments
209,782 (2,187)584,113 164,248 
Income tax (expense) benefit(24,624)363 (68,078)5,304 
Interest in income (loss) of equity method investments2,940 (7,560)2,835 5,040 
Net income (loss)188,098 (9,384)518,870 174,592 
Preferred share dividends7,563 7,563 22,688 22,688 
Net income (loss) available (attributable) to common shareholders$180,535 $(16,947)$496,182 $151,904 
Per share data
Earnings (loss) per common share:
Earnings (loss) per common share$2.12 $(0.20)$5.83 $1.79 
Earnings (loss) per diluted common share$2.10 $(0.20)$5.77 $1.77 
Weighted average common shares outstanding85,223 84,660 85,099 84,930 
Weighted average diluted common shares outstanding86,108 84,660 85,927 85,674 


See accompanying notes to Consolidated Financial Statements.

7
AXIS CAPITAL HOLDINGS LIMITED
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2023 AND 2022

 
 Three months endedNine months ended
 2023202220232022
 (in thousands)
Net income (loss) $188,098 $(9,384)$518,870 $174,592 
Other comprehensive income (loss), net of tax:
Available for sale investments:
Unrealized gains (losses) arising during the period for which an allowance for expected credit losses has not been recognized(156,051)(393,880)(109,595)(1,259,482)
Unrealized gains (losses) arising during the period for which an allowance for expected credit losses has been recognized(4,947)(10,684)(1,630)(53,308)
Adjustment for reclassification of net realized (gains) losses and impairment losses recognized in net income (loss)23,018 98,779 100,388 229,773 
Unrealized gains (losses) arising during the period, net of reclassification adjustment(137,980)(305,785)(10,837)(1,083,017)
Foreign currency translation adjustment(6,950)(12,751)(4,302)(16,169)
Total other comprehensive income (loss), net of tax(144,930)(318,536)(15,139)(1,099,186)
Comprehensive income (loss)$43,168 $(327,920)$503,731 $(924,594)


See accompanying notes to Consolidated Financial Statements.

8
AXIS CAPITAL HOLDINGS LIMITED
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (UNAUDITED)
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2023 AND 2022

Three months endedNine months ended
2023202220232022
 (in thousands)
Preferred shares
Balance at beginning and end of period$550,000 $550,000 $550,000 $550,000 
Common shares (par value)
Balance at beginning and end of period2,206 2,206 2,206 2,206 
Additional paid-in capital
Balance at beginning of period2,361,185 2,341,507 2,366,253 2,346,179 
Treasury shares reissued(779)(694)(33,575)(30,844)
Share-based compensation expense15,272 14,082 43,000 39,560 
Balance at end of period2,375,678 2,354,895 2,375,678 2,354,895 
Accumulated other comprehensive income (loss)
Balance at beginning of period(630,509)(724,114)(760,300)56,536 
Unrealized gains (losses) on available for sale investments, net of tax:
Balance at beginning of period(616,552)(715,077)(743,695)62,155 
Unrealized gains (losses) arising during the period, net of reclassification adjustment(137,980)(305,785)(10,837)(1,083,017)
Balance at end of period(754,532)(1,020,862)(754,532)(1,020,862)
Cumulative foreign currency translation adjustments, net of tax:
Balance at beginning of period(13,957)(9,037)(16,605)(5,619)
Foreign currency translation adjustment(6,950)(12,751)(4,302)(16,169)
Balance at end of period(20,907)(21,788)(20,907)(21,788)
Balance at end of period(775,439)(1,042,650)(775,439)(1,042,650)
Retained earnings
Balance at beginning of period6,485,901 6,298,680 6,247,022 6,204,745 
Net income (loss)
188,098 (9,384)518,870 174,592 
Preferred share dividends (1)
(7,563)(7,563)(22,688)(22,688)
Common share dividends (1)
(38,257)(37,465)(115,025)(112,381)
Balance at end of period6,628,179 6,244,268 6,628,179 6,244,268 
Treasury shares, at cost
Balance at beginning of period(3,747,822)(3,765,648)(3,765,271)(3,749,010)
Shares repurchased(373)(342)(17,424)(48,675)
Shares reissued779 694 35,279 32,389 
Balance at end of period(3,747,416)(3,765,296)(3,747,416)(3,765,296)
Total shareholders’ equity $5,033,208 $4,343,423 $5,033,208 $4,343,423 

(1) Refer to Note 9 'Shareholders' Equity' for details on dividends declared and paid related to the Company's common and preferred shares.



See accompanying notes to Consolidated Financial Statements.

9
AXIS CAPITAL HOLDINGS LIMITED
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2023 AND 2022
Nine months ended
20232022
 (in thousands)
Cash flows from operating activities:
Net income$518,870 $174,592 
Adjustments to reconcile net income to net cash provided by operating activities:
Net investment (gains) losses97,671 414,231 
Net realized and unrealized (gains) losses on other investments4,923 (31,843)
Amortization of fixed maturities(11,655)24,918 
Interest in income (loss) of equity method investments(2,835)(5,040)
Other amortization and depreciation62,378 52,469 
Share-based compensation expense, net of cash payments39,911 36,097 
Changes in:
Accrued interest receivable(5,948)(13,796)
Reinsurance recoverable on unpaid losses and loss expenses(205,369)(239,482)
Reinsurance recoverable on paid losses and loss expenses(54,297)201,729 
Deferred acquisition costs(32,663)(79,994)
Prepaid reinsurance premiums(422,078)(222,235)
Reserve for losses and loss expenses400,725 29,151 
Unearned premiums639,441 577,490 
Insurance and reinsurance balances, net(103,589)72,655 
Other items23,818 (73,932)
Net cash provided by operating activities949,303 917,010 
Cash flows from investing activities:
Purchases of:
Fixed maturities, available for sale(5,166,446)(5,466,347)
Fixed maturities, held to maturity(25,000)(247,862)
Equity securities(87,388)(92,977)
Mortgage loans(22,318)(113,978)
Other investments(67,828)(122,628)
Equity method investments(11,289)— 
Short-term investments(221,618)(141,821)
Proceeds from the sale of:
Fixed maturities, available for sale4,038,436 4,730,523 
Equity securities29,171 111,148 
Other investments104,275 134,348 
Short-term investments132,421 71,435 
Proceeds from redemption of fixed maturities, available for sale680,637 850,954 
Proceeds from redemption of fixed maturities, held to maturity11,360 3,500 
Proceeds from redemption of short-term investments46,072 20,124 
Proceeds from the repayment of mortgage loans35,620 54,881 
Proceeds from the (purchase) sale of other assets, net(16,219)(25,041)
Loan advances made
(149,879)— 
Net cash used in investing activities(689,993)(233,741)
Cash flows from financing activities:
Repurchase of common shares - open market— (34,987)
Taxes paid on withholding shares(17,424)(13,688)
Dividends paid - common shares(115,569)(112,888)
Dividends paid - preferred shares(22,688)(22,688)
Federal Home Loan Bank advances, net5,250 78,950 
Net cash used in financing activities(150,431)(105,301)
See accompanying notes to Consolidated Financial Statements.

10
AXIS CAPITAL HOLDINGS LIMITED
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (CONTINUED)
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2023 AND 2022

Effect of exchange rate changes on foreign currency cash, cash equivalents and restricted cash(16,217)(60,396)
Increase in cash, cash equivalents and restricted cash92,662 517,572 
Cash, cash equivalents and restricted cash - beginning of period1,174,653 1,317,690 
Cash, cash equivalents and restricted cash - end of period$1,267,315 $1,835,262 
Supplemental disclosures of cash flow information:
Income taxes paid$54,756 $36,431 
Interest paid$49,207 $45,963 

Supplemental disclosures of cash flow information:
In 2023, an amount of $29 million related to the loan advanced to Monarch Point Re (ISA 2023) Ltd. ("Monarch Point Re") was repaid, and an amount of $29 million related to reinsurance balances payables was settled and both were treated as a non-cash activity in the consolidated statement of cash flows. In addition, an amount of $7 million related to interest on the loan advanced to Monarch Point Re was received in advance and was treated as a non-cash activity in the consolidated statement of cash flows (refer to Note 14 'Related Party Transactions').





See accompanying notes to Consolidated Financial Statements.

11

AXIS CAPITAL HOLDINGS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

1.    BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES


Basis of Presentation

These unaudited consolidated financial statements (the "financial statements") have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial information and with the U.S. Securities and Exchange Commission's ("SEC") instructions to Form 10-Q and Article 10 of Regulation S-X and include AXIS Capital Holdings Limited ("AXIS Capital") and its subsidiaries (the "Company"). Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. This Quarterly Report on Form 10-Q should be read in conjunction with the financial statements and related notes included in AXIS Capital's Annual Report on Form 10-K for the year ended December 31, 2022, as filed with the SEC.

In the opinion of management, these financial statements reflect all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation of the Company's financial position and results of operations for the periods presented.

The results of operations for any interim period are not necessarily indicative of the results for a full year. All inter-company accounts and transactions have been eliminated.

To facilitate comparison of information across periods, certain reclassifications have been made to prior year amounts to conform to the current year's presentation.
Tabular dollar and share amounts are in thousands, with the exception of per share amounts. All amounts are reported in U.S. dollars.

Significant Accounting Policies

There were no notable changes to the Company's significant accounting policies subsequent to its Annual Report on Form 10-K for the year ended December 31, 2022.


12

AXIS CAPITAL HOLDINGS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

2.    SEGMENT INFORMATION
The Company's underwriting operations are organized around its global underwriting platforms, AXIS Insurance and AXIS Re. The Company has determined that it has two reportable segments, insurance and reinsurance. The Company does not allocate its assets by segment, with the exception of goodwill and intangible assets.

Insurance

The Company's insurance segment offers specialty insurance products to a variety of niche markets on a worldwide basis. The product lines in this segment are professional lines, property, liability, cyber, marine and aviation, accident and health, and credit and political risk.

Reinsurance

The Company's reinsurance segment provides treaty reinsurance to insurance companies on a worldwide basis. The product lines in this segment are liability, accident and health, professional lines, credit and surety, motor, agriculture, marine and aviation, catastrophe, property, and engineering.

The following tables present the underwriting results of the Company's reportable segments, as well as the carrying amounts of allocated goodwill and intangible assets:
























13

AXIS CAPITAL HOLDINGS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

2.    SEGMENT INFORMATION (CONTINUED)
  20232022
Three months ended and at September 30,InsuranceReinsuranceTotalInsuranceReinsuranceTotal
Gross premiums written$1,457,624$448,254$1,905,878$1,317,890$389,918$1,707,808
Net premiums written885,25290,105975,357777,789258,9951,036,784
Net premiums earned885,714436,8501,322,564782,101502,7651,284,866
Other insurance related income (loss)(22)10,36610,3441519411,092
Net losses and loss expenses(491,368)(292,572)(783,940)(519,006)(422,905)(941,911)
Acquisition costs(169,384)(94,005)(263,389)(139,436)(101,075)(240,511)
Underwriting-related general and administrative expenses(120,330)(18,271)(138,601)(108,072)(24,498)(132,570)
Underwriting income (loss)$104,610$42,368146,978$15,738$(44,772)(29,034)
Net investment income154,20188,177
Net investment gains (losses)(53,114)(146,458)
Corporate expenses(40,682)(25,675)
Foreign exchange gains50,570135,660
Interest expense and financing costs(16,445)(15,915)
Reorganization expenses(28,997)(6,213)
Amortization of intangible assets(2,729)(2,729)
Income (loss) before income taxes and interest in income (loss) of equity method investments
209,782(2,187)
Income tax (expense) benefit(24,624)363
Interest in income (loss) of equity method investments2,940(7,560)
Net income (loss)188,098(9,384)
Preferred share dividends7,5637,563
Net income (loss) available (attributable) to common shareholders$180,535$(16,947)
Net losses and loss expenses ratio55.5 %67.0 %59.3 %66.4 %84.1 %73.3 %
Acquisition cost ratio19.1 %21.5 %19.9 %17.8 %20.1 %18.7 %
General and administrative expense ratio13.6 %4.2 %13.5 %13.8 %4.9 %12.3 %
Combined ratio88.2 %92.7 %92.7 %98.0 %109.1 %104.3 %
Goodwill and intangible assets$290,413$—$290,413$301,330$—$301,330



14

AXIS CAPITAL HOLDINGS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

2.    SEGMENT INFORMATION (CONTINUED)
20232022
Nine months ended September 30,InsuranceReinsuranceTotalInsuranceReinsuranceTotal
Gross premiums written$4,557,386$2,014,846$6,572,232$4,114,776$2,341,123$6,455,899
Net premiums written2,788,8491,241,2214,030,0702,491,1201,675,3824,166,502
Net premiums earned2,544,9201,273,5883,818,5082,303,6401,516,5233,820,163
Other insurance related income9016,35416,4444709,5289,998
Net losses and loss expenses(1,398,486)(842,354)(2,240,840)(1,346,585)(1,097,611)(2,444,196)
Acquisition costs(473,413)(273,614)(747,027)(422,979)(323,464)(746,443)
Underwriting-related general and administrative expenses(350,494)(61,757)(412,251)(330,598)(82,471)(413,069)
Underwriting income$322,617$112,217434,834$203,948$22,505226,453
Net investment income424,802271,744
Net investment gains (losses)(97,671)(414,231)
Corporate expenses(102,345)(79,803)
Foreign exchange gains
11,755236,934
Interest expense and financing costs(50,077)(46,720)
Reorganization expenses(28,997)(21,941)
Amortization of intangible assets(8,188)(8,188)
Income before income taxes and interest in income of equity method investments
584,113164,248
Income tax (expense) benefit(68,078)5,304
Interest in income of equity method investments
2,8355,040
Net income518,870174,592
Preferred share dividends22,68822,688
Net income available to common shareholders$496,182$151,904
Net losses and loss expenses ratio55.0 %66.1 %58.7 %58.5 %72.4 %64.0 %
Acquisition cost ratio18.6 %21.5 %19.6 %18.4 %21.3 %19.5 %
General and administrative expense ratio13.7 %4.9 %13.4 %14.3 %5.4 %12.9 %
Combined ratio87.3 %92.5 %91.7 %91.2 %99.1 %96.4 %
Goodwill and intangible assets$290,413$—$290,413$301,330$—$301,330



15

AXIS CAPITAL HOLDINGS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

3.    INVESTMENTS
a)     Fixed Maturities, Available for Sale

The following table provides the amortized cost and fair values of the Company's fixed maturities classified as available for sale:
Amortized
cost
Allowance for expected credit lossesGross
unrealized
gains
Gross
unrealized
losses
Fair
value
At September 30, 2023
Available for sale
U.S. government and agency$2,976,548 $— $117 $(116,032)$2,860,633 
Non-U.S. government718,298 (17)854 (48,880)670,255 
Corporate debt4,610,179 (8,684)5,737 (377,369)4,229,863 
Agency RMBS(1)
1,707,603 — 44 (166,142)1,541,505 
CMBS(2)
947,370 — 36 (82,355)865,051 
Non-agency RMBS155,437 (133)123 (17,623)137,804 
ABS(3)
1,304,644 (38)711 (38,449)1,266,868 
Municipals(4)
167,248 (61)42 (15,840)151,389 
Total fixed maturities, available for sale$12,587,327 $(8,933)$7,664 $(862,690)$11,723,368 
At December 31, 2022    
Available for sale