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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 March 31, 2024
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)
(441496-2600
(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 April 26, 2024, there were 84,659,970 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 losses and loss expenses, measurements of potential losses in the fair 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, 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 and reinsurance industry. Some of the more significant material challenges and risks include the following:

Insurance Risk
the cyclical nature of 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 and the associated conflict in the Red Sea, the Russian invasion of Ukraine, terrorism and political unrest, or other unanticipated losses;
the adverse impact of social and economic inflation;
the failure of any of the loss limitation methods we employ;
the failure of our cedants to adequately evaluate risks;

Strategic Risk
increased competition and consolidation in the insurance and reinsurance industry;
changes in the political environment of certain countries in which we operate or underwrite business;
the loss of business provided to us by major brokers;

3

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 March 31, 2024 (Unaudited) and December 31, 2023
Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023 (Unaudited)
Consolidated Statements of Comprehensive Income for the three months ended March 31, 2024 and 2023 (Unaudited)
Consolidated Statements of Changes in Shareholders' Equity for the three months ended March 31, 2024 and 2023 (Unaudited)
Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023 (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
Note 16 - Income Taxes























5

AXIS CAPITAL HOLDINGS LIMITED
CONSOLIDATED BALANCE SHEETS
MARCH 31, 2024 (UNAUDITED) AND DECEMBER 31, 2023
20242023
 (in thousands)
Assets
Investments:
Fixed maturities, available for sale, at fair value
    (Amortized cost 2024: $12,714,210; 2023: $12,634,254
    Allowance for expected credit losses 2024: $4,237; 2023: $10,759)
$12,269,310 $12,234,742 
Fixed maturities, held to maturity, at amortized cost
    (Fair value 2024: $683,726; 2023: $675,851
    Allowance for expected credit losses 2024: $nil; 2023: $nil)
693,042 686,296 
Equity securities, at fair value
    (Cost 2024: $545,538; 2023: $543,833)
582,178 588,511 
 Mortgage loans, held for investment, at fair value
     (Allowance for expected credit losses 2024: $8,113; 2023: $6,220)
609,704 610,148 
Other investments, at fair value934,724 949,413 
Equity method investments182,594 174,634 
Short-term investments, at fair value75,879 17,216 
Total investments15,347,431 15,260,960 
Cash and cash equivalents1,143,951 953,476 
Restricted cash and cash equivalents697,623 430,509 
Accrued interest receivable107,131 106,055 
Insurance and reinsurance premium balances receivable
     (Allowance for expected credit losses 2024: $13,103; 2023: $11,997)
3,517,242 3,067,554 
Reinsurance recoverable on unpaid losses and loss expenses
     (Allowance for expected credit losses 2024: $37,888; 2023: $36,611)
6,503,188 6,323,083 
Reinsurance recoverable on paid losses and loss expenses472,660 575,847 
Deferred acquisition costs543,343 450,950 
Prepaid reinsurance premiums2,060,717 1,916,087 
Receivable for investments sold5,686 8,767 
Goodwill100,801 100,801 
Intangible assets184,155 186,883 
Operating lease right-of-use assets104,162 108,093 
Loan advances made
345,065 305,222 
Other assets625,535 456,385 
Total assets$31,758,690 $30,250,672 
Liabilities
Reserve for losses and loss expenses$16,630,897 $16,434,018 
Unearned premiums5,353,827 4,747,602 
Insurance and reinsurance balances payable1,909,309 1,792,719 
Debt1,314,074 1,313,714 
Federal Home Loan Bank advances85,790 85,790 
Payable for investments purchased493,582 26,093 
Operating lease liabilities119,124 123,101 
Other liabilities346,932 464,439 
Total liabilities26,253,535 24,987,476 
Shareholders’ equity
Preferred shares 550,000 550,000 
Common shares (shares issued 2024: 176,580; 2023: 176,580
    shares outstanding 2024: 84,687; 2023: 85,286)
2,206 2,206 
Additional paid-in capital2,368,144 2,383,030 
Accumulated other comprehensive income (loss)(411,849)(365,836)
Retained earnings6,790,558 6,440,528 
Treasury shares, at cost (2024: 91,893; 2023: 91,294)
(3,793,904)(3,746,732)
Total shareholders’ equity 5,505,155 5,263,196 
Total liabilities and shareholders’ equity$31,758,690 $30,250,672 
See accompanying notes to Consolidated Financial Statements.

6

AXIS CAPITAL HOLDINGS LIMITED
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
FOR THE THREE MONTHS ENDED MARCH 31, 2024 AND 2023

 Three months ended March 31,
20242023
 (in thousands, except per share amounts)
Revenues
Net premiums earned$1,258,041 $1,230,199 
Net investment income167,383 133,771 
Other insurance related income8,340 577 
Net investment gains (losses):
(Increase) decrease in allowance for expected credit losses
4,664 (2,811)
Impairment losses(8) 
Other realized and unrealized investment gains (losses)(13,863)(17,379)
Total net investment gains (losses)(9,207)(20,190)
Total revenues1,424,557 1,344,357 
Expenses
Net losses and loss expenses728,671 720,642 
Acquisition costs254,254 230,373 
General and administrative expenses163,373 166,811 
Foreign exchange losses (gains)(23,552)8,710 
Interest expense and financing costs17,147 16,894 
Reorganization expenses12,299  
    Amortization of intangible assets2,729 2,729 
Total expenses1,154,921 1,146,159 
Income before income taxes and interest in income (loss) of equity method investments
269,636 198,198 
Income tax (expense) benefit124,654 (15,896)
Interest in income (loss) of equity method investments1,169 (2,205)
Net income395,459 180,097 
Preferred share dividends7,563 7,563 
Net income available to common shareholders$387,896 $172,534 
Per share data
Earnings per common share:
Earnings per common share$4.57 $2.03 
Earnings per diluted common share$4.53 $2.01 
Weighted average common shares outstanding84,879 84,864 
Weighted average diluted common shares outstanding85,693 85,853 


See accompanying notes to Consolidated Financial Statements.

7

AXIS CAPITAL HOLDINGS LIMITED
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
FOR THE THREE MONTHS ENDED MARCH 31, 2024 AND 2023

 
 Three months ended March 31,
 20242023
 (in thousands)
Net income$395,459 $180,097 
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(60,059)134,567 
Unrealized gains (losses) arising during the period for which an allowance for expected credit losses has been recognized(418)13,622 
Adjustment for reclassification of net realized (gains) losses and impairment losses recognized in net income (loss)23,415 40,750 
Unrealized gains (losses) arising during the period, net of reclassification adjustment(37,062)188,939 
Foreign currency translation adjustment(8,951)(535)
Total other comprehensive income (loss), net of tax(46,013)188,404 
Comprehensive income
$349,446 $368,501 


See accompanying notes to Consolidated Financial Statements.

8

AXIS CAPITAL HOLDINGS LIMITED
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (UNAUDITED)
FOR THE THREE MONTHS ENDED MARCH 31, 2024 AND 2023

Three months ended March 31,
20242023
 (in thousands)
Preferred shares
Balance at beginning and end of period$550,000 $550,000 
Common shares (par value)
Balance at beginning and end of period2,206 2,206 
Additional paid-in capital
Balance at beginning of period2,383,030 2,366,253 
Treasury shares reissued(26,312)(30,593)
Share-based compensation expense11,426 11,977 
Balance at end of period2,368,144 2,347,637 
Accumulated other comprehensive income (loss)
Balance at beginning of period(365,836)(760,300)
Unrealized gains (losses) on available for sale investments, net of tax:
Balance at beginning of period(347,659)(743,695)
Unrealized gains (losses) arising during the period, net of reclassification adjustment(37,062)188,939 
Balance at end of period(384,721)(554,756)
Cumulative foreign currency translation adjustments, net of tax:
Balance at beginning of period(18,177)(16,605)
Foreign currency translation adjustment(8,951)(535)
Balance at end of period(27,128)(17,140)
Balance at end of period(411,849)(571,896)
Retained earnings
Balance at beginning of period6,440,528 6,247,022 
Net income
395,459 180,097 
Preferred share dividends (1)
(7,563)(7,563)
Common share dividends (1)
(37,866)(38,355)
Balance at end of period6,790,558 6,381,201 
Treasury shares, at cost
Balance at beginning of period(3,746,732)(3,765,271)
Shares repurchased(75,728)(15,945)
Shares reissued28,556 32,297 
Balance at end of period(3,793,904)(3,748,919)
Total shareholders’ equity $5,505,155 $4,960,229 

(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 THREE MONTHS ENDED MARCH 31, 2024 AND 2023
Three months ended March 31,
20242023
 (in thousands)
Cash flows from operating activities:
Net income$395,459 $180,097 
Adjustments to reconcile net income to net cash provided by operating activities:
Net investment (gains) losses9,207 20,190 
Net realized and unrealized gains on other investments(4,973)(486)
Amortization of fixed maturities(8,630)(2,425)
Interest in (income) loss of equity method investments
(1,169)2,205 
Other amortization and depreciation14,257 14,971 
Share-based compensation expense, net of cash payments13,670 8,935 
Changes in:
Accrued interest receivable(1,411)(3,826)
Reinsurance recoverable on unpaid losses and loss expenses(186,791)6,675 
Reinsurance recoverable on paid losses and loss expenses98,362 (58,631)
Deferred acquisition costs(94,737)(88,700)
Prepaid reinsurance premiums(144,311)(80,592)
Reserve for losses and loss expenses209,390 150,410 
Unearned premiums611,974 462,751 
Insurance and reinsurance balances, net(267,456)(314,642)
Other items(258,702)(56,368)
Net cash provided by operating activities384,139 240,564 
Cash flows from investing activities:
Purchases of:
Fixed maturities, available for sale(2,450,714)(1,614,005)
Fixed maturities, held to maturity(46,534)(20,001)
Equity securities(76,270)(77,560)
Mortgage loans(1,552)(14,030)
Other investments(18,368)(26,308)
Equity method investments(6,791) 
Short-term investments(82,199)(54,895)
Proceeds from the sale of:
Fixed maturities, available for sale2,367,906 1,330,744 
Equity securities97,434 13,162 
Other investments38,027 14,825 
Short-term investments19,325 44,949 
Proceeds from redemption of fixed maturities, available for sale435,700 221,094 
Proceeds from redemption of fixed maturities, held to maturity39,791 1,596 
Proceeds from redemption of short-term investments4,510 10,520 
Proceeds from the repayment of mortgage loans211 5,206 
Proceeds from the (purchase) sale of other assets, net(8,208)5,299 
Loan advances made
(101,229)(18,130)
Net cash provided by (used in) investing activities211,039 (177,534)
Cash flows from financing activities:
Repurchase of common shares - open market(61,607) 
Taxes paid on withholding shares(14,121)(15,945)
Dividends paid - common shares(40,208)(40,323)
Dividends paid - preferred shares(7,563)(7,563)
Federal Home Loan Bank advances, net 5,250 
Net cash used in financing activities(123,499)(58,581)
Effect of exchange rate changes on foreign currency cash, cash equivalents and restricted cash(14,090)193 
Increase in cash, cash equivalents and restricted cash457,589 4,642 
Cash, cash equivalents and restricted cash - beginning of period1,383,985 1,174,653 
Cash, cash equivalents and restricted cash - end of period$1,841,574 $1,179,295 

See accompanying notes to Consolidated Financial Statements.

10

AXIS CAPITAL HOLDINGS LIMITED
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (CONTINUED)
FOR THE THREE MONTHS ENDED MARCH 31, 2024 AND 2023

Supplemental disclosures of cash flow information:
Income taxes paid (refund)
$6,796 $(2,403)
Interest paid$17,504 $17,110 

Supplemental disclosures of cash flow information:
In 2024, $48 million related to a loan advanced to Monarch Point Re (ISA 2023) Ltd. ("Monarch Point Re") was repaid and was treated as a non-cash activity in the consolidated statement of cash flows. In addition, $46 million related to reinsurance balances payables due to Monarch Point Re under the retrocession agreement and $4 million related to ceded losses and loss expenses due from Monarch Point Re under the retrocession agreement were settled and both were treated as a non-cash activity in the consolidated statement of cash flows. Further, $6 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.
In 2024, $25 million related to a loan advanced to a third party reinsurer was repaid and $25 million related to reinsurance balances payables due to the third party reinsurer under the retrocession agreement was settled and both were treated as non-cash activities in the consolidated statement of cash flows (refer to Note 10 'Debt').
In 2023, $31 million related to a loan advanced to a third party reinsurer was repaid and was treated as a non-cash activity in the consolidated statement of cash flows. In addition, $31 million related to reinsurance balances payables due to the third party reinsurer under the retrocession agreement and $5 million related to ceded losses and loss expenses due from the party reinsurer under the retrocession agreement were settled and both were treated as a non-cash activity in the consolidated statement of cash flows.


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, 2023, 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. At March 31, 2024, the Company presented loan advances made in 2023 separately in the consolidated statements of cash flows. These loan advances made were previously included in insurance and reinsurance balances payable in the consolidated statements of cash flows. This presentation was adopted to facilitate comparison to loan advances made in 2024. This reclassification did not impact results of operations, financial condition or liquidity.
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, 2023.


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, and run-off lines which include catastrophe and property lines of business that the Company placed into run-off in 2022 and engineering lines of business that the Company placed into run-off in 2020.

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
























13


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

2.    SEGMENT INFORMATION (CONTINUED)
  20242023
Three months ended and at March 31,InsuranceReinsuranceTotalInsuranceReinsuranceTotal
Gross premiums written$1,574,505$1,079,922$2,654,427$1,415,612$966,364$2,381,976
Net premiums written1,022,354699,7191,722,073882,576725,7801,608,356
Net premiums earned917,946340,0951,258,041816,456413,7431,230,199
Other insurance related income218,3198,34054523577
Net losses and loss expenses(496,864)(231,807)(728,671)(449,467)(271,175)(720,642)
Acquisition costs(176,029)(78,225)(254,254)(147,058)(83,315)(230,373)
Underwriting-related general and administrative expenses(122,087)(15,706)(137,793)(116,630)(23,765)(140,395)
Underwriting income$122,987$22,676145,663$103,355$36,011139,366
Net investment income167,383133,771
Net investment gains (losses)(9,207)(20,190)
Corporate expenses(25,580)(26,416)
Foreign exchange (losses) gains23,552(8,710)
Interest expense and financing costs(17,147)(16,894)
Reorganization expenses(12,299)
Amortization of intangible assets(2,729)(2,729)
Income before income taxes and interest in income (loss) of equity method investments
269,636198,198
Income tax (expense) benefit124,654(15,896)
Interest in income (loss) of equity method investments1,169(2,205)
Net income395,459180,097
Preferred share dividends7,5637,563
Net income available to common shareholders$387,896$172,534
Net losses and loss expenses ratio54.1 %68.2 %57.9 %55.1 %65.5 %58.6 %
Acquisition cost ratio19.2 %23.0 %20.2 %18.0 %20.1 %18.7 %
General and administrative expense ratio13.3 %4.6 %13.0 %14.2 %5.8 %13.6 %
Combined ratio86.6 %95.8 %91.1 %87.3 %91.4 %90.9 %
Goodwill and intangible assets$284,956$$284,956$295,872$$295,872



14


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 March 31, 2024
Available for sale
U.S. government and agency$2,649,595 $ $1,590 $(57,468)$2,593,717 
Non-U.S. government757,162 (17)4,851 (23,798)738,198 
Corporate debt5,095,372 (3,973)37,431 (212,892)4,915,938 
Agency RMBS(1)
1,684,869  4,273 (103,522)1,585,620 
CMBS(2)
870,433  545 (50,585)820,393 
Non-agency RMBS152,322 (198)518 (12,650)139,992 
ABS(3)
1,336,681 (49)2,148 (20,875)1,317,905 
Municipals(4)
167,776  371 (10,600)157,547 
Total fixed maturities, available for sale$12,714,210 $(4,237)$51,727 $(492,390)$12,269,310 
At December 31, 2023    
Available for sale
U.S. government and agency$3,049,445 $ $13,211 $(55,128)$3,007,528 
Non-U.S. government729,761 (30)13,089 (18,861)723,959 
Corporate debt4,651,654 (10,438)49,434 (216,478)4,474,172 
Agency RMBS(1)
1,706,204  11,495 (83,038)1,634,661 
CMBS(2)
897,553  551 (58,408)839,696 
Non-agency RMBS165,910 (194)713 (13,033)153,396 
ABS(3)
1,265,187 (50)2,855 (25,021)1,242,971 
Municipals(4)
168,540 (47)414 (10,548)158,359 
Total fixed maturities, available for sale$12,634,254 $(10,759)$91,762 $(480,515)$12,234,742 
(1)Residential mortgage-backed securities ("RMBS") originated by U.S. government-sponsored agencies.
(2)Commercial mortgage-backed securities ("CMBS").
(3)Asset-backed securities ("ABS") include debt tranched securities collateralized primarily by auto loans, student loans, credit card receivables and collateralized loan obligations ("CLOs").
(4)Municipals include bonds issued by states, municipalities and political subdivisions.




15


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

3.    INVESTMENTS (CONTINUED)
Contractual Maturities

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.

The table below provides the contractual maturities of fixed maturities classified as available for sale:
Amortized
cost
Fair
value
% of Total
fair value
At March 31, 2024
Maturity
Due in one year or less$435,592 $427,428 3.6 %
Due after one year through five years5,891,599 5,759,009 46.9 %
Due after five years through ten years2,164,623 2,046,280 16.7 %
Due after ten years178,091 172,683 1.4 %
 8,669,905 8,405,400 68.6 %
Agency RMBS1,684,869 1,585,620 12.9 %
CMBS870,433 820,393 6.7 %
Non-agency RMBS152,322 139,992 1.1 %
ABS1,336,681 1,317,905 10.7 %
Total$12,714,210 $12,269,310 100.0 %
At December 31, 2023
Maturity
Due in one year or less$474,557 $463,789 3.6 %
Due after one year through five years5,902,571 5,790,493 47.3 %
Due after five years through ten years2,064,619 1,954,449 16.0 %
Due after ten years157,653 155,287 1.3 %
 8,599,400 8,364,018 68.2 %
Agency RMBS1,706,204 1,634,661 13.4 %
CMBS897,553 839,696 6.9 %
Non-agency RMBS165,910 153,396 1.3 %
ABS1,265,187 1,242,971 10.2 %
Total$12,634,254 $12,234,742 100.0 %



16


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

3.    INVESTMENTS (CONTINUED)
Gross Unrealized Losses

The following table summarizes fixed maturities, available for sale 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 greaterLess than 12 monthsTotal
  
Fair
value
Unrealized
losses
Fair
value
Unrealized
losses
Fair
value
Unrealized
losses
At March 31, 2024
Fixed maturities, available for sale
U.S. government and agency$657,958 $(40,409)$1,669,439 $(17,059)$2,327,397 $(57,468)
Non-U.S. government224,688 (20,529)274,043 (3,269)498,731 (23,798)
Corporate debt2,337,348 (202,913)862,666 (9,979)3,200,014 (212,892)
Agency RMBS810,334 (96,973)414,071 (6,549)1,224,405 (103,522)
CMBS665,150 (47,233)86,723 (3,352)751,873 (50,585)
Non-agency RMBS86,352 (12,562)15,966 (88)102,318 (12,650)
ABS447,941 (19,575)343,163 (1,300)791,104 (20,875)
Municipals124,038 (10,203)7,081 (397)131,119 (10,600)
Total fixed maturities, available for sale$5,353,809 $(450,397)$3,673,152 $(41,993)$9,026,961 $(492,390)
At December 31, 2023      
Fixed maturities, available for sale
U.S. government and agency$846,503 $(42,465)$867,733 $(12,663)$1,714,236 $(55,128)
Non-U.S. government233,038 (18,178)115,112 (683)348,150 (18,861)
Corporate debt2,623,304 (210,512)240,813 (5,966)2,864,117 (216,478)
Agency RMBS778,656 (80,070)218,606 (2,968)997,262 (83,038)
CMBS703,411 (54,856)75,242 (3,552)778,653 (58,408)
Non-agency RMBS98,483 (13,013)10,017 (20)108,500 (13,033)
ABS879,743 (24,747)83,582 (274)963,325 (25,021)
Municipals129,969 (10,156)6,238 (392)136,207 (10,548)
Total fixed maturities, available for sale$6,293,107 $(453,997)$1,617,343 $(26,518)$7,910,450 $(480,515)

At March 31, 2024, 4,138 fixed maturities (2023: 3,535) were in an unrealized loss position of $492 million (2023: $481 million), of which $11 million (2023: $13 million) was related to securities below investment grade or not rated.

At March 31, 2024, 3,004 fixed maturities (2023: 3,212) had been in a continuous unrealized loss position for twelve months or greater and had a fair value of $5,354 million (2023: $6,293 million).

The unrealized losses of $492 million (2023: $481 million) were due to non-credit factors and were expected to be recovered as the related securities approach maturity.

At March 31, 2024, the Company did not intend to sell the securities in an unrealized loss position and it is more likely than not that the Company will not be required to sell these securities before the anticipated recovery of their amortized costs.


17


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

3.    INVESTMENTS (CONTINUED)
b)     Fixed Maturities, Held to Maturity
The following table provides the amortized cost and fair values of the Company's fixed maturities classified as held to maturity:
Amortized
cost
Allowance for expected credit lossesNet carrying valueGross
unrealized
gains
Gross
unrealized
losses
Fair
value
At March 31, 2024
Held to maturity
Corporate debt$100,217 $ $100,217 $177 $(9,360)$91,034 
ABS(1)
592,825  592,825 270 (403)592,692 
Total fixed maturities, held to maturity$693,042 $ $693,042