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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, 2022
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 October 21, 2022, there were 84,666,896 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 property reinsurance business, our expectations regarding pricing, other market conditions and economic conditions including 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. Readers are urged to carefully consider all such factors as the COVID-19 pandemic may have the effect of heightening many of the other risks and uncertainties described.

We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

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:

COVID-19
the adverse impact of the ongoing COVID-19 pandemic on our business, results of operations, financial condition, and liquidity;

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;
actual claims exceeding loss reserves;
the failure of any of the loss limitation methods we employ;
the effects of emerging claims, coverage and regulatory issues, including increasing litigation and uncertainty related to coverage definitions, limits, terms and conditions;
the failure of our cedants to adequately evaluate risks;
the adverse impact of inflation;

Strategic Risk
losses from war including losses related to the Russian invasion of Ukraine, terrorism and political unrest, or other unanticipated losses;
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;

3

a decline in our ratings with rating agencies;
the loss of one or more of our key executives;
difficulties with technology and/or data security;

Credit 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 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 obtain additional capital on favorable terms, or at all;

Operational Risk
changes in accounting policies or practices;
the use of industry models and changes to these models;

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 and foreign corrupt practices; 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 Twitter (@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. 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, 2022 (Unaudited) and December 31, 2021
Consolidated Statements of Operations for the three and nine months ended September 30, 2022 and 2021 (Unaudited)
Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2022 and 2021 (Unaudited)
Consolidated Statements of Changes in Shareholders' Equity for the three and nine months ended September 30, 2022 and 2021 (Unaudited)
Consolidated Statements of Cash Flows for the nine months ended September 30, 2022 and 2021 (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, 2022 (UNAUDITED) AND DECEMBER 31, 2021  
20222021
 (in thousands)
Assets
Investments:
Fixed maturities, available for sale, at fair value
    (Amortized cost 2022: $11,865,935; 2021: $12,241,782
    Allowance for expected credit losses 2022: $10,504; 2021: $313)
$10,784,353 $12,313,200 
Fixed maturities, held to maturity, at amortized cost
    (Fair value 2022: $663,704; 2021: $445,033
    Allowance for expected credit losses 2022: $nil; 2021: $nil)
690,380 446,016 
Equity securities, at fair value
    (Cost 2022: $519,926; 2021: $528,864)
469,839 655,675 
 Mortgage loans, held for investment, at fair value
     (Allowance for expected credit losses 2022: $nil; 2021: $nil)
653,700 594,088 
Other investments, at fair value970,310 947,982 
Equity method investments151,333 146,293 
Short-term investments, at fair value80,260 31,063 
Total investments13,800,175 15,134,317 
Cash and cash equivalents1,210,321 844,592 
Restricted cash and cash equivalents624,941 473,098 
Accrued interest receivable77,771 64,350 
Insurance and reinsurance premium balances receivable
     (Allowance for expected credit losses 2022: $8,893; 2021: $7,567)
2,788,484 2,622,676 
Reinsurance recoverable on unpaid losses and loss expenses
     (Allowance for expected credit losses 2022: $29,022; 2021: $29,554)
5,244,263 5,017,611 
Reinsurance recoverable on paid losses and loss expenses438,497 642,215 
Deferred acquisition costs541,544 465,593 
Prepaid reinsurance premiums1,597,586 1,377,358 
Receivable for investments sold6,452 4,555 
Goodwill100,801 100,801 
Intangible assets200,529 208,717 
Operating lease right-of-use assets96,631 103,295 
Other assets391,758 309,792 
Total assets$27,119,753 $27,368,970 
Liabilities
Reserve for losses and loss expenses$14,652,196 $14,653,094 
Unearned premiums4,650,934 4,090,676 
Insurance and reinsurance balances payable1,569,946 1,324,620 
Debt1,312,633 1,310,975 
Federal Home Loan Bank advances80,540  
Payable for investments purchased78,956 31,543 
Operating lease liabilities103,345 119,512 
Other liabilities327,780 427,894 
Total liabilities22,776,330 21,958,314 
Shareholders’ equity
Preferred shares 550,000 550,000 
Common shares (shares issued 2022: 176,580; 2021: 176,580
    shares outstanding 2022: 84,666; 2021: 84,774)
2,206 2,206 
Additional paid-in capital2,354,895 2,346,179 
Accumulated other comprehensive income (loss)(1,042,650)56,536 
Retained earnings6,244,268 6,204,745 
Treasury shares, at cost (2022: 91,914; 2021: 91,806)
(3,765,296)(3,749,010)
Total shareholders’ equity 4,343,423 5,410,656 
Total liabilities and shareholders’ equity$27,119,753 $27,368,970 

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, 2022 AND 2021

 Three months endedNine months ended
2022202120222021
 (in thousands, except for per share amounts)
Revenues
Net premiums earned$1,284,866 $1,211,427 $3,820,163 $3,472,090 
Net investment income88,177 107,339 271,744 326,174 
Other insurance related income1,092 7,665 9,998 16,262 
Net investment gains (losses):
Allowance for expected credit losses
(3,210)(315)(10,191)(76)
Impairment losses(6,491)(22)(7,074)(22)
Other realized and unrealized investment gains (losses)(136,757)11,269 (396,966)113,966 
Total net investment gains (losses)(146,458)10,932 (414,231)113,868 
Total revenues1,227,677 1,337,363 3,687,674 3,928,394 
Expenses
Net losses and loss expenses941,911 911,369 2,444,196 2,292,559 
Acquisition costs240,511 231,712 746,443 669,654 
General and administrative expenses158,245 157,960 492,872 478,820 
Foreign exchange gains(135,660)(28,032)(236,934)(4,316)
Interest expense and financing costs15,915 15,954 46,720 46,759 
Reorganization expenses6,213  21,941  
    Amortization of value of business acquired 1,028  3,083 
    Amortization of intangible assets2,729 3,149 8,188 9,163 
Total expenses1,229,864 1,293,140 3,523,426 3,495,722 
Income (loss) before income taxes and interest in income (loss) of equity method investments(2,187)44,223 164,248 432,672 
Income tax (expense) benefit363 (1,186)5,304 (49,827)
Interest in income (loss) of equity method investments(7,560)11,911 5,040 30,871 
Net income (loss)(9,384)54,948 174,592 413,716 
Preferred share dividends7,563 7,563 22,688 22,688 
Net income (loss) available (attributable) to common shareholders$(16,947)$47,385 $151,904 $391,028 
Per share data
Earnings (loss) per common share:
Earnings (loss) per common share$(0.20)$0.56 $1.79 $4.62 
Earnings (loss) per diluted common share$(0.20)$0.56 $1.77 $4.59 
Weighted average common shares outstanding84,660 84,771 84,930 84,684 
Weighted average diluted common shares outstanding84,660 85,336 85,674 85,191 


See accompanying notes to Consolidated Financial Statements.

7

AXIS CAPITAL HOLDINGS LIMITED
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2022 AND 2021

 
 Three months endedNine months ended
 2022202120222021
 (in thousands)
Net income (loss) $(9,384)$54,948 $174,592 $413,716 
Other comprehensive income (loss), net of tax:
Available for sale investments:
Unrealized gains (losses) arising during the period for which an allowance for expected credit losses has not been recognized(393,880)(58,178)(1,259,482)(179,147)
Unrealized gains (losses) arising during the period for which an allowance for expected credit losses has been recognized(10,684)370 (53,308)131 
Adjustment for reclassification of net realized (gains) losses and impairment losses recognized in net income (loss)98,779 (14,580)229,773 (86,181)
Unrealized gains (losses) arising during the period, net of reclassification adjustment(305,785)(72,388)(1,083,017)(265,197)
Foreign currency translation adjustment(12,751)(3,807)(16,169)924 
Total other comprehensive income (loss), net of tax(318,536)(76,195)(1,099,186)(264,273)
Comprehensive income (loss)$(327,920)$(21,247)$(924,594)$149,443 


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, 2022 AND 2021

Three months endedNine months ended
2022202120222021
 (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 period2,341,507 2,326,288 2,346,179 2,330,054 
Treasury shares reissued(694)(397)(30,844)(24,437)
Share-based compensation expense14,082 11,004 39,560 31,278 
Balance at end of period2,354,895 2,336,895 2,354,895 2,336,895 
Accumulated other comprehensive income (loss)
Balance at beginning of period(724,114)226,317 56,536 414,395 
Unrealized gains (losses) on available for sale investments, net of tax:
Balance at beginning of period(715,077)227,826 62,155 420,635 
Unrealized gains (losses) arising during the period, net of reclassification adjustment(305,785)(72,388)(1,083,017)(265,197)
Balance at end of period(1,020,862)155,438 (1,020,862)155,438 
Cumulative foreign currency translation adjustments, net of tax:
Balance at beginning of period(9,037)(1,509)(5,619)(6,240)
Foreign currency translation adjustment(12,751)(3,807)(16,169)924 
Balance at end of period(21,788)(5,316)(21,788)(5,316)
Balance at end of period(1,042,650)150,122 (1,042,650)150,122 
Retained earnings
Balance at beginning of period6,298,680 6,034,151 6,204,745 5,763,607 
Net income (loss)(9,384)54,948 174,592 413,716 
Preferred share dividends (1)
(7,563)(7,563)(22,688)(22,688)
Common share dividends (1)
(37,465)(36,693)(112,381)(109,792)
Balance at end of period6,244,268 6,044,843 6,244,268 6,044,843 
Treasury shares, at cost
Balance at beginning of period(3,765,648)(3,749,202)(3,749,010)(3,764,568)
Shares repurchased(342)(206)(48,675)(10,025)
Shares reissued694 397 32,389 25,582 
Balance at end of period(3,765,296)(3,749,011)(3,765,296)(3,749,011)
Total shareholders’ equity $4,343,423 $5,335,055 $4,343,423 $5,335,055 

(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, 2022 AND 2021
Nine months ended
20222021
 (in thousands)
Cash flows from operating activities:
Net income$174,592 $413,716 
Adjustments to reconcile net income to net cash provided by operating activities:
Net investment (gains) losses414,231 (113,868)
Net realized and unrealized gains (losses) on other investments(31,843)(123,364)
Amortization of fixed maturities24,918 28,601 
Interest in income of equity method investments(5,040)(30,871)
Amortization of value of business acquired 3,083 
Other amortization and depreciation52,469 46,967 
Share-based compensation expense, net of cash payments36,097 25,848 
Changes in:
Accrued interest receivable(13,796)2,441 
Reinsurance recoverable on unpaid losses and loss expenses(239,482)(498,571)
Reinsurance recoverable on paid losses and loss expenses201,729 (71,516)
Deferred acquisition costs(79,994)(113,959)
Prepaid reinsurance premiums(222,235)(267,082)
Reserve for losses and loss expenses29,151 741,277 
Unearned premiums577,490 782,094 
Insurance and reinsurance balances, net72,655 110,921 
Other items(73,932)74,447 
Net cash provided by operating activities917,010 1,010,164 
Cash flows from investing activities:
Purchases of:
Fixed maturities, available for sale(5,466,347)(10,183,487)
Fixed maturities, held to maturity(247,862)(146,150)
Equity securities(92,977)(105,167)
Mortgage loans(113,978)(85,202)
Other investments(122,628)(194,212)
Short-term investments(141,821)(135,399)
Proceeds from the sale of:
Fixed maturities, available for sale4,730,523 7,945,524 
Equity securities111,148 10,928 
Other investments134,348 254,580 
Short-term investments71,435 156,674 
Proceeds from the redemption of fixed maturities, available for sale850,954 1,381,867 
Proceeds from the redemption of fixed maturities, held to maturity3,500 134,347 
Proceeds from redemption of short-term investments20,124 71,665 
Proceeds from the repayment of mortgage loans54,881 55,410 
Purchase of other assets(25,041)(30,706)
Net cash used in investing activities(233,741)(869,328)
Cash flows from financing activities:
Repurchase of common shares - open market(34,987) 
Taxes paid on withholding shares(13,688)(10,026)
Dividends paid - common shares(112,888)(109,974)
Dividends paid - preferred shares(22,688)(22,688)
Federal Home Loan Bank advances, net78,950  
Net cash used in financing activities(105,301)(142,688)
Effect of exchange rate changes on foreign currency cash, cash equivalents and restricted cash(60,396)(2,176)
Increase (decrease) in cash, cash equivalents and restricted cash517,572 (4,028)
Cash, cash equivalents and restricted cash - beginning of period1,317,690 1,503,232 
Cash, cash equivalents and restricted cash - end of period$1,835,262 $1,499,204 
See accompanying notes to Consolidated Financial Statements.

10

Supplemental disclosures of cash flow information:
Income taxes paid$36,431 $43,548 
Interest paid$45,963 $45,963 

Supplemental disclosures of cash flow information: In 2021, the transfer of securities with a fair value of $405 million from fixed maturities, available for sale to fixed maturities, held to maturity was treated as a non-cash activity in the consolidated statement of cash flows (refer to Note 3 'Investments').



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, 2021, 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, 2021.


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 property, marine, terrorism, aviation, credit and political risk, professional lines, liability, and accident and health.

Reinsurance

The Company's reinsurance segment provides specialty reinsurance solutions to insurance companies on a worldwide basis. The product lines in this segment are catastrophe, property, credit and surety, professional lines, motor, liability, engineering, agriculture, marine and aviation, and accident and health. The Company announced its exit from catastrophe and property lines of business in June 2022 and exited the engineering line of business 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)
  20222021
Three months ended and at September 30,InsuranceReinsuranceTotalInsuranceReinsuranceTotal
Gross premiums written$1,317,890$389,918$1,707,808$1,176,500$469,989$1,646,489
Net premiums written777,789258,9951,036,784707,492288,979996,471
Net premiums earned782,101502,7651,284,866681,008530,4191,211,427
Other insurance related income1519411,0924687,1977,665
Net losses and loss expenses(519,006)(422,905)(941,911)(442,681)(468,688)(911,369)
Acquisition costs(139,436)(101,075)(240,511)(123,529)(108,183)(231,712)
Underwriting-related general and administrative expenses(108,072)(24,498)