10-Q 1 axs-20240930.htm 10-Q axs-20240930
false2024Q30001214816--12-31P4Yhttp://fasb.org/us-gaap/2024#OtherAssetshttp://fasb.org/us-gaap/2024#OtherLiabilitieshttp://fasb.org/us-gaap/2024#OtherAssetshttp://fasb.org/us-gaap/2024#OtherLiabilitieshttp://fasb.org/us-gaap/2024#OtherAssetshttp://fasb.org/us-gaap/2024#OtherLiabilitieshttp://fasb.org/us-gaap/2024#OtherAssetshttp://fasb.org/us-gaap/2024#OtherLiabilitieshttp://fasb.org/us-gaap/2024#OtherAssetshttp://fasb.org/us-gaap/2024#OtherLiabilitieshttp://fasb.org/us-gaap/2024#OtherAssetshttp://fasb.org/us-gaap/2024#OtherLiabilitieshttp://fasb.org/us-gaap/2024#OtherAssetshttp://fasb.org/us-gaap/2024#OtherLiabilitieshttp://fasb.org/us-gaap/2024#OtherAssetshttp://fasb.org/us-gaap/2024#OtherLiabilitiesxbrli:sharesiso4217:USDiso4217:USDxbrli:sharesaxs:segmentxbrli:pureaxs:securityaxs:fundaxs:claimutr:D00012148162024-01-012024-09-300001214816us-gaap:CommonStockMember2024-01-012024-09-300001214816axs:SeriesEPreferredDepositaryShareMember2024-01-012024-09-3000012148162024-10-2500012148162024-09-3000012148162023-12-3100012148162024-07-012024-09-3000012148162023-07-012023-09-3000012148162023-01-012023-09-300001214816us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMemberus-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithoutAllowanceForCreditLossParentMember2024-07-012024-09-300001214816us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMemberus-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithoutAllowanceForCreditLossParentMember2023-07-012023-09-300001214816us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMemberus-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithoutAllowanceForCreditLossParentMember2024-01-012024-09-300001214816us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMemberus-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithoutAllowanceForCreditLossParentMember2023-01-012023-09-300001214816us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMemberus-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithAllowanceForCreditLossParentMember2024-07-012024-09-300001214816us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMemberus-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithAllowanceForCreditLossParentMember2023-07-012023-09-300001214816us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMemberus-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithAllowanceForCreditLossParentMember2024-01-012024-09-300001214816us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMemberus-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithAllowanceForCreditLossParentMember2023-01-012023-09-300001214816us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2024-07-012024-09-300001214816us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2023-07-012023-09-300001214816us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2024-01-012024-09-300001214816us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2023-01-012023-09-300001214816us-gaap:PreferredStockMember2024-09-300001214816us-gaap:PreferredStockMember2024-06-300001214816us-gaap:PreferredStockMember2023-06-300001214816us-gaap:PreferredStockMember2023-09-300001214816us-gaap:PreferredStockMember2023-12-310001214816us-gaap:PreferredStockMember2022-12-310001214816us-gaap:CommonStockMember2024-09-300001214816us-gaap:CommonStockMember2024-06-300001214816us-gaap:CommonStockMember2023-09-300001214816us-gaap:CommonStockMember2023-06-300001214816us-gaap:CommonStockMember2023-12-310001214816us-gaap:CommonStockMember2022-12-310001214816us-gaap:AdditionalPaidInCapitalMember2024-06-300001214816us-gaap:AdditionalPaidInCapitalMember2023-06-300001214816us-gaap:AdditionalPaidInCapitalMember2023-12-310001214816us-gaap:AdditionalPaidInCapitalMember2022-12-310001214816us-gaap:AdditionalPaidInCapitalMember2024-07-012024-09-300001214816us-gaap:AdditionalPaidInCapitalMember2023-07-012023-09-300001214816us-gaap:AdditionalPaidInCapitalMember2024-01-012024-09-300001214816us-gaap:AdditionalPaidInCapitalMember2023-01-012023-09-300001214816us-gaap:AdditionalPaidInCapitalMember2024-09-300001214816us-gaap:AdditionalPaidInCapitalMember2023-09-300001214816us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-06-300001214816us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-06-300001214816us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-310001214816us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-310001214816us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2024-06-300001214816us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2023-06-300001214816us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2023-12-310001214816us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-12-310001214816us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2024-09-300001214816us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2023-09-300001214816us-gaap:AccumulatedTranslationAdjustmentMember2024-06-300001214816us-gaap:AccumulatedTranslationAdjustmentMember2023-06-300001214816us-gaap:AccumulatedTranslationAdjustmentMember2023-12-310001214816us-gaap:AccumulatedTranslationAdjustmentMember2022-12-310001214816us-gaap:AccumulatedTranslationAdjustmentMember2024-07-012024-09-300001214816us-gaap:AccumulatedTranslationAdjustmentMember2023-07-012023-09-300001214816us-gaap:AccumulatedTranslationAdjustmentMember2024-01-012024-09-300001214816us-gaap:AccumulatedTranslationAdjustmentMember2023-01-012023-09-300001214816us-gaap:AccumulatedTranslationAdjustmentMember2024-09-300001214816us-gaap:AccumulatedTranslationAdjustmentMember2023-09-300001214816us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-09-300001214816us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-09-300001214816us-gaap:RetainedEarningsMember2024-06-300001214816us-gaap:RetainedEarningsMember2023-06-300001214816us-gaap:RetainedEarningsMember2023-12-310001214816us-gaap:RetainedEarningsMember2022-12-310001214816us-gaap:RetainedEarningsMember2024-07-012024-09-300001214816us-gaap:RetainedEarningsMember2023-07-012023-09-300001214816us-gaap:RetainedEarningsMember2024-01-012024-09-300001214816us-gaap:RetainedEarningsMember2023-01-012023-09-300001214816us-gaap:RetainedEarningsMember2024-09-300001214816us-gaap:RetainedEarningsMember2023-09-300001214816us-gaap:TreasuryStockCommonMember2024-06-300001214816us-gaap:TreasuryStockCommonMember2023-06-300001214816us-gaap:TreasuryStockCommonMember2023-12-310001214816us-gaap:TreasuryStockCommonMember2022-12-310001214816us-gaap:TreasuryStockCommonMember2024-07-012024-09-300001214816us-gaap:TreasuryStockCommonMember2023-07-012023-09-300001214816us-gaap:TreasuryStockCommonMember2024-01-012024-09-300001214816us-gaap:TreasuryStockCommonMember2023-01-012023-09-300001214816us-gaap:TreasuryStockCommonMember2024-09-300001214816us-gaap:TreasuryStockCommonMember2023-09-3000012148162023-09-3000012148162022-12-310001214816us-gaap:RelatedPartyMemberaxs:MonarchPointReMemberaxs:LoanAgreementWithMonarchPointReMember2024-01-012024-09-300001214816us-gaap:RelatedPartyMemberaxs:MonarchPointReMemberaxs:RetrocessionAgreementWithMonarchPointReMember2024-01-012024-09-300001214816us-gaap:RelatedPartyMemberaxs:ThirdPartyReinsurerMemberaxs:LoanAgreementWithThirdPartyReinsurerMember2024-01-012024-09-300001214816us-gaap:RelatedPartyMemberaxs:ThirdPartyReinsurerMemberaxs:RetrocessionAgreementWithThirdPartyReinsurerMember2024-01-012024-09-300001214816us-gaap:RelatedPartyMemberaxs:MonarchPointReMemberaxs:RetrocessionAgreementWithMonarchPointReMember2023-01-012023-09-300001214816us-gaap:RelatedPartyMemberaxs:MonarchPointReMemberaxs:LoanAgreementWithMonarchPointReMember2023-01-012023-09-300001214816us-gaap:RelatedPartyMemberaxs:ThirdPartyReinsurerMemberaxs:LoanAgreementWithThirdPartyReinsurerMember2023-01-012023-09-300001214816us-gaap:RelatedPartyMemberaxs:ThirdPartyReinsurerMemberaxs:RetrocessionAgreementWithThirdPartyReinsurerMember2023-01-012023-09-300001214816us-gaap:OperatingSegmentsMemberaxs:InsuranceMember2024-07-012024-09-300001214816us-gaap:OperatingSegmentsMemberaxs:ReinsuranceMember2024-07-012024-09-300001214816us-gaap:OperatingSegmentsMember2024-07-012024-09-300001214816us-gaap:OperatingSegmentsMemberaxs:InsuranceMember2023-07-012023-09-300001214816us-gaap:OperatingSegmentsMemberaxs:ReinsuranceMember2023-07-012023-09-300001214816us-gaap:OperatingSegmentsMember2023-07-012023-09-300001214816us-gaap:MaterialReconcilingItemsMember2024-07-012024-09-300001214816us-gaap:MaterialReconcilingItemsMember2023-07-012023-09-300001214816us-gaap:CorporateNonSegmentMember2024-07-012024-09-300001214816us-gaap:CorporateNonSegmentMember2023-07-012023-09-300001214816us-gaap:OperatingSegmentsMemberaxs:InsuranceMember2024-09-300001214816us-gaap:OperatingSegmentsMemberaxs:ReinsuranceMember2024-09-300001214816us-gaap:OperatingSegmentsMember2024-09-300001214816us-gaap:OperatingSegmentsMemberaxs:InsuranceMember2023-09-300001214816us-gaap:OperatingSegmentsMemberaxs:ReinsuranceMember2023-09-300001214816us-gaap:OperatingSegmentsMember2023-09-300001214816us-gaap:OperatingSegmentsMemberaxs:InsuranceMember2024-01-012024-09-300001214816us-gaap:OperatingSegmentsMemberaxs:ReinsuranceMember2024-01-012024-09-300001214816us-gaap:OperatingSegmentsMember2024-01-012024-09-300001214816us-gaap:OperatingSegmentsMemberaxs:InsuranceMember2023-01-012023-09-300001214816us-gaap:OperatingSegmentsMemberaxs:ReinsuranceMember2023-01-012023-09-300001214816us-gaap:OperatingSegmentsMember2023-01-012023-09-300001214816us-gaap:MaterialReconcilingItemsMember2024-01-012024-09-300001214816us-gaap:MaterialReconcilingItemsMember2023-01-012023-09-300001214816us-gaap:CorporateNonSegmentMember2024-01-012024-09-300001214816us-gaap:CorporateNonSegmentMember2023-01-012023-09-300001214816us-gaap:USTreasuryAndGovernmentMember2024-09-300001214816us-gaap:ForeignGovernmentDebtSecuritiesMember2024-09-300001214816us-gaap:CorporateDebtSecuritiesMember2024-09-300001214816us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2024-09-300001214816us-gaap:CommercialMortgageBackedSecuritiesMember2024-09-300001214816us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember2024-09-300001214816us-gaap:AssetBackedSecuritiesSecuritizedLoansAndReceivablesMember2024-09-300001214816us-gaap:USStatesAndPoliticalSubdivisionsMember2024-09-300001214816us-gaap:USTreasuryAndGovernmentMember2023-12-310001214816us-gaap:ForeignGovernmentDebtSecuritiesMember2023-12-310001214816us-gaap:CorporateDebtSecuritiesMember2023-12-310001214816us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2023-12-310001214816us-gaap:CommercialMortgageBackedSecuritiesMember2023-12-310001214816us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember2023-12-310001214816us-gaap:AssetBackedSecuritiesSecuritizedLoansAndReceivablesMember2023-12-310001214816us-gaap:USStatesAndPoliticalSubdivisionsMember2023-12-310001214816us-gaap:ExternalCreditRatingNonInvestmentGradeMember2024-09-300001214816us-gaap:ExternalCreditRatingNonInvestmentGradeMember2023-12-310001214816us-gaap:CommonStockMember2024-09-300001214816us-gaap:CommonStockMember2024-01-012024-09-300001214816us-gaap:PreferredStockMember2024-09-300001214816us-gaap:PreferredStockMember2024-01-012024-09-300001214816us-gaap:ExchangeTradedFundsMember2024-09-300001214816us-gaap:ExchangeTradedFundsMember2024-01-012024-09-300001214816axs:NonUnitedStatesBondMutualFundMember2024-09-300001214816axs:NonUnitedStatesBondMutualFundMember2024-01-012024-09-300001214816us-gaap:CommonStockMember2023-12-310001214816us-gaap:CommonStockMember2023-01-012023-12-310001214816us-gaap:PreferredStockMember2023-12-310001214816us-gaap:PreferredStockMember2023-01-012023-12-310001214816us-gaap:ExchangeTradedFundsMember2023-12-310001214816us-gaap:ExchangeTradedFundsMember2023-01-012023-12-310001214816axs:NonUnitedStatesBondMutualFundMember2023-12-310001214816axs:NonUnitedStatesBondMutualFundMember2023-01-012023-12-3100012148162023-01-012023-12-310001214816axs:SectorConcentrationRiskMemberus-gaap:MortgagesMemberaxs:MortgageLoansMember2024-01-012024-09-300001214816axs:SectorConcentrationRiskMemberus-gaap:MortgagesMemberaxs:MortgageLoansMember2023-01-012023-12-310001214816us-gaap:HedgeFundsMultistrategyMember2024-09-300001214816srt:MinimumMemberus-gaap:HedgeFundsMultistrategyMember2024-01-012024-09-300001214816srt:MaximumMemberus-gaap:HedgeFundsMultistrategyMember2024-01-012024-09-300001214816axs:DirectLendingFundsMember2024-09-300001214816axs:DirectLendingFundsMember2024-01-012024-09-300001214816us-gaap:PrivateEquityFundsMember2024-09-300001214816us-gaap:RealEstateFundsMember2024-09-300001214816srt:MinimumMemberus-gaap:RealEstateFundsMember2024-01-012024-09-300001214816srt:MaximumMemberus-gaap:RealEstateFundsMember2024-01-012024-09-300001214816us-gaap:CollateralizedLoanObligationsMember2024-09-300001214816axs:OtherPrivatelyHeldInvestmentsMember2024-09-300001214816us-gaap:HedgeFundsMultistrategyMember2023-12-310001214816srt:MinimumMemberus-gaap:HedgeFundsMultistrategyMember2023-01-012023-12-310001214816srt:MaximumMemberus-gaap:HedgeFundsMultistrategyMember2023-01-012023-12-310001214816axs:DirectLendingFundsMember2023-12-310001214816axs:DirectLendingFundsMember2023-01-012023-12-310001214816us-gaap:PrivateEquityFundsMember2023-12-310001214816us-gaap:RealEstateFundsMember2023-12-310001214816srt:MinimumMemberus-gaap:RealEstateFundsMember2023-01-012023-12-310001214816srt:MaximumMemberus-gaap:RealEstateFundsMember2023-01-012023-12-310001214816us-gaap:CollateralizedLoanObligationsMember2023-12-310001214816axs:OtherPrivatelyHeldInvestmentsMember2023-12-310001214816axs:QuarterlyRedemptionMemberaxs:DirectLendingFundsMember2024-09-300001214816axs:QuarterlyRedemptionMemberaxs:DirectLendingFundsMember2023-12-310001214816axs:QuarterlyRedemptionMemberus-gaap:RealEstateFundsMember2024-09-300001214816axs:QuarterlyRedemptionMemberus-gaap:RealEstateFundsMember2023-12-310001214816axs:AnnualRedemptionMemberus-gaap:RealEstateFundsMember2024-09-300001214816axs:AnnualRedemptionMemberus-gaap:RealEstateFundsMember2023-12-310001214816axs:LockupRedemptionRestrictionMemberus-gaap:HedgeFundsMultistrategyMember2024-09-300001214816axs:LockupRedemptionRestrictionMemberus-gaap:HedgeFundsMultistrategyMember2023-12-310001214816axs:OtherRedemptionRestrictionMemberus-gaap:HedgeFundsMultistrategyMember2024-09-300001214816axs:OtherRedemptionRestrictionMemberus-gaap:HedgeFundsMultistrategyMember2023-12-310001214816axs:OtherRedemptionRestrictionMemberus-gaap:HedgeFundsMultistrategyMembersrt:MinimumMember2024-01-012024-09-300001214816axs:OtherRedemptionRestrictionMemberaxs:DirectLendingFundsMember2024-09-300001214816axs:OtherRedemptionRestrictionMemberaxs:DirectLendingFundsMember2023-12-310001214816axs:OtherRedemptionRestrictionMemberaxs:DirectLendingFundsMembersrt:MinimumMember2024-01-012024-09-300001214816axs:OtherRedemptionRestrictionMemberaxs:DirectLendingFundsMembersrt:MaximumMember2024-01-012024-09-300001214816axs:OtherRedemptionRestrictionMemberaxs:DirectLendingFundsMember2024-01-012024-09-300001214816axs:OtherRedemptionRestrictionMemberus-gaap:PrivateEquityFundsMember2024-09-300001214816axs:OtherRedemptionRestrictionMemberus-gaap:PrivateEquityFundsMember2023-12-310001214816axs:OtherRedemptionRestrictionMemberus-gaap:PrivateEquityFundsMember2024-01-012024-09-300001214816axs:OtherRedemptionRestrictionMemberus-gaap:RealEstateFundsMember2024-09-300001214816axs:OtherRedemptionRestrictionMemberus-gaap:RealEstateFundsMember2023-12-310001214816axs:OtherRedemptionRestrictionMemberus-gaap:RealEstateFundsMembersrt:MinimumMember2024-01-012024-09-300001214816axs:OtherRedemptionRestrictionMemberaxs:PrivateCompanyInvestmentFundsMember2024-09-300001214816axs:OtherRedemptionRestrictionMemberaxs:PrivateCompanyInvestmentFundsMember2023-12-310001214816axs:OtherRedemptionRestrictionMemberaxs:PrivateCompanyInvestmentFundsMemberaxs:InvestmentFundsTermPeriodOneMember2024-09-300001214816axs:OtherRedemptionRestrictionMemberaxs:PrivateCompanyInvestmentFundsMemberaxs:InvestmentFundsTermPeriodOneMember2024-01-012024-09-300001214816axs:OtherRedemptionRestrictionMemberaxs:PrivateCompanyInvestmentFundsMemberaxs:InvestmentFundsTermPeriodTwoMember2024-09-300001214816axs:OtherRedemptionRestrictionMemberaxs:PrivateCompanyInvestmentFundsMemberaxs:InvestmentFundsTermPeriodTwoMember2024-01-012024-09-300001214816axs:MonarchPointReISACLtd.AndMonarchPointReISA2023LtdMember2023-01-012023-12-310001214816axs:MonarchPointReISA2024Ltd.MonarchPointReISACLtd.MonarchPointReISA2023Ltd.AndMonarchPointReISA2024LtdMember2024-09-300001214816axs:MonarchPointReISACLtd.AndMonarchPointReISA2023LtdMember2023-12-310001214816axs:MonarchPointReISA2024Ltd.MonarchPointReISACLtd.MonarchPointReISA2023Ltd.AndMonarchPointReISA2024LtdMember2024-01-012024-09-300001214816axs:HarringtonReinsuranceHoldingsLimitedMember2016-01-012016-12-310001214816axs:HarringtonReinsuranceHoldingsLimitedMember2016-12-310001214816axs:HarringtonReinsuranceHoldingsLimitedMember2023-12-310001214816us-gaap:LimitedPartnerMember2024-09-300001214816us-gaap:FixedMaturitiesMember2024-07-012024-09-300001214816us-gaap:FixedMaturitiesMember2023-07-012023-09-300001214816us-gaap:FixedMaturitiesMember2024-01-012024-09-300001214816us-gaap:FixedMaturitiesMember2023-01-012023-09-300001214816axs:AlternativeInvestmentsMember2024-07-012024-09-300001214816axs:AlternativeInvestmentsMember2023-07-012023-09-300001214816axs:AlternativeInvestmentsMember2024-01-012024-09-300001214816axs:AlternativeInvestmentsMember2023-01-012023-09-300001214816us-gaap:EquitySecuritiesMember2024-07-012024-09-300001214816us-gaap:EquitySecuritiesMember2023-07-012023-09-300001214816us-gaap:EquitySecuritiesMember2024-01-012024-09-300001214816us-gaap:EquitySecuritiesMember2023-01-012023-09-300001214816us-gaap:MortgagesMember2024-07-012024-09-300001214816us-gaap:MortgagesMember2023-07-012023-09-300001214816us-gaap:MortgagesMember2024-01-012024-09-300001214816us-gaap:MortgagesMember2023-01-012023-09-300001214816us-gaap:CashAndCashEquivalentsMember2024-07-012024-09-300001214816us-gaap:CashAndCashEquivalentsMember2023-07-012023-09-300001214816us-gaap:CashAndCashEquivalentsMember2024-01-012024-09-300001214816us-gaap:CashAndCashEquivalentsMember2023-01-012023-09-300001214816us-gaap:ShortTermInvestmentsMember2024-07-012024-09-300001214816us-gaap:ShortTermInvestmentsMember2023-07-012023-09-300001214816us-gaap:ShortTermInvestmentsMember2024-01-012024-09-300001214816us-gaap:ShortTermInvestmentsMember2023-01-012023-09-3000012148162024-06-3000012148162023-06-300001214816us-gaap:FairValueInputsLevel1Memberus-gaap:USTreasuryAndGovernmentMember2024-09-300001214816us-gaap:FairValueInputsLevel2Memberus-gaap:USTreasuryAndGovernmentMember2024-09-300001214816us-gaap:FairValueInputsLevel3Memberus-gaap:USTreasuryAndGovernmentMember2024-09-300001214816us-gaap:FairValueInputsLevel1Memberus-gaap:ForeignGovernmentDebtSecuritiesMember2024-09-300001214816us-gaap:FairValueInputsLevel2Memberus-gaap:ForeignGovernmentDebtSecuritiesMember2024-09-300001214816us-gaap:FairValueInputsLevel3Memberus-gaap:ForeignGovernmentDebtSecuritiesMember2024-09-300001214816us-gaap:FairValueInputsLevel1Memberus-gaap:CorporateDebtSecuritiesMember2024-09-300001214816us-gaap:FairValueInputsLevel2Memberus-gaap:CorporateDebtSecuritiesMember2024-09-300001214816us-gaap:FairValueInputsLevel3Memberus-gaap:CorporateDebtSecuritiesMember2024-09-300001214816us-gaap:FairValueInputsLevel1Memberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2024-09-300001214816us-gaap:FairValueInputsLevel2Memberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2024-09-300001214816us-gaap:FairValueInputsLevel3Memberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2024-09-300001214816us-gaap:FairValueInputsLevel1Memberus-gaap:CommercialMortgageBackedSecuritiesMember2024-09-300001214816us-gaap:FairValueInputsLevel2Memberus-gaap:CommercialMortgageBackedSecuritiesMember2024-09-300001214816us-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMember2024-09-300001214816us-gaap:FairValueInputsLevel1Memberus-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember2024-09-300001214816us-gaap:FairValueInputsLevel2Memberus-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember2024-09-300001214816us-gaap:FairValueInputsLevel3Memberus-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember2024-09-300001214816us-gaap:FairValueInputsLevel1Memberus-gaap:AssetBackedSecuritiesSecuritizedLoansAndReceivablesMember2024-09-300001214816us-gaap:FairValueInputsLevel2Memberus-gaap:AssetBackedSecuritiesSecuritizedLoansAndReceivablesMember2024-09-300001214816us-gaap:FairValueInputsLevel3Memberus-gaap:AssetBackedSecuritiesSecuritizedLoansAndReceivablesMember2024-09-300001214816us-gaap:FairValueInputsLevel1Memberus-gaap:USStatesAndPoliticalSubdivisionsMember2024-09-300001214816us-gaap:FairValueInputsLevel2Memberus-gaap:USStatesAndPoliticalSubdivisionsMember2024-09-300001214816us-gaap:FairValueInputsLevel3Memberus-gaap:USStatesAndPoliticalSubdivisionsMember2024-09-300001214816us-gaap:FairValueInputsLevel1Member2024-09-300001214816us-gaap:FairValueInputsLevel2Member2024-09-300001214816us-gaap:FairValueInputsLevel3Member2024-09-300001214816us-gaap:FairValueInputsLevel1Memberus-gaap:CommonStockMember2024-09-300001214816us-gaap:FairValueInputsLevel2Memberus-gaap:CommonStockMember2024-09-300001214816us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMember2024-09-300001214816us-gaap:FairValueInputsLevel1Memberus-gaap:PreferredStockMember2024-09-300001214816us-gaap:FairValueInputsLevel2Memberus-gaap:PreferredStockMember2024-09-300001214816us-gaap:FairValueInputsLevel3Memberus-gaap:PreferredStockMember2024-09-300001214816us-gaap:FairValueInputsLevel1Memberus-gaap:ExchangeTradedFundsMember2024-09-300001214816us-gaap:FairValueInputsLevel2Memberus-gaap:ExchangeTradedFundsMember2024-09-300001214816us-gaap:FairValueInputsLevel3Memberus-gaap:ExchangeTradedFundsMember2024-09-300001214816us-gaap:FairValueInputsLevel1Memberaxs:NonUnitedStatesBondMutualFundMember2024-09-300001214816us-gaap:FairValueInputsLevel2Memberaxs:NonUnitedStatesBondMutualFundMember2024-09-300001214816us-gaap:FairValueInputsLevel3Memberaxs:NonUnitedStatesBondMutualFundMember2024-09-300001214816us-gaap:FairValueInputsLevel1Memberus-gaap:HedgeFundsMultistrategyMember2024-09-300001214816us-gaap:FairValueInputsLevel2Memberus-gaap:HedgeFundsMultistrategyMember2024-09-300001214816us-gaap:FairValueInputsLevel3Memberus-gaap:HedgeFundsMultistrategyMember2024-09-300001214816us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:HedgeFundsMultistrategyMember2024-09-300001214816us-gaap:HedgeFundsMultistrategyMember2024-09-300001214816us-gaap:FairValueInputsLevel1Memberaxs:DirectLendingFundsMember2024-09-300001214816us-gaap:FairValueInputsLevel2Memberaxs:DirectLendingFundsMember2024-09-300001214816us-gaap:FairValueInputsLevel3Memberaxs:DirectLendingFundsMember2024-09-300001214816us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberaxs:DirectLendingFundsMember2024-09-300001214816axs:DirectLendingFundsMember2024-09-300001214816us-gaap:FairValueInputsLevel1Memberus-gaap:PrivateEquityFundsMember2024-09-300001214816us-gaap:FairValueInputsLevel2Memberus-gaap:PrivateEquityFundsMember2024-09-300001214816us-gaap:FairValueInputsLevel3Memberus-gaap:PrivateEquityFundsMember2024-09-300001214816us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:PrivateEquityFundsMember2024-09-300001214816us-gaap:PrivateEquityFundsMember2024-09-300001214816us-gaap:FairValueInputsLevel1Memberus-gaap:RealEstateFundsMember2024-09-300001214816us-gaap:FairValueInputsLevel2Memberus-gaap:RealEstateFundsMember2024-09-300001214816us-gaap:FairValueInputsLevel3Memberus-gaap:RealEstateFundsMember2024-09-300001214816us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:RealEstateFundsMember2024-09-300001214816us-gaap:RealEstateFundsMember2024-09-300001214816us-gaap:FairValueInputsLevel1Memberus-gaap:CollateralizedLoanObligationsMember2024-09-300001214816us-gaap:FairValueInputsLevel2Memberus-gaap:CollateralizedLoanObligationsMember2024-09-300001214816us-gaap:FairValueInputsLevel3Memberus-gaap:CollateralizedLoanObligationsMember2024-09-300001214816us-gaap:CollateralizedLoanObligationsMember2024-09-300001214816us-gaap:FairValueInputsLevel1Memberaxs:OtherPrivatelyHeldInvestmentsMember2024-09-300001214816us-gaap:FairValueInputsLevel2Memberaxs:OtherPrivatelyHeldInvestmentsMember2024-09-300001214816us-gaap:FairValueInputsLevel3Memberaxs:OtherPrivatelyHeldInvestmentsMember2024-09-300001214816us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberaxs:OtherPrivatelyHeldInvestmentsMember2024-09-300001214816axs:OtherPrivatelyHeldInvestmentsMember2024-09-300001214816us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2024-09-300001214816us-gaap:FairValueInputsLevel1Memberus-gaap:USTreasuryAndGovernmentMember2023-12-310001214816us-gaap:FairValueInputsLevel2Memberus-gaap:USTreasuryAndGovernmentMember2023-12-310001214816us-gaap:FairValueInputsLevel3Memberus-gaap:USTreasuryAndGovernmentMember2023-12-310001214816us-gaap:FairValueInputsLevel1Memberus-gaap:ForeignGovernmentDebtSecuritiesMember2023-12-310001214816us-gaap:FairValueInputsLevel2Memberus-gaap:ForeignGovernmentDebtSecuritiesMember2023-12-310001214816us-gaap:FairValueInputsLevel3Memberus-gaap:ForeignGovernmentDebtSecuritiesMember2023-12-310001214816us-gaap:FairValueInputsLevel1Memberus-gaap:CorporateDebtSecuritiesMember2023-12-310001214816us-gaap:FairValueInputsLevel2Memberus-gaap:CorporateDebtSecuritiesMember2023-12-310001214816us-gaap:FairValueInputsLevel3Memberus-gaap:CorporateDebtSecuritiesMember2023-12-310001214816us-gaap:FairValueInputsLevel1Memberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2023-12-310001214816us-gaap:FairValueInputsLevel2Memberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2023-12-310001214816us-gaap:FairValueInputsLevel3Memberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2023-12-310001214816us-gaap:FairValueInputsLevel1Memberus-gaap:CommercialMortgageBackedSecuritiesMember2023-12-310001214816us-gaap:FairValueInputsLevel2Memberus-gaap:CommercialMortgageBackedSecuritiesMember2023-12-310001214816us-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMember2023-12-310001214816us-gaap:FairValueInputsLevel1Memberus-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember2023-12-310001214816us-gaap:FairValueInputsLevel2Memberus-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember2023-12-310001214816us-gaap:FairValueInputsLevel3Memberus-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember2023-12-310001214816us-gaap:FairValueInputsLevel1Memberus-gaap:AssetBackedSecuritiesSecuritizedLoansAndReceivablesMember2023-12-310001214816us-gaap:FairValueInputsLevel2Memberus-gaap:AssetBackedSecuritiesSecuritizedLoansAndReceivablesMember2023-12-310001214816us-gaap:FairValueInputsLevel3Memberus-gaap:AssetBackedSecuritiesSecuritizedLoansAndReceivablesMember2023-12-310001214816us-gaap:FairValueInputsLevel1Memberus-gaap:USStatesAndPoliticalSubdivisionsMember2023-12-310001214816us-gaap:FairValueInputsLevel2Memberus-gaap:USStatesAndPoliticalSubdivisionsMember2023-12-310001214816us-gaap:FairValueInputsLevel3Memberus-gaap:USStatesAndPoliticalSubdivisionsMember2023-12-310001214816us-gaap:FairValueInputsLevel1Member2023-12-310001214816us-gaap:FairValueInputsLevel2Member2023-12-310001214816us-gaap:FairValueInputsLevel3Member2023-12-310001214816us-gaap:FairValueInputsLevel1Memberus-gaap:CommonStockMember2023-12-310001214816us-gaap:FairValueInputsLevel2Memberus-gaap:CommonStockMember2023-12-310001214816us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMember2023-12-310001214816us-gaap:FairValueInputsLevel1Memberus-gaap:PreferredStockMember2023-12-310001214816us-gaap:FairValueInputsLevel2Memberus-gaap:PreferredStockMember2023-12-310001214816us-gaap:FairValueInputsLevel3Memberus-gaap:PreferredStockMember2023-12-310001214816us-gaap:FairValueInputsLevel1Memberus-gaap:ExchangeTradedFundsMember2023-12-310001214816us-gaap:FairValueInputsLevel2Memberus-gaap:ExchangeTradedFundsMember2023-12-310001214816us-gaap:FairValueInputsLevel3Memberus-gaap:ExchangeTradedFundsMember2023-12-310001214816us-gaap:FairValueInputsLevel1Memberaxs:NonUnitedStatesBondMutualFundMember2023-12-310001214816us-gaap:FairValueInputsLevel2Memberaxs:NonUnitedStatesBondMutualFundMember2023-12-310001214816us-gaap:FairValueInputsLevel3Memberaxs:NonUnitedStatesBondMutualFundMember2023-12-310001214816us-gaap:FairValueInputsLevel1Memberus-gaap:HedgeFundsMultistrategyMember2023-12-310001214816us-gaap:FairValueInputsLevel2Memberus-gaap:HedgeFundsMultistrategyMember2023-12-310001214816us-gaap:FairValueInputsLevel3Memberus-gaap:HedgeFundsMultistrategyMember2023-12-310001214816us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:HedgeFundsMultistrategyMember2023-12-310001214816us-gaap:HedgeFundsMultistrategyMember2023-12-310001214816us-gaap:FairValueInputsLevel1Memberaxs:DirectLendingFundsMember2023-12-310001214816us-gaap:FairValueInputsLevel2Memberaxs:DirectLendingFundsMember2023-12-310001214816us-gaap:FairValueInputsLevel3Memberaxs:DirectLendingFundsMember2023-12-310001214816us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberaxs:DirectLendingFundsMember2023-12-310001214816axs:DirectLendingFundsMember2023-12-310001214816us-gaap:FairValueInputsLevel1Memberus-gaap:PrivateEquityFundsMember2023-12-310001214816us-gaap:FairValueInputsLevel2Memberus-gaap:PrivateEquityFundsMember2023-12-310001214816us-gaap:FairValueInputsLevel3Memberus-gaap:PrivateEquityFundsMember2023-12-310001214816us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:PrivateEquityFundsMember2023-12-310001214816us-gaap:PrivateEquityFundsMember2023-12-310001214816us-gaap:FairValueInputsLevel1Memberus-gaap:RealEstateFundsMember2023-12-310001214816us-gaap:FairValueInputsLevel2Memberus-gaap:RealEstateFundsMember2023-12-310001214816us-gaap:FairValueInputsLevel3Memberus-gaap:RealEstateFundsMember2023-12-310001214816us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:RealEstateFundsMember2023-12-310001214816us-gaap:RealEstateFundsMember2023-12-310001214816us-gaap:FairValueInputsLevel1Memberus-gaap:CollateralizedLoanObligationsMember2023-12-310001214816us-gaap:FairValueInputsLevel2Memberus-gaap:CollateralizedLoanObligationsMember2023-12-310001214816us-gaap:FairValueInputsLevel3Memberus-gaap:CollateralizedLoanObligationsMember2023-12-310001214816us-gaap:CollateralizedLoanObligationsMember2023-12-310001214816us-gaap:FairValueInputsLevel1Memberaxs:OtherPrivatelyHeldInvestmentsMember2023-12-310001214816us-gaap:FairValueInputsLevel2Memberaxs:OtherPrivatelyHeldInvestmentsMember2023-12-310001214816us-gaap:FairValueInputsLevel3Memberaxs:OtherPrivatelyHeldInvestmentsMember2023-12-310001214816us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberaxs:OtherPrivatelyHeldInvestmentsMember2023-12-310001214816axs:OtherPrivatelyHeldInvestmentsMember2023-12-310001214816us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2023-12-310001214816us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:CollateralizedLoanObligationsMember2024-09-300001214816us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDefaultRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:CollateralizedLoanObligationsMember2024-09-300001214816srt:WeightedAverageMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDefaultRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:CollateralizedLoanObligationsMember2024-09-300001214816us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputLossSeverityMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:CollateralizedLoanObligationsMember2024-09-300001214816srt:WeightedAverageMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputLossSeverityMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:CollateralizedLoanObligationsMember2024-09-300001214816us-gaap:FairValueInputsLevel3Memberaxs:MeasurementInputCollateralSpreadsMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:CollateralizedLoanObligationsMember2024-09-300001214816srt:WeightedAverageMemberus-gaap:FairValueInputsLevel3Memberaxs:MeasurementInputCollateralSpreadsMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:CollateralizedLoanObligationsMember2024-09-300001214816us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:CollateralizedLoanObligationsMember2024-01-012024-09-300001214816us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMemberus-gaap:CollateralizedLoanObligationsMember2024-01-012024-09-300001214816us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberaxs:OtherPrivatelyHeldInvestmentsMember2024-09-300001214816us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberaxs:OtherPrivatelyHeldInvestmentsMember2024-09-300001214816srt:WeightedAverageMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberaxs:OtherPrivatelyHeldInvestmentsMember2024-09-300001214816us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDefaultRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberaxs:OtherPrivatelyHeldInvestmentsMember2024-09-300001214816srt:WeightedAverageMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDefaultRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberaxs:OtherPrivatelyHeldInvestmentsMember2024-09-300001214816us-gaap:FairValueInputsLevel3Memberaxs:MeasurementInputLossAbsorptionYieldMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberaxs:OtherPrivatelyHeldInvestmentsMember2024-09-300001214816srt:WeightedAverageMemberus-gaap:FairValueInputsLevel3Memberaxs:MeasurementInputLossAbsorptionYieldMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberaxs:OtherPrivatelyHeldInvestmentsMember2024-09-300001214816us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MinimumMemberaxs:OtherPrivatelyHeldInvestmentsMember2024-01-012024-09-300001214816us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MaximumMemberaxs:OtherPrivatelyHeldInvestmentsMember2024-01-012024-09-300001214816us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMemberaxs:OtherPrivatelyHeldInvestmentsMember2024-01-012024-09-300001214816us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMember2024-09-300001214816us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberaxs:OtherPrivatelyHeldInvestmentsMember2024-09-300001214816us-gaap:FixedMaturitiesMemberus-gaap:CorporateDebtSecuritiesMember2024-06-300001214816us-gaap:FixedMaturitiesMemberus-gaap:CorporateDebtSecuritiesMember2024-07-012024-09-300001214816us-gaap:FixedMaturitiesMemberus-gaap:CorporateDebtSecuritiesMember2024-09-300001214816us-gaap:FixedMaturitiesMember2024-06-300001214816us-gaap:FixedMaturitiesMember2024-07-012024-09-300001214816us-gaap:FixedMaturitiesMember2024-09-300001214816axs:AlternativeInvestmentsMemberus-gaap:CollateralizedLoanObligationsMember2024-06-300001214816axs:AlternativeInvestmentsMemberus-gaap:CollateralizedLoanObligationsMember2024-07-012024-09-300001214816axs:AlternativeInvestmentsMemberus-gaap:CollateralizedLoanObligationsMember2024-09-300001214816axs:AlternativeInvestmentsMemberaxs:OtherPrivatelyHeldInvestmentsMember2024-06-300001214816axs:AlternativeInvestmentsMemberaxs:OtherPrivatelyHeldInvestmentsMember2024-07-012024-09-300001214816axs:AlternativeInvestmentsMemberaxs:OtherPrivatelyHeldInvestmentsMember2024-09-300001214816axs:AlternativeInvestmentsMember2024-06-300001214816axs:AlternativeInvestmentsMember2024-07-012024-09-300001214816axs:AlternativeInvestmentsMember2024-09-300001214816us-gaap:FixedMaturitiesMemberus-gaap:CorporateDebtSecuritiesMember2023-12-310001214816us-gaap:FixedMaturitiesMemberus-gaap:CorporateDebtSecuritiesMember2024-01-012024-09-300001214816us-gaap:FixedMaturitiesMember2023-12-310001214816us-gaap:FixedMaturitiesMember2024-01-012024-09-300001214816axs:AlternativeInvestmentsMemberus-gaap:CollateralizedLoanObligationsMember2023-12-310001214816axs:AlternativeInvestmentsMemberus-gaap:CollateralizedLoanObligationsMember2024-01-012024-09-300001214816axs:AlternativeInvestmentsMemberaxs:OtherPrivatelyHeldInvestmentsMember2023-12-310001214816axs:AlternativeInvestmentsMemberaxs:OtherPrivatelyHeldInvestmentsMember2024-01-012024-09-300001214816axs:AlternativeInvestmentsMember2023-12-310001214816axs:AlternativeInvestmentsMember2024-01-012024-09-300001214816us-gaap:FixedMaturitiesMemberus-gaap:CorporateDebtSecuritiesMember2023-06-300001214816us-gaap:FixedMaturitiesMemberus-gaap:CorporateDebtSecuritiesMember2023-07-012023-09-300001214816us-gaap:FixedMaturitiesMemberus-gaap:CorporateDebtSecuritiesMember2023-09-300001214816us-gaap:FixedMaturitiesMember2023-06-300001214816us-gaap:FixedMaturitiesMember2023-07-012023-09-300001214816us-gaap:FixedMaturitiesMember2023-09-300001214816axs:AlternativeInvestmentsMemberus-gaap:CollateralizedLoanObligationsMember2023-06-300001214816axs:AlternativeInvestmentsMemberus-gaap:CollateralizedLoanObligationsMember2023-07-012023-09-300001214816axs:AlternativeInvestmentsMemberus-gaap:CollateralizedLoanObligationsMember2023-09-300001214816axs:AlternativeInvestmentsMemberaxs:OtherPrivatelyHeldInvestmentsMember2023-06-300001214816axs:AlternativeInvestmentsMemberaxs:OtherPrivatelyHeldInvestmentsMember2023-07-012023-09-300001214816axs:AlternativeInvestmentsMemberaxs:OtherPrivatelyHeldInvestmentsMember2023-09-300001214816axs:AlternativeInvestmentsMember2023-06-300001214816axs:AlternativeInvestmentsMember2023-07-012023-09-300001214816axs:AlternativeInvestmentsMember2023-09-300001214816us-gaap:FixedMaturitiesMemberus-gaap:CorporateDebtSecuritiesMember2022-12-310001214816us-gaap:FixedMaturitiesMemberus-gaap:CorporateDebtSecuritiesMember2023-01-012023-09-300001214816us-gaap:FixedMaturitiesMember2022-12-310001214816us-gaap:FixedMaturitiesMember2023-01-012023-09-300001214816axs:AlternativeInvestmentsMemberus-gaap:CollateralizedLoanObligationsMember2022-12-310001214816axs:AlternativeInvestmentsMemberus-gaap:CollateralizedLoanObligationsMember2023-01-012023-09-300001214816axs:AlternativeInvestmentsMemberaxs:OtherPrivatelyHeldInvestmentsMember2022-12-310001214816axs:AlternativeInvestmentsMemberaxs:OtherPrivatelyHeldInvestmentsMember2023-01-012023-09-300001214816axs:AlternativeInvestmentsMember2022-12-310001214816axs:AlternativeInvestmentsMember2023-01-012023-09-300001214816axs:InvestmentPortfolioMemberus-gaap:ForeignExchangeForwardMemberus-gaap:NondesignatedMember2024-09-300001214816axs:InvestmentPortfolioMemberus-gaap:ForeignExchangeForwardMemberus-gaap:NondesignatedMember2023-12-310001214816axs:UnderwritingPortfolioMemberus-gaap:ForeignExchangeForwardMemberus-gaap:NondesignatedMember2024-09-300001214816axs:UnderwritingPortfolioMemberus-gaap:ForeignExchangeForwardMemberus-gaap:NondesignatedMember2023-12-310001214816us-gaap:NondesignatedMember2024-09-300001214816us-gaap:NondesignatedMember2023-12-310001214816axs:InvestmentPortfolioMemberus-gaap:ForeignExchangeForwardMemberus-gaap:GainLossOnInvestmentsMember12024-07-012024-09-300001214816axs:InvestmentPortfolioMemberus-gaap:ForeignExchangeForwardMemberus-gaap:GainLossOnInvestmentsMember12023-07-012023-09-300001214816axs:InvestmentPortfolioMemberus-gaap:ForeignExchangeForwardMemberus-gaap:GainLossOnInvestmentsMember12024-01-012024-09-300001214816axs:InvestmentPortfolioMemberus-gaap:ForeignExchangeForwardMemberus-gaap:GainLossOnInvestmentsMember12023-01-012023-09-300001214816axs:UnderwritingPortfolioMemberus-gaap:ForeignExchangeForwardMemberus-gaap:ForeignCurrencyGainLossMember2024-07-012024-09-300001214816axs:UnderwritingPortfolioMemberus-gaap:ForeignExchangeForwardMemberus-gaap:ForeignCurrencyGainLossMember2023-07-012023-09-300001214816axs:UnderwritingPortfolioMemberus-gaap:ForeignExchangeForwardMemberus-gaap:ForeignCurrencyGainLossMember2024-01-012024-09-300001214816axs:UnderwritingPortfolioMemberus-gaap:ForeignExchangeForwardMemberus-gaap:ForeignCurrencyGainLossMember2023-01-012023-09-300001214816axs:MonarchPointReMemberus-gaap:RelatedPartyMember2023-09-300001214816us-gaap:CatastropheMember2024-01-012024-09-300001214816us-gaap:CatastropheMember2023-01-012023-09-300001214816axs:InsuranceMember2024-07-012024-09-300001214816axs:InsuranceMember2023-07-012023-09-300001214816axs:InsuranceMember2024-01-012024-09-300001214816axs:InsuranceMember2023-01-012023-09-300001214816axs:ReinsuranceMember2024-07-012024-09-300001214816axs:ReinsuranceMember2023-07-012023-09-300001214816axs:ReinsuranceMember2024-01-012024-09-300001214816axs:ReinsuranceMember2023-01-012023-09-300001214816axs:PropertyLineMemberaxs:InsuranceMember2024-07-012024-09-300001214816axs:PropertyLineMemberaxs:InsuranceMember2023-07-012023-09-300001214816axs:PropertyLineMemberaxs:InsuranceMember2024-01-012024-09-300001214816axs:PropertyLineMemberaxs:InsuranceMember2023-01-012023-09-300001214816axs:AccidentAndHealthMemberaxs:InsuranceMember2024-07-012024-09-300001214816axs:AccidentAndHealthMemberaxs:InsuranceMember2023-07-012023-09-300001214816axs:AccidentAndHealthMemberaxs:InsuranceMember2024-01-012024-09-300001214816axs:AccidentAndHealthMemberaxs:InsuranceMember2023-01-012023-09-300001214816axs:MarineAndAviationMemberaxs:InsuranceMember2024-07-012024-09-300001214816axs:MarineAndAviationMemberaxs:InsuranceMember2023-07-012023-09-300001214816axs:MarineAndAviationMemberaxs:InsuranceMember2024-01-012024-09-300001214816axs:MarineAndAviationMemberaxs:InsuranceMember2023-01-012023-09-300001214816axs:CyberLineMemberaxs:InsuranceMember2024-07-012024-09-300001214816axs:CyberLineMemberaxs:InsuranceMember2023-07-012023-09-300001214816axs:CyberLineMemberaxs:InsuranceMember2024-01-012024-09-300001214816axs:CyberLineMemberaxs:InsuranceMember2023-01-012023-09-300001214816us-gaap:ProfessionalLiabilityInsuranceMemberaxs:InsuranceMember2024-07-012024-09-300001214816us-gaap:ProfessionalLiabilityInsuranceMemberaxs:InsuranceMember2023-07-012023-09-300001214816us-gaap:ProfessionalLiabilityInsuranceMemberaxs:InsuranceMember2024-01-012024-09-300001214816us-gaap:ProfessionalLiabilityInsuranceMemberaxs:InsuranceMember2023-01-012023-09-300001214816axs:CreditAndPoliticalRiskMemberaxs:InsuranceMember2024-07-012024-09-300001214816axs:CreditAndPoliticalRiskMemberaxs:InsuranceMember2023-07-012023-09-300001214816axs:CreditAndPoliticalRiskMemberaxs:InsuranceMember2024-01-012024-09-300001214816axs:CreditAndPoliticalRiskMemberaxs:InsuranceMember2023-01-012023-09-300001214816axs:LiabilityLineMemberaxs:InsuranceMember2024-07-012024-09-300001214816axs:LiabilityLineMemberaxs:InsuranceMember2023-07-012023-09-300001214816axs:LiabilityLineMemberaxs:InsuranceMember2024-01-012024-09-300001214816axs:LiabilityLineMemberaxs:InsuranceMember2023-01-012023-09-300001214816axs:AccidentAndHealthMemberaxs:ReinsuranceMember2024-07-012024-09-300001214816axs:AccidentAndHealthMemberaxs:ReinsuranceMember2023-07-012023-09-300001214816axs:AccidentAndHealthMemberaxs:ReinsuranceMember2024-01-012024-09-300001214816axs:AccidentAndHealthMemberaxs:ReinsuranceMember2023-01-012023-09-300001214816axs:AgricultureLineMemberaxs:ReinsuranceMember2024-07-012024-09-300001214816axs:AgricultureLineMemberaxs:ReinsuranceMember2023-07-012023-09-300001214816axs:AgricultureLineMemberaxs:ReinsuranceMember2024-01-012024-09-300001214816axs:AgricultureLineMemberaxs:ReinsuranceMember2023-01-012023-09-300001214816axs:MarineAndAviationMemberaxs:ReinsuranceMember2024-07-012024-09-300001214816axs:MarineAndAviationMemberaxs:ReinsuranceMember2023-07-012023-09-300001214816axs:MarineAndAviationMemberaxs:ReinsuranceMember2024-01-012024-09-300001214816axs:MarineAndAviationMemberaxs:ReinsuranceMember2023-01-012023-09-300001214816us-gaap:ProfessionalLiabilityInsuranceMemberaxs:ReinsuranceMember2024-07-012024-09-300001214816us-gaap:ProfessionalLiabilityInsuranceMemberaxs:ReinsuranceMember2023-07-012023-09-300001214816us-gaap:ProfessionalLiabilityInsuranceMemberaxs:ReinsuranceMember2024-01-012024-09-300001214816us-gaap:ProfessionalLiabilityInsuranceMemberaxs:ReinsuranceMember2023-01-012023-09-300001214816axs:CreditandSuretyBusinessMemberaxs:ReinsuranceMember2024-07-012024-09-300001214816axs:CreditandSuretyBusinessMemberaxs:ReinsuranceMember2023-07-012023-09-300001214816axs:CreditandSuretyBusinessMemberaxs:ReinsuranceMember2024-01-012024-09-300001214816axs:CreditandSuretyBusinessMemberaxs:ReinsuranceMember2023-01-012023-09-300001214816axs:MotorMemberaxs:ReinsuranceMember2024-07-012024-09-300001214816axs:MotorMemberaxs:ReinsuranceMember2023-07-012023-09-300001214816axs:MotorMemberaxs:ReinsuranceMember2024-01-012024-09-300001214816axs:MotorMemberaxs:ReinsuranceMember2023-01-012023-09-300001214816axs:LiabilityLineMemberaxs:ReinsuranceMember2024-07-012024-09-300001214816axs:LiabilityLineMemberaxs:ReinsuranceMember2023-07-012023-09-300001214816axs:LiabilityLineMemberaxs:ReinsuranceMember2024-01-012024-09-300001214816axs:LiabilityLineMemberaxs:ReinsuranceMember2023-01-012023-09-300001214816axs:CatastropheReinsuranceMemberaxs:ReinsuranceMemberaxs:RunOffLinesMember2024-07-012024-09-300001214816axs:CatastropheReinsuranceMemberaxs:ReinsuranceMemberaxs:RunOffLinesMember2023-07-012023-09-300001214816axs:CatastropheReinsuranceMemberaxs:ReinsuranceMemberaxs:RunOffLinesMember2024-01-012024-09-300001214816axs:CatastropheReinsuranceMemberaxs:ReinsuranceMemberaxs:RunOffLinesMember2023-01-012023-09-300001214816axs:PropertyLineMemberaxs:ReinsuranceMemberaxs:RunOffLinesMember2024-07-012024-09-300001214816axs:PropertyLineMemberaxs:ReinsuranceMemberaxs:RunOffLinesMember2023-07-012023-09-300001214816axs:PropertyLineMemberaxs:ReinsuranceMemberaxs:RunOffLinesMember2024-01-012024-09-300001214816axs:PropertyLineMemberaxs:ReinsuranceMemberaxs:RunOffLinesMember2023-01-012023-09-300001214816axs:EngineeringProductLineMemberaxs:ReinsuranceMemberaxs:RunOffLinesMember2024-07-012024-09-300001214816axs:EngineeringProductLineMemberaxs:ReinsuranceMemberaxs:RunOffLinesMember2023-07-012023-09-300001214816axs:EngineeringProductLineMemberaxs:ReinsuranceMemberaxs:RunOffLinesMember2024-01-012024-09-300001214816axs:EngineeringProductLineMemberaxs:ReinsuranceMemberaxs:RunOffLinesMember2023-01-012023-09-300001214816axs:ReinsuranceMemberaxs:RunOffLinesMember2024-07-012024-09-300001214816axs:ReinsuranceMemberaxs:RunOffLinesMember2023-07-012023-09-300001214816axs:ReinsuranceMemberaxs:RunOffLinesMember2024-01-012024-09-300001214816axs:ReinsuranceMemberaxs:RunOffLinesMember2023-01-012023-09-300001214816us-gaap:PerformanceSharesMemberus-gaap:ShareBasedCompensationAwardTrancheOneMember2024-01-012024-09-300001214816us-gaap:PerformanceSharesMemberus-gaap:ShareBasedCompensationAwardTrancheOneMembersrt:MinimumMember2024-01-012024-09-300001214816us-gaap:PerformanceSharesMemberus-gaap:ShareBasedCompensationAwardTrancheTwoMembersrt:MinimumMember2024-01-012024-09-300001214816us-gaap:PerformanceSharesMemberus-gaap:ShareBasedCompensationAwardTrancheOneMembersrt:MaximumMember2024-01-012024-09-300001214816us-gaap:PerformanceSharesMemberus-gaap:ShareBasedCompensationAwardTrancheTwoMembersrt:MaximumMember2024-01-012024-09-300001214816us-gaap:PerformanceSharesMemberus-gaap:ShareBasedCompensationAwardTrancheTwoMember2024-01-012024-09-300001214816us-gaap:PerformanceSharesMember2024-01-012024-09-300001214816us-gaap:PerformanceSharesMember2023-01-012023-09-300001214816us-gaap:PerformanceSharesMemberaxs:ShareBasedPaymentArrangementSeniorLeadershipMember2023-01-012023-03-310001214816us-gaap:PerformanceSharesMemberaxs:ShareBasedPaymentArrangementSeniorLeadershipMember2023-04-012023-06-300001214816axs:ShareBasedPaymentArrangementSeniorLeadershipMember2023-03-310001214816axs:ShareBasedPaymentArrangementSeniorLeadershipMember2023-06-300001214816us-gaap:PerformanceSharesMember2023-12-310001214816us-gaap:RestrictedStockUnitsRSUMember2023-12-310001214816us-gaap:RestrictedStockUnitsRSUMember2024-01-012024-09-300001214816us-gaap:PerformanceSharesMember2024-09-300001214816us-gaap:RestrictedStockUnitsRSUMember2024-09-300001214816us-gaap:CommonStockMember2024-06-300001214816us-gaap:CommonStockMember2023-06-300001214816us-gaap:CommonStockMember2023-12-310001214816us-gaap:CommonStockMember2022-12-310001214816us-gaap:CommonStockMember2024-07-012024-09-300001214816us-gaap:CommonStockMember2023-07-012023-09-300001214816us-gaap:CommonStockMember2023-01-012023-09-300001214816us-gaap:CommonStockMember2024-09-300001214816us-gaap:CommonStockMember2023-09-300001214816us-gaap:CommonStockMember2024-05-160001214816axs:OpenMarketMemberus-gaap:CommonStockMember2024-07-012024-09-300001214816axs:OpenMarketMemberus-gaap:CommonStockMember2023-07-012023-09-300001214816axs:OpenMarketMemberus-gaap:CommonStockMember2024-01-012024-09-300001214816axs:OpenMarketMemberus-gaap:CommonStockMember2023-01-012023-09-300001214816axs:EmployeesMemberus-gaap:CommonStockMember2024-07-012024-09-300001214816axs:EmployeesMemberus-gaap:CommonStockMember2023-07-012023-09-300001214816axs:EmployeesMemberus-gaap:CommonStockMember2024-01-012024-09-300001214816axs:EmployeesMemberus-gaap:CommonStockMember2023-01-012023-09-300001214816us-gaap:SeriesEPreferredStockMember2024-07-012024-09-300001214816us-gaap:SeriesEPreferredStockMember2024-09-300001214816us-gaap:SeriesEPreferredStockMember2023-07-012023-09-300001214816us-gaap:SeriesEPreferredStockMember2023-09-300001214816us-gaap:SeriesEPreferredStockMember2024-01-012024-09-300001214816us-gaap:SeriesEPreferredStockMember2023-01-012023-09-300001214816us-gaap:RelatedPartyMemberaxs:ThirdPartyReinsurerMemberaxs:LoanAgreementWithThirdPartyReinsurerMember2023-01-012023-12-310001214816us-gaap:RelatedPartyMemberaxs:ThirdPartyReinsurerMemberaxs:LoanAgreementWithThirdPartyReinsurerMember2024-09-300001214816us-gaap:RelatedPartyMemberaxs:ThirdPartyReinsurerMemberaxs:LoanAgreementWithThirdPartyReinsurerMember2023-12-310001214816axs:LetterOfCreditFacilityMemberus-gaap:LetterOfCreditMember2024-03-250001214816axs:LetterOfCreditFacilityMemberus-gaap:LetterOfCreditMember2024-03-260001214816srt:FederalHomeLoanBankOfChicagoMember2024-09-300001214816srt:FederalHomeLoanBankOfChicagoMember2023-12-310001214816srt:FederalHomeLoanBankOfChicagoMember2024-01-012024-09-300001214816srt:FederalHomeLoanBankOfChicagoMembersrt:MinimumMember2024-09-300001214816srt:FederalHomeLoanBankOfChicagoMembersrt:MaximumMember2024-09-300001214816srt:FederalHomeLoanBankOfChicagoMembersrt:MinimumMember2023-12-310001214816srt:FederalHomeLoanBankOfChicagoMembersrt:MaximumMember2023-12-310001214816srt:FederalHomeLoanBankOfChicagoMember2024-07-012024-09-300001214816srt:FederalHomeLoanBankOfChicagoMember2023-07-012023-09-300001214816srt:FederalHomeLoanBankOfChicagoMember2023-01-012023-09-300001214816us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2024-07-012024-09-300001214816us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2023-07-012023-09-300001214816us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2024-01-012024-09-300001214816us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2023-01-012023-09-300001214816us-gaap:RelatedPartyMemberaxs:MonarchPointReMemberaxs:LoanAgreementWithMonarchPointReMember2023-01-012023-12-310001214816us-gaap:RelatedPartyMemberaxs:MonarchPointReMemberaxs:LoanAgreementWithMonarchPointReMember2024-09-300001214816us-gaap:RelatedPartyMemberaxs:MonarchPointReMemberaxs:LoanAgreementWithMonarchPointReMember2023-12-310001214816us-gaap:RelatedPartyMemberaxs:MonarchPointReMembersrt:MinimumMemberaxs:LoanAgreementWithMonarchPointReMember2023-01-012023-12-310001214816us-gaap:RelatedPartyMemberaxs:MonarchPointReMembersrt:MaximumMemberaxs:LoanAgreementWithMonarchPointReMember2023-01-012023-12-310001214816country:BMus-gaap:DomesticCountryMember2024-07-012024-09-300001214816country:BMus-gaap:DomesticCountryMember2024-01-012024-09-300001214816country:USus-gaap:ForeignCountryMember2024-07-012024-09-300001214816country:USus-gaap:ForeignCountryMember2023-07-012023-09-300001214816srt:EuropeMemberus-gaap:ForeignCountryMember2024-07-012024-09-300001214816srt:EuropeMemberus-gaap:ForeignCountryMember2023-07-012023-09-300001214816country:BMus-gaap:DomesticCountryMember2023-07-012023-09-300001214816country:USus-gaap:ForeignCountryMember2024-01-012024-09-300001214816country:USus-gaap:ForeignCountryMember2023-01-012023-09-300001214816srt:EuropeMemberus-gaap:ForeignCountryMember2024-01-012024-09-300001214816srt:EuropeMemberus-gaap:ForeignCountryMember2023-01-012023-09-300001214816country:BMus-gaap:DomesticCountryMember2023-01-012023-09-300001214816us-gaap:LossFromCatastrophesMemberus-gaap:SubsequentEventMembersrt:MinimumMember2024-10-300001214816us-gaap:LossFromCatastrophesMemberus-gaap:SubsequentEventMembersrt:MaximumMember2024-10-30

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, 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)
(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 25, 2024, there were 83,655,404 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 conflict in the Middle East, 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 September 30, 2024 (Unaudited) and December 31, 2023
Consolidated Statements of Operations for the three and nine months ended September 30, 2024 and 2023 (Unaudited)
Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2024 and 2023 (Unaudited)
Consolidated Statements of Changes in Shareholders' Equity for the three and nine months ended September 30, 2024 and 2023 (Unaudited)
Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 and 2023 (Unaudited)
Notes to Consolidated Financial Statements (Unaudited)
Note 1 - Organization
Note 2 - Basis of Presentation and Significant Accounting Policies
Note 3 - Segment Information
Note 4 - Investments
Note 5 - Fair Value Measurements
Note 6 - Derivative Instruments
Note 7 - Reserve for Losses and Loss Expenses
Note 8 - Earnings Per Common Share
Note 9 - Share-Based Compensation
Note 10 - Shareholders' Equity
Note 11 - Debt and Financing Arrangements
Note 12 - Federal Home Loan Bank Advances
Note 13 - Commitments and Contingencies
Note 14 - Other Comprehensive Income (Loss)
Note 15 - Related Party Transactions
Note 16 - Reorganization Expenses
Note 17 - Income Taxes
Note 18 - Subsequent Events




















5
AXIS CAPITAL HOLDINGS LIMITED
CONSOLIDATED BALANCE SHEETS
SEPTEMBER 30, 2024 (UNAUDITED) AND DECEMBER 31, 2023
20242023
 (in thousands)
Assets
Investments:
Fixed maturities, available for sale, at fair value
    (Amortized cost 2024: $13,806,792; 2023: $12,634,254
    Allowance for expected credit losses 2024: $4,422; 2023: $10,759)
$13,768,193 $12,234,742 
Fixed maturities, held to maturity, at amortized cost
    (Fair value 2024: $499,538; 2023: $675,851
    Allowance for expected credit losses 2024: $nil; 2023: $nil)
503,776 686,296 
Equity securities, at fair value
    (Cost 2024: $518,090; 2023: $543,833)
604,834 588,511 
 Mortgage loans, held for investment, at fair value
     (Allowance for expected credit losses 2024: $22,024; 2023: $6,220)
524,929 610,148 
Other investments, at fair value939,734 949,413 
Equity method investments197,712 174,634 
Short-term investments, at fair value127,867 17,216 
Total investments16,667,045 15,260,960 
Cash and cash equivalents981,003 953,476 
Restricted cash and cash equivalents490,323 430,509 
Accrued interest receivable125,770 106,055 
Insurance and reinsurance premium balances receivable
     (Allowance for expected credit losses 2024: $19,381; 2023: $11,997)
3,408,271 3,067,554 
Reinsurance recoverable on unpaid losses and loss expenses
     (Allowance for expected credit losses 2024: $43,312; 2023: $36,611)
6,810,929 6,323,083 
Reinsurance recoverable on paid losses and loss expenses476,045 575,847 
Deferred acquisition costs574,012 450,950 
Prepaid reinsurance premiums2,020,952 1,916,087 
Receivable for investments sold871 8,767 
Goodwill100,801 100,801 
Intangible assets178,696 186,883 
Operating lease right-of-use assets97,912 108,093 
Loan advances made
283,624 305,222 
Other assets506,394 456,385 
Total assets$32,722,648 $30,250,672 
Liabilities
Reserve for losses and loss expenses$17,295,329 $16,434,018 
Unearned premiums5,452,873 4,747,602 
Insurance and reinsurance balances payable1,828,297 1,792,719 
Debt1,314,806 1,313,714 
Federal Home Loan Bank advances75,580 85,790 
Payable for investments purchased127,609 26,093 
Operating lease liabilities115,176 123,101 
Other liabilities429,751 464,439 
Total liabilities26,639,421 24,987,476 
Shareholders’ equity
Preferred shares 550,000 550,000 
Common shares (shares issued 2024: 176,580; 2023: 176,580
    shares outstanding 2024: 83,649; 2023: 85,286)
2,206 2,206 
Additional paid-in capital2,385,905 2,383,030 
Accumulated other comprehensive income (loss)(76,738)(365,836)
Retained earnings7,092,817 6,440,528 
Treasury shares, at cost (2024: 92,931; 2023: 91,294)
(3,870,963)(3,746,732)
Total shareholders’ equity 6,083,227 5,263,196 
Total liabilities and shareholders’ equity$32,722,648 $30,250,672 
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, 2024 AND 2023

 Three months endedNine months ended
2024202320242023
 (in thousands, except per share amounts)
Revenues
Net premiums earned$1,366,701 $1,322,564 $3,929,221 $3,818,508 
Net investment income205,100 154,201 563,458 424,802 
Other insurance related income6,838 10,344 23,704 16,444 
Net investment gains (losses):
(Increase) decrease in allowance for expected credit losses
(1,134)1,077 (9,433)(1,380)
Impairment losses(14)(41)(178)(9,124)
Other realized and unrealized investment gains (losses)33,330 (54,150)(20,892)(87,167)
Total net investment gains (losses)32,182 (53,114)(30,503)(97,671)
Total revenues1,610,821 1,433,995 4,485,880 4,162,083 
Expenses
Net losses and loss expenses831,872 783,940 2,326,532 2,240,840 
Acquisition costs274,935 263,389 794,280 747,027 
General and administrative expenses165,203 179,283 477,016 514,596 
Foreign exchange losses (gains)92,204 (50,570)61,268 (11,755)
Interest expense and financing costs16,849 16,445 51,005 50,077 
Reorganization expenses— 28,997 26,312 28,997 
    Amortization of intangible assets2,729 2,729 8,188 8,188 
Total expenses1,383,792 1,224,213 3,744,601 3,577,970 
Income before income taxes and interest in income of equity method investments
227,029 209,782 741,279 584,113 
Income tax (expense) benefit(47,922)(24,624)36,185 (68,078)
Interest in income of equity method investments1,621 2,940 10,689 2,835 
Net income180,728 188,098 788,153 518,870 
Preferred share dividends7,563 7,563 22,688 22,688 
Net income available to common shareholders$173,165 $180,535 $765,465 $496,182 
Per share data
Earnings per common share:
Earnings per common share$2.06 $2.12 $9.07 $5.83 
Earnings per diluted common share$2.04 $2.10 $8.97 $5.77 
Weighted average common shares outstanding83,936 85,223 84,428 85,099 
Weighted average diluted common shares outstanding85,000 86,108 85,338 85,927 


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, 2024 AND 2023

 
 Three months endedNine months ended
 2024202320242023
 (in thousands)
Net income$180,728 $188,098 $788,153 $518,870 
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 recognized310,512 (156,051)214,955 (109,595)
Unrealized gains (losses) arising during the period for which an allowance for expected credit losses has been recognized727 (4,947)120 (1,630)
Adjustment for reclassification of net realized (gains) losses and impairment losses recognized in net income
4,421 23,018 82,207 100,388 
Unrealized gains (losses) arising during the period, net of reclassification adjustment315,660 (137,980)297,282 (10,837)
Foreign currency translation adjustment2,570 (6,950)(8,184)(4,302)
Total other comprehensive income (loss), net of tax318,230 (144,930)289,098 (15,139)
Comprehensive income
$498,958 $43,168 $1,077,251 $503,731 


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, 2024 AND 2023

Three months endedNine months ended
2024202320242023
 (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 period2,376,244 2,361,185 2,383,030 2,366,253 
Treasury shares reissued(538)(779)(28,354)(33,575)
Share-based compensation expense10,199 15,272 31,229 43,000 
Balance at end of period2,385,905 2,375,678 2,385,905 2,375,678 
Accumulated other comprehensive income (loss)
Balance at beginning of period(394,968)(630,509)(365,836)(760,300)
Unrealized gains (losses) on available for sale investments, net of tax:
Balance at beginning of period(366,037)(616,552)(347,659)(743,695)
Unrealized gains (losses) arising during the period, net of reclassification adjustment315,660 (137,980)297,282 (10,837)
Balance at end of period(50,377)(754,532)(50,377)(754,532)
Cumulative foreign currency translation adjustments, net of tax:
Balance at beginning of period(28,931)(13,957)(18,177)(16,605)
Foreign currency translation adjustment2,570 (6,950)(8,184)(4,302)
Balance at end of period(26,361)(20,907)(26,361)(20,907)
Balance at end of period(76,738)(775,439)(76,738)(775,439)
Retained earnings
Balance at beginning of period6,957,185 6,485,901 6,440,528 6,247,022 
Net income
180,728 188,098 788,153 518,870 
Preferred share dividends (1)
(7,563)(7,563)(22,688)(22,688)
Common share dividends (1)
(37,533)(38,257)(113,176)(115,025)
Balance at end of period7,092,817 6,628,179 7,092,817 6,628,179 
Treasury shares, at cost
Balance at beginning of period(3,831,196)(3,747,822)(3,746,732)(3,765,271)
Shares repurchased(40,305)(373)(154,829)(17,424)
Shares reissued538 779 30,598 35,279 
Balance at end of period(3,870,963)(3,747,416)(3,870,963)(3,747,416)
Total shareholders’ equity $6,083,227 $5,033,208 $6,083,227 $5,033,208 

(1) Refer to Note 10 '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, 2024 AND 2023
Nine months ended
20242023
 (in thousands)
Cash flows from operating activities:
Net income$788,153 $518,870 
Adjustments to reconcile net income to net cash provided by operating activities:
Net investment (gains) losses30,503 97,671 
Net realized and unrealized (gains) losses on other investments(38,435)4,923 
Amortization of fixed maturities(26,886)(11,655)
Interest in income of equity method investments
(10,689)(2,835)
Other amortization and depreciation42,171 62,378 
Share-based compensation expense, net of cash payments33,474 39,911 
Changes in:
Accrued interest receivable(20,109)(5,948)
Reinsurance recoverable on unpaid losses and loss expenses(499,090)(205,369)
Reinsurance recoverable on paid losses and loss expenses79,146 (69,333)
Deferred acquisition costs(125,034)(32,663)
Prepaid reinsurance premiums(108,082)(422,078)
Reserve for losses and loss expenses885,904 400,725 
Unearned premiums714,994 639,441 
Insurance and reinsurance balances, net(78,166)(11,784)
Other items(178,588)3,859 
Net cash provided by operating activities1,489,266 1,006,113 
Cash flows from investing activities:
Purchases of:
Fixed maturities, available for sale(7,264,647)(5,166,446)
Fixed maturities, held to maturity(100,755)(25,000)
Equity securities(111,865)(87,388)
Mortgage loans(3,078)(22,318)
Other investments(52,660)(67,828)
Equity method investments(12,389)(11,289)
Short-term investments(196,418)(221,618)
Proceeds from the sale of:
Fixed maturities, available for sale4,942,272 4,038,436 
Equity securities154,644 29,171 
Other investments100,818 104,275 
Short-term investments34,169 132,421 
Proceeds from redemption of fixed maturities, available for sale1,184,455 680,637 
Proceeds from redemption of fixed maturities, held to maturity283,391 11,360 
Proceeds from redemption of short-term investments53,311 46,072 
Proceeds from the repayment of mortgage loans68,634 35,620 
Proceeds from the (purchase) sale of other asset, net
(13,946)(16,219)
Loan advances made
(176,466)(206,689)
Net cash used in investing activities(1,110,530)(746,803)
Cash flows from financing activities:
Repurchase of common shares - open market(139,886)— 
Taxes paid on withholding shares(14,943)(17,424)
Dividends paid - common shares(114,630)(115,569)
Dividends paid - preferred shares(22,688)(22,688)
Federal Home Loan Bank advances, net(10,210)5,250 
Net cash used in financing activities(302,357)(150,431)
Effect of exchange rate changes on foreign currency cash, cash equivalents and restricted cash10,962 (16,217)
Increase in cash, cash equivalents and restricted cash87,341 92,662 
Cash, cash equivalents and restricted cash - beginning of period1,383,985 1,174,653 
Cash, cash equivalents and restricted cash - end of period$1,471,326 $1,267,315 

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, 2024 AND 2023

Nine months ended
20242023
(in thousands)
Supplemental disclosures of cash flow information:
Income taxes paid
$47,402 $54,756 
Interest paid$49,886 $49,207 

Supplemental disclosures of cash flow information:
In 2024, $169 million related to loan advances to Monarch Point Re (ISA 2023 and ISA 2024) Ltd. ("Monarch Point Re") was repaid and was treated as a non-cash activity in the consolidated statement of cash flows. In addition, $162 million related to reinsurance balances payables due to Monarch Point Re under retrocession agreements and $20 million related to ceded losses and loss expenses due from Monarch Point Re under retrocession agreements were settled and each amount was treated as a non-cash activity in the consolidated statement of cash flows. Further, $12 million related to interest on loans 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 15 'Related Party Transactions').
In 2024, $68 million related to loan advances to a third party reinsurer was repaid and $68 million related to reinsurance balances payables due to the third party reinsurer under retrocession agreements was settled and each amount was treated as a non-cash activity in the consolidated statement of cash flows (refer to Note 11 'Debt').
In 2023, $29 million related to a loan advanced to Monarch Point Re (ISA 2023) Ltd. ("Monarch Point Re") was repaid and $29 million related to reinsurance balances payables due to Monarch Point Re under a retrocession agreement was settled and each amount was treated as a non-cash activity in the consolidated statement of cash flows. Further, $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.
In 2023, $81 million related to loan advances to a third party reinsurer was repaid and was treated as a non-cash activity in the consolidated statement of cash flows. In addition, $79 million related to reinsurance balances payables due to the third party reinsurer under retrocession agreements and $15 million related to ceded losses and loss expenses due from the third party reinsurer under retrocession agreements were settled and each amount was treated as a non-cash activity in the consolidated statement of cash flows. Further, $2 million related to interest on the loan advanced to the third party reinsurer was received in advance and was 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.    ORGANIZATION


On April 1, 2024, AXIS Energy Transition Syndicate 2050 ("AXIS Syndicate 2050") commenced underwriting. AXIS Corporate Capital UK II Limited is the sole corporate member of AXIS Syndicate 2050. AXIS Managing Agency operates as managing agent for AXIS Syndicate 2050.


2.    BASIS OF PRESENTATION AND 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 September 30, 2024, the Company presented loan advances made in 2023 separately in the consolidated statements of cash flows. These loan advances made were included in other assets, insurance and reinsurance balances payable, net, and reinsurance recoverable on paid losses and loss expenses in the consolidated statements of cash flows in 2023. 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)

3.    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)

3.    SEGMENT INFORMATION (CONTINUED)
  20242023
Three months ended and at September 30,InsuranceReinsuranceTotalInsuranceReinsuranceTotal
Gross premiums written$1,526,676$409,226$1,935,902$1,457,624$448,254$1,905,878
Net premiums written975,911260,0741,235,985885,25290,105975,357
Net premiums earned1,023,851342,8501,366,701885,714436,8501,322,564
Other insurance related income (loss)936,7456,838(22)10,36610,344
Net losses and loss expenses(602,654)(229,218)(831,872)(491,368)(292,572)(783,940)
Acquisition costs(203,255)(71,680)(274,935)(169,384)(94,005)(263,389)
Underwriting-related general and administrative expenses(119,249)(12,333)(131,582)(120,330)(18,271)(138,601)
Underwriting income$98,786$36,364135,150$104,610$42,368146,978
Net investment income205,100154,201
Net investment gains (losses)32,182(53,114)
Corporate expenses(33,621)(40,682)
Foreign exchange (losses) gains(92,204)50,570
Interest expense and financing costs(16,849)(16,445)
Reorganization expenses—(28,997)
Amortization of intangible assets(2,729)(2,729)
Income before income taxes and interest in income of equity method investments
227,029209,782
Income tax (expense) benefit(47,922)(24,624)
Interest in income of equity method investments1,6212,940
Net income180,728188,098
Preferred share dividends7,5637,563
Net income available to common shareholders$173,165$180,535
Net losses and loss expenses ratio58.9 %66.9 %60.9 %55.5 %67.0 %59.3 %
Acquisition cost ratio19.9 %20.9 %20.1 %19.1 %21.5 %19.9 %
General and administrative expense ratio11.6 %3.6 %12.1 %13.6 %4.2 %13.5 %
Combined ratio90.4 %91.4 %93.1 %88.2 %92.7 %92.7 %
Goodwill and intangible assets$279,497$—$279,497$290,413$—$290,413















14

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

3.    SEGMENT INFORMATION (CONTINUED)
20242023
Nine months ended and at September 30,InsuranceReinsuranceTotalInsuranceReinsuranceTotal
Gross premiums written$4,915,247$2,115,317$7,030,564$4,557,386$2,014,846$6,572,232
Net premiums written3,192,4621,339,3404,531,8022,788,8491,241,2214,030,070
Net premiums earned2,900,0111,029,2103,929,2212,544,9201,273,5883,818,508
Other insurance related income
5323,65123,7049016,35416,444
Net losses and loss expenses(1,642,110)(684,422)(2,326,532)(1,398,486)(842,354)(2,240,840)
Acquisition costs(567,310)(226,970)(794,280)(473,413)(273,614)(747,027)
Underwriting-related general and administrative expenses(353,230)(36,913)(390,143)(350,494)(61,757)(412,251)
Underwriting income$337,414$104,556441,970$322,617$112,217434,834
Net investment income563,458424,802
Net investment gains (losses)(30,503)(97,671)
Corporate expenses(86,873)(102,345)
Foreign exchange (losses) gains
(61,268)11,755
Interest expense and financing costs(51,005)(50,077)
Reorganization expenses(26,312)(28,997)
Amortization of intangible assets(8,188)(8,188)
Income before income taxes and interest in income of equity method investments
741,279584,113
Income tax (expense) benefit36,185(68,078)
Interest in income of equity method investments
10,6892,835
Net income788,153518,870
Preferred share dividends22,68822,688
Net income available to common shareholders$765,465$496,182
Net losses and loss expenses ratio56.6 %66.5 %59.2 %55.0 %66.1 %58.7 %
Acquisition cost ratio19.6 %22.1 %20.2 %18.6 %21.5 %19.6 %
General and administrative expense ratio12.2 %3.5 %12.2 %13.7 %4.9 %13.4 %
Combined ratio88.4 %92.1 %91.6 %87.3 %92.5 %91.7 %
Goodwill and intangible assets$279,497$—$279,497$290,413$—$290,413

15

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

4.    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, 2024
Available for sale
U.S. government and agency$2,793,879 $— $37,888 $(20,967)$2,810,800 
Non-U.S. government798,756 (17)25,806 (7,914)816,631 
Corporate debt5,740,096 (4,164)111,523 (124,069)5,723,386 
Agency RMBS(1)
1,764,991 — 29,026 (46,954)1,747,063 
CMBS(2)
839,795 — 3,553 (32,591)810,757 
Non-agency RMBS132,009 (190)1,128 (8,502)124,445 
ABS(3)
1,582,069 (51)11,689 (8,605)1,585,102 
Municipals(4)
155,197 — 1,138 (6,326)150,009 
Total fixed maturities, available for sale$13,806,792 $(4,422)$221,751