AXIS CAPITAL HOLDINGS LTD

For the period ended Dec 31, 2023. Filed Feb 27, 2024.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2023 · Filed Feb 27, 2024

AXS$106.50+0.5%Stored close · as of Nov 9, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

See the whole filing, with its images and exhibits

Contents

Item 16. Form 10-K Summary

None.

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized on February 27, 2024.

AXIS CAPITAL HOLDINGS LIMITED
By:	/s/ VINCENT TIZZIO
	Vincent Tizzio
	President and Chief Executive Officer

POWER OF ATTORNEY

We, the undersigned directors and executive officers of AXIS Capital Holdings Limited, hereby appoint Peter Vogt and Conrad D. Brooks, and each of them singly, as our true and lawful attorneys with full power to them and each of them to sign for us, and in our names in the capacities indicated below, any and all amendments to the Annual Report on Form 10-K filed with the Securities and Exchange Commission, hereby ratifying and confirming our signatures as they may be signed by our said attorneys to any and all amendments to said Annual Report on Form 10-K.

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities indicated on February 27, 2024.

Vincent Tizzio
Signature	Title
/s/ VINCENT TIZZIO	Chief Executive Officer, President and Director(Principal Executive Officer)
/s/ PETER VOGT	Chief Financial Officer(Principal Financial Officer)
Peter Vogt
/s/ KENT ZIEGLER	Global Corporate Controller(Principal Accounting Officer)
Kent Ziegler
/s/ W. MARSTON BECKER	Director
W. Marston Becker
/s/ CHARLES DAVIS	Director
Charles Davis
/s/ ANNE MELISSA DOWLING	Director
Anne Melissa Dowling

Stanley Galanski
Signature	Title
/s/ STANLEY GALANSKI	Director
/s/ ELANOR HARDWICK	Director
Elanor Hardwick
/s/ MICHAEL MILLEGAN	Director
Michael Millegan
/s/ THOMAS RAMEY	Director
Thomas Ramey
/s/ HENRY SMITH	Director
Henry Smith
/s/ AXEL THEIS	Director
Axel Theis
/s/ BARBARA YASTINE	Director
Barbara Yastine
/s/ LIZABETH ZLATKUS	Director
Lizabeth Zlatkus

SCHEDULE I

SUMMARY OF INVESTMENTS - OTHER THAN INVESTMENTS IN RELATED PARTIES

Amortized cost · Fair value · Amount shown on the balance sheet
(in thousands)
Type of investment:
Fixed maturities, available for sale, at fair value
U.S. government and agency	$3,049,445		$3,007,528		$3,007,528
Non-U.S. government	729,761		723,959		723,959
Corporate debt	4,651,654		4,474,172		4,474,172
Agency RMBS	1,706,204		1,634,661		1,634,661
CMBS	897,553		839,696		839,696
Non-agency RMBS	165,910		153,396		153,396
ABS	1,265,187		1,242,971		1,242,971
Municipals	168,540		158,359		158,359
Total fixed maturities, available for sale	$12,634,254		12,234,742		12,234,742
Fixed maturities, held to maturity, at amortized cost
Corporate debt	$95,200		86,671		95,200
ABS	591,096		589,180		591,096
Total fixed maturities, held to maturity	$686,296		675,851		686,296
Mortgage loans, held for investment, at fair value		610,148		610,148
Short-term investments, at fair value		17,216		17,216
Equity securities, at fair value		588,511		588,511
Other investments, at fair value (1)		699,607		949,413
Equity method investments (2)		—		174,634
Total investments		$14,826,075		$15,260,960

(1)Other investments exclude investments where the Company is considered to have the ability to exercise significant influence over the operating and financial policies of the investees.

(2)Equity method investments are excluded as the Company has the ability to exercise significant influence over the operating and financial policies of the investees.

CONDENSED BALANCE SHEETS – PARENT COMPANY

DECEMBER 31, 2023 AND 2022

	2023	2022
(in thousands)
Assets
Investments in subsidiaries	$5,415,302	$4,943,126
Cash and cash equivalents	412	1,932
Other assets	4,751	4,432
Total assets	$5,420,465	$4,949,490
Liabilities
Intercompany payable	$89,430	$225,490
Dividends payable	51,749	52,992
Other liabilities	16,090	31,098
Total liabilities	157,269	309,580
Shareholders’ equity
Preferred shares	550,000	550,000
Common shares (shares issued 2023: 176,580; 2022: 176,580 shares outstanding 2023: 85,286; 2022: 84,668)	2,206	2,206
Additional paid-in capital	2,383,030	2,366,253
Accumulated other comprehensive income (loss)	(365,836)	(760,300)
Retained earnings	6,440,528	6,247,022
Treasury shares, at cost (2023: 91,294; 2022: 91,912)	(3,746,732)	(3,765,271)
Total shareholders’ equity	5,263,196	4,639,910
Total liabilities and shareholders’ equity	$5,420,465	$4,949,490

(1)AXIS Capital has fully and unconditionally guaranteed all obligations of AXIS Specialty Finance PLC, a 100% owned finance subsidiary, related to the issuance of $250 million aggregate principal amount of 5.15% senior unsecured notes. AXIS Capital's obligations under this guarantee are unsecured senior obligations and rank equally with all other senior obligations of AXIS Capital.

(2)AXIS Capital has fully and unconditionally guaranteed all obligations of AXIS Specialty Finance PLC, a 100% owned finance subsidiary, related to the issuance of $350 million aggregate principal amount of 4.0% senior unsecured notes. AXIS Capital's obligations under this guarantee are unsecured senior obligations and rank equally with all other senior obligations of AXIS Capital.

(3)AXIS Capital has fully and unconditionally guaranteed all obligations of AXIS Specialty Finance LLC, a 100% owned finance subsidiary, related to the issuance of $300 million aggregate principal amount of 3.9% senior unsecured notes. AXIS Capital's obligations under this guarantee are unsecured senior obligations and rank equally with all other senior obligations of AXIS Capital.

(4)AXIS Capital has fully and unconditionally guaranteed all obligations of AXIS Specialty Finance LLC, a 100% owned finance subsidiary, related to the issuance of $425 million aggregate principal amount of 4.9% fixed-rate reset junior unsecured notes. AXIS Capital's obligation under this guarantee is an unsecured junior subordinated obligation and ranks equally with all future unsecured and junior subordinated obligations of AXIS Capital, and junior in right of payment to all outstanding and future senior obligations of AXIS Capital.

CONDENSED STATEMENTS OF OPERATIONS – PARENT COMPANY

	2023	2022	2021
(in thousands)
Revenues
Net investment income	$—	$—	$—
Total revenues	—	—	—
Expenses
General and administrative expenses	52,334	60,252	62,843
Total expenses	52,334	60,252	62,843
Income (loss) before equity in net income of subsidiaries	(52,334)	(60,252)	(62,843)
Equity in net income of subsidiaries	428,626	283,335	681,452
Net income	376,292	223,083	618,609
Preferred share dividends	30,250	30,250	30,250
Net income available to common shareholders	$346,042	$192,833	$588,359
Comprehensive income (loss)	$770,756	$(593,753)	$260,750

CONDENSED STATEMENTS OF CASH FLOWS – PARENT COMPANY

	2023	2022	2021
(in thousands)
Cash flows from operating activities:
Net income	$376,292	$223,083	$618,609
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in income loss of subsidiaries	(428,626)	(283,335)	(681,452)
Change in intercompany payable	(136,059)	32,871	(96,868)
Dividends received from subsidiaries	375,000	225,000	300,000
Other items	(34,626)	(17,140)	7,882
Share-based compensation expense, net of cash payments	54,119	48,494	37,744
Net cash provided by operating activities	206,100	228,973	185,915
Cash flows from financing activities:
Taxes paid on withholding shares	(23,595)	(13,994)	(10,242)
Dividends paid - common shares	(153,775)	(149,341)	(145,603)
Repurchase of common shares - open market	—	(34,987)	—
Dividends paid - preferred shares	(30,250)	(30,250)	(30,250)
Net cash used in financing activities	(207,620)	(228,572)	(186,095)
Increase (decrease) in cash, cash equivalents and restricted cash	(1,520)	401	(180)
Cash, cash equivalents and restricted cash - beginning of year	1,932	1,531	1,711
Cash, cash equivalents and restricted cash - end of year	$412	$1,932	$1,531

SCHEDULE III

SUPPLEMENTARY INSURANCE INFORMATION

(in thousands)	Deferredacquisitioncosts	Reservefor lossesand lossexpenses	Unearnedpremiums	Netpremiumsearned	Netinvestment income(1)	Net lossesand lossexpenses	Acquisitioncosts	Otheroperating expenses(2)	Netpremiumswritten
Insurance	$298,249	$9,507,409	$3,507,519	$3,461,700	$—	$2,080,001	$648,463	$472,094	$3,758,720
Reinsurance	152,701	6,926,609	1,240,083	1,622,081	—	1,313,101	352,482	79,373	1,343,605
Corporate	—	—	—	—	611,742	—	—	132,979	—
Total	$450,950	$16,434,018	$4,747,602	$5,083,781	$611,742	$3,393,102	$1,000,945	$684,446	$5,102,325
(in thousands)	Deferredacquisitioncosts	Reservefor lossesand lossexpenses	Unearnedpremiums	Netpremiumsearned	Netinvestment income(1)	Net lossesand lossexpenses	Acquisitioncosts	Other operating expenses(2)	Netpremiumswritten
Insurance	$249,407	$8,381,593	$3,077,628	$3,134,155	$—	$1,785,854	$577,838	$443,704	$3,377,906
Reinsurance	224,162	6,787,270	1,283,819	2,026,171	—	1,456,556	444,179	106,585	1,885,150
Corporate	—	—	—	—	418,829	—	—	130,054	—
Total	$473,569	$15,168,863	$4,361,447	$5,160,326	$418,829	$3,242,410	$1,022,017	$680,343	$5,263,056
(in thousands)	Deferredacquisitioncosts	Reservefor lossesand lossexpenses	Unearnedpremiums	Netpremiumsearned	Netinvestment income(1)	Net lossesand lossexpenses	Acquisitioncosts	Other operating expenses(2)	Netpremiumswritten
Insurance	$212,681	$7,803,529	$2,716,240	$2,651,339	$—	$1,514,998	$484,344	$429,282	$2,894,885
Reinsurance	252,912	6,849,565	1,374,436	2,058,511	—	1,493,785	437,490	107,552	2,031,739
Corporate	—	—	—	—	454,301	—	—	126,470	—
Total	$465,593	$14,653,094	$4,090,676	$4,709,850	$454,301	$3,008,783	$921,834	$663,304	$4,926,624

(1)The Company evaluates underwriting results of its reportable segments separately from the performance of its investment portfolio. Therefore, the Company believes it is appropriate to exclude net investment income from its underwriting profitability measure.

(2)Amounts related to the Company's reportable segments reflect underwriting-related general and administrative expenses, which includes those general and administrative expenses that are incremental and/or directly attributable to the Company's underwriting operations. Underwriting-related general and administrative expenses is a non-GAAP financial measure as defined in Item 10(e) of SEC Regulation S-K. The reconciliation to general and administrative expenses, the most comparable GAAP financial measure, presented in the table above, also includes corporate expenses of $133 million, $130 million, and $126 million for the years ended December 31, 2023, 2022 and 2021, respectively. Corporate expenses include holding company costs necessary to support our worldwide insurance and reinsurance operations and costs associated with operating as a publicly-traded company. As these costs are not incremental and/or directly attributable to the Company's underwriting operations, these expenses are excluded from underwriting-related general and administrative expenses.

SCHEDULE IV

SUPPLEMENTARY REINSURANCE INFORMATION

(in thousands)	GROSSAMOUNT	CEDED TOOTHERCOMPANIES	ASSUMEDFROMOTHERCOMPANIES	NETAMOUNT	PERCENTAGEOF AMOUNTASSUMED TONET
Property and Casualty	$5,223,919	$3,161,438	$2,402,378	$4,464,859	53.8%
Accident and Health	311,970	92,762	418,258	637,466	65.6%
Total	$5,535,889	$3,254,200	$2,820,636	$5,102,325	55.3%
Property and Casualty	$4,858,629	$2,900,300	$2,685,677	$4,644,006	57.8%
Accident and Health	244,329	51,239	425,960	619,050	68.8%
Total	$5,102,958	$2,951,539	$3,111,637	$5,263,056	59.1%
Property and Casualty	$4,233,758	$2,700,693	$2,874,687	$4,407,752	65.2%
Accident and Health	171,694	58,667	405,845	518,872	78.2%
Total	$4,405,452	$2,759,360	$3,280,532	$4,926,624	66.6%

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.