AXIS CAPITAL HOLDINGS LTD
For the period ended Jun 30, 2025. Filed Jul 29, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Jul 29, 2025
AXS$105.97-1.8%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-04-30.
0001214816-25-000115
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-07-29.
0001214816-25-000149
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 288 previous paragraphs and 341 current paragraphs.
168 unchanged; 89 reworded; 74 added; 30 removed; 1 previous and 10 current paragraphs rearranged.
Tables are not compared: 24 previous and 24 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (74)
Current report
SECOND QUARTER 2025 FINANCIAL HIGHLIGHTS
Current report
•Gross premiums written of $2.5 billion
Current report
•Net premiums written of $1.6 billion
Current report
•Net premiums earned of $1.4 billion
Current report
•Net investment income of $187 million
Current report
•Net investment gains of $43 million
Current report
•Foreign exchange losses of $95 million
Current report
•Income tax expense of $56 million
Current report
•Total assets of $34.2 billion
Current report
(4)Total cash and invested assets represents the total cash and cash equivalents, fixed maturities, equity securities, mortgage loans, other investments, equity method investments, short-term investments, accrued interest receivable and net receivable (payable) for investments sold (purchased)
Current report
In subsequent periods, we will reassess the reserves for losses and loss expenses subject to the loss portfolio transfer reinsurance agreements.
Current report
Any adverse prior year reserve development associated with the subject business will increase the cumulative amounts ceded to the reinsurer compared to the consideration paid and will increase the gain determined in accordance with retroactive reinsurance accounting. Consistent with our accounting policy, (refer to Item 7, Note 2 to the Consolidated Financial Statements'Basis of Presentation and Significant Accounting Policies' included in our Annual Report on Form 10-K for the year ended December 31, 2024), gains are deferred and amortized into net income over the claims settlement period.
Current report
The effective tax rates of 20.1%and 19.4%, for the three and six months ended June 30, 2025 were attributable to the distribution of net income (loss) among tax jurisdictions. Corporate income tax of 15% applied to Bermuda pre-tax income effective January 1, 2025.
Current report
The increase in professional lines was due to new U.S. design professional, Allied Health and environmental business, a higher level of activity in transactional liability business, new program business and a higher level of premiums associated with renewed program business.
Current report
The increase in accident and health lines was attributable to a higher levelof premiums and increased rate associated with renewed pet insurance business together with newpet insurance business.
Current report
The increase in credit and political risk lines was driven by a higher level of premiums associated with renewed surety program business and new political risk business at Lloyds.
Current report
The increase in marine and aviation lines was attributable to new marine offshore renewable energy and marine cargo business, and premium adjustments principally related to aviation business written on a line slip basis, partially offset by a lower level of premiums associated with marine war business and the timing of the renewal of a significant contract in marine energy business.
Current report
The increase in property lines was due to new program and onshore renewable energy business, together with a higher level of premiums associated with renewed onshore renewable energy business, and positive premium adjustments in the three months ended June 30, 2025 related to program business, partially offset by reduced opportunities in the excess and surplus lines market and a lower level of premiums related to business written on a line slip basis associated with comp etitive market conditions.
Current report
Gross premiums written for the six months ended June 30, 2025 increased by $200 million, or 6%, compared to the six months ended June 30, 2024. The increase was primarily attributable toliability, professional lines, accident and health, credit and political risk, property, and marine and aviation lines, partially offset by a decrease in cyber
Current report
The increase in credit and political risk lines was driven by a higher level of premiums associated with renewed surety program business.
Current report
The increase in marine and aviation lines was also attributable to premium adjustments principally related to aviation business written on a line slip basis, partially offset by a lower level of premiums associated with marine war business and the timing of renewals in aviation war and marine energy business.
Current report
Ceded premiums written for the three months ended June 30, 2025 was $642 million, or 33%, of gross premiums written, compared to $620 million, or 34%, of gross premiums written for the three months ended June 30, 2024. The increase in ceded premiums written of $22 million, or 4%, was primarily driven by increases in accident and health, and professional lines, partially offset by decreases in property and cyber lines.
Current report
The increase in professional lines reflected the increase in gross premiums written for the three months ended June 30, 2025, compared to the three months ended June 30, 2024.
Current report
The decrease in cyber lines reflected the decrease in gross premiums written for the three months ended June 30, 2025, compared to the three months ended June 30, 2024.
Current report
The increase in liability lines reflected the increase in gross premiums written for the six months ended June 30, 2025, compared to the six months ended June 30, 2024, partially offset by the restructuring of a significant existing quota share treaty
Current report
The increase in credit and political risk, and professional lines reflected the increase in gross premiums written for the six months ended June 30, 2025, compared to the six months ended June 30, 2024.
Current report
Net premiums earned for the three months ended June 30, 2025 increased by $75 million, or 8%, compared to the three months ended June 30, 2024.
Current report
The increase was primarily driven by increases in gross premiums earned in property, accident and health, credit and political risk, professional lines and liability lines, together with decreases in ceded premiums earned in cyber and property lines. These amounts were partially offset by an increase in ceded premiums earned in accident and health lines and a decrease in gross premiums earned in cyber lines.
Current report
Net premiums earned for the six months ended June 30, 2025 increased by $167 million, or 9%, compared to the six months ended June 30, 2024.
Current report
The current accident year loss ratio decreased to 55.9% for the three months ended June 30, 2025, from 56.6% for the three months ended June 30, 2024.
Current report
The current accident year loss ratio increased to 56.4% for the six months ended June 30, 2025, from 55.4% for the six months ended June 30, 2024.
Current report
Adjusting for the impact of the catastrophe and weather-related losses, the current accident year loss ratio increased to 52.3% for the six months ended June 30, 2025, from 51.9% for the six months ended June 30, 2024, principally due to the impact of loss trends over pricing in most lines of business, partially offset by the change in business mix attributable to the increase in property business written in recent periods that is associated with a relatively lower loss ratio.
Current report
The acquisition cost ratio decreased to 19.0% for the six months ended June 30, 2025, from 19.4% for the six months ended June 30, 2024 primarily related to increase in ceding commission in accident and health, cyber, marine and aviation, and property lines.
Current report
Gross variable acquisition costs for the six months ended June 30, 2025, were consistent with gross variable acquisition costs for the six months ended June 30, 2024, related to changes in business mix attributable to increases in accident and health, property, and credit and political risk lines business written in recent periods, largely offset by a decrease in cyber lines business written in the recent periods.
Current report
The underwriting-related general and administrative expense ratio increased to 12.0% for the three months ended June 30, 2025, from 11.7% for the three months ended June 30, 2024, mainly driven increases in personnel costs associated with new underwriting teams, information technology costs and professional fees, partially offset by an increase in net premiums earned.
Current report
The underwriting-related general and administrative expense ratio decreased to 12.0% for the six months ended June 30, 2025, from 12.5% for the six months ended June 30, 2024, mainly driven by an increase in net premiums earned, partially offset by an increase in personnel costs associated with new underwriting teams.
Current report
Gross premiums written for the three months ended June 30, 2025, decreased by $43 million, or 7%, compared to the three months ended June 30, 2024. The decrease was primarily attributable to professional lines, agri culture, accident and health, catastrophe, marine and aviation, liability and property lines, partially offset by an increase in credit and surety, and motor lines.
Current report
The decrease in professional lines was attributable to the timing of renewals of two significant contracts and negative premium adjustments in the three months ended June 30, 2025 due to client retentions compared to positive premium adjustments in the three months ended June 30, 2024 attributable to timing.
Current report
The decrease in agriculture lines was due to the non-renewal a significant contract and negative premium adjustments in the three months ended June 30, 2025 associated with challenging market conditions, partially offset by new business and the timing of a renewal.
Current report
The decrease in accident and health lines was driven by a lower level of premiums in the three months ended June 30, 2025, compared to the three months ended June 30, 2024 associated with a significant short-term medical program, and non-renewals attributable to increased competition.
Showing the first 40 of 74 passages. Open the source sections for the rest.
Removed paragraphs (30)
Previous report
FIRST QUARTER 2025 FINANCIAL HIGHLIGHTS
Previous report
•Gross premiums written of $2.8 billion
Previous report
•Net premiums written of $1.8 billion
Previous report
•Net premiums earned of $1.3 billion
Previous report
•Net investment income of $208 million
Previous report
•Net investment losses of $30 million
Previous report
•Foreign exchange losses of $57 million
Previous report
•Income tax expense of $44 million
Previous report
•Total assets of $33.2 billion
Previous report
The increase in marine and aviation lines was partially offset by the timing of a renewal in aviation war business.
Previous report
The increases in liability, and credit and political risk lines reflected the increase in gross premiums written for the three months ended March 31, 2025, compared to the three months ended March 31, 2024.
Previous report
Net premiums earned for the three months ended March 31, 2025 increased by$92 million, or 10%, compared to the three months ended March 31, 2024.
Previous report
The current accident year loss ratio increased to 57.0% for the three months ended March 31, 2025, from 54.1% for the three months ended March 31, 2024.
Previous report
The acquisition cost ratio of 19.2% for the three months ended March 31, 2025, was consistent with the acquisition cost ratio of 19.2% for the three months ended March 31, 2024.
Previous report
The underwriting-related general and administrative expense ratio decreased to 11.9% for the three months ended March 31, 2025, from 13.3% for the three months ended March 31, 2024, mainly driven an increase in net premiums earned.
Previous report
Gross premiums written for the three months ended March 31, 2025, increased by $59 million, or 5%($60 million, or 6%, on a constant currency basis), compared to the three months ended March 31, 2024. The increase was primarily attributable to professional lines, credit and surety, liability, and agriculture lines, partially offset by decreases in accident and health, motor, and marine and aviation lines.
Previous report
The increase in credit and surety lines was driven by new business, including whole account turnover credit business, structured credit and political risk business, mortgage business, and new proportional surety business together with increased line sizes on credit business.
Previous report
The increase in agriculture lines was due to new business.
Previous report
Net premiums earned for the three months ended March 31, 2025, decreased by $9 million, or 3%, ($3 million, or 1%, on a constant currency basis), compared to the three months ended March 31, 2024.
Previous report
The current accident year loss ratio increased to 68.9% for the three months ended March 31, 2025, from 68.2% for the three months ended March 31, 2024.
Previous report
The acquisition cost ratio decreased to 21.3% for the three months ended March 31, 2025, from 23.0% for the three months ended March 31, 2024, primarily related to adjustments attributable to loss-sensitive features in accident and health, credit and surety, and motor lines, partially offset by a decrease in ceding commissions from retrocessional agreements largely attributable to motor, and accident and health lines.
Previous report
The underwriting-related general and administrative expense decreased to 3.3% for the three months ended March 31, 2025, from 4.6% for the three months ended March 31, 2024, mainly driven by a decrease in personnel costs together with a slight increase in fees related to arrangements with strategic capital partners of $13 million for the three months ended March 31, 2025, compared to $12 million for the three months ended March 31, 2024.
Previous report
Net investment losses for the three months ended March 31, 2025 were $30 million, compared to net investment losses of $9 million for the three months ended March 31, 2024.
Previous report
Change in Fair Value of Investment Derivatives
Previous report
We economically hedge foreign exchange exposure with derivative contracts.
Previous report
For the three months ended March 31, 2025, foreign exchange hedges resulted in $0.4 million of net losses, primarily attributable to securities denominated in euro and pound sterling. For the three months ended March 31, 2024, foreign exchange hedges resulted in net gains of $1 million, primarily attributable to securities denominated in euro and pound sterling.
Previous report
Interest expense and financing costs were $17 million for the three months ended March 31, 2025 and 2024, respectively.
Previous report
During the three months ended March 31, 2025, the increase in total value of $1.65, or 3%, was driven by net income for the period, and net unrealized investment gains recognized in accumulated other comprehensive income (loss), partially offset by common share repurchases.
Previous report
During the three months ended March 31, 2024, the increase in total value of $3.51, or 6%, was driven by net income for the period, partially offset by net unrealized investment losses recognized in accumulated other comprehensive income (loss).
Previous report
Our ownership interests in Harrington Reinsurance Holdings Limited ("Harrington") and Monarch Point Re (ISAC) Ltd., Monarch Point Re (ISA 2023) Ltd., Monarch Point Re (ISA 2024) Ltd. and Monarch Point Re (ISA 2025) Ltd. (individually or collectively "Monarch Point Re") are reported in interest in income (loss) of equity method investments. Refer to Note 3(f) to the Consolidated Financial Statements 'Investments'.
Reworded paragraphs (89)
Previous wording
The following is a discussion and analysis of our results of operations for the three months ended March 31, 2025 and 2024 and our financial condition at March 31, 2025 and December 31, 2024. This should be read in conjunction with Item 1 'Consolidated Financial Statements' of this report and our Management’s Discussion and Analysis of Financial Condition and Results of Operations included in our Annual Report on Form 10-K for the year ended December 31, 2024. Unless otherwise noted, tabular dollars are in thousands, except per share amounts. Amounts in tables may not reconcile due to rounding differences.
Current wording
The following is a discussion and analysis of our results of operations for the three and six months ended June 30, 2025 and 2024 and our financial condition at June 30, 2025 and December 31, 2024. This should be read in conjunction with Item 1 'Consolidated Financial Statements' of this report and our Management’s Discussion and Analysis of Financial Condition and Results of Operations included in our Annual Report on Form 10-K for the year ended December 31, 2024. Unless otherwise noted, tabular dollars are in thousands, except per share amounts. Amounts in tables may not reconcile due to rounding differences.
Previous wording
First Quarter 2025 Consolidated Results of Operations
Current wording
Second Quarter 2025 Consolidated Results of Operations
Previous wording
•Net income available to common shareholders of $187 million, or $2.30 per common share, and $2.26 per diluted common share
Current wording
•Net income available to common shareholders of $216 million, or $2.75 per common share, and $2.72 per diluted common share
Previous wording
•Operating income(1) of $261 million, or $3.17 per diluted common share(1)
Current wording
•Operating income(1) of $261 million, or $3.29 per diluted common share(1)
Previous wording
•Pre-tax, catastrophe and weather-related losses, net of reinsurance, of $49 million ($38 million, after-tax), (Insurance: $47.5 million; Reinsurance: $1.5 million), or 3.7 points, including $32 million, 2.4 points attributable to California Wildfires. The remaining losses were primarily attributable to other weather-related events.
Current wording
•Pre-tax, catastrophe and weather-related losses, net of reinsurance, of $37 million ($31 million, after-tax), (Insurance: $36.4 million; Reinsurance: $0.2m), or 2.6 points, primarily attributable to weather-related events.
Previous wording
•Net favorable prior year reserve development of $18 million (Insurance: $14 million; Reinsurance: $4 million)
Current wording
•Net favorable prior year reserve development of $20 million (Insurance: $15 million; Reinsurance: $5 million)
Previous wording
•Underwriting income(2) of $163 million and combined ratio of 90.2%
Current wording
•Underwriting income(2) of $189 million and combined ratio of 88.9%
Previous wording
First Quarter 2025 Consolidated Financial Condition
Current wording
Second Quarter 2025 Consolidated Financial Condition
Previous wording
•Total cash and investments of $17.8 billion; fixed maturities, short-term investments, and cash and cash equivalents comprise 88% of total cash and investments and have an average credit rating of AA-
Current wording
•Total cash and invested assets of $16.3 billion; fixed maturities, short-term investments, and cash and cash equivalents comprise 86% of total cash and investments and have an average credit rating of AA-
Previous wording
•Reserve for losses and loss expenses of $17.5 billion and reinsurance recoverable on unpaid and paid losses and loss expenses of $7.5 billion
Current wording
•Reserve for losses and loss expenses of $17.9 billion and reinsurance recoverable on unpaid and paid losses and loss expenses of $9.7 billion
Previous wording
•Debt of $1.3 billion and debt to total capital ratio(3) of 18.2%
Current wording
•Debt of $1.3 billion and debt to total capital ratio(3) of 17.6%
Previous wording
•Total common shares repurchased were 5.0 million shares for a total of $465 million, including$440 million repurchased pursuant to our Board-authorized share repurchase program, and$25 million from employees to facilitate the satisfaction of their personal withholding tax liabilities that arise on the vesting of share-settled restricted stock units
Current wording
•Total common shares repurchased were 0.5 million shares for a total of $51 million, including$50 million repurchased pursuant to our Board-authorized share repurchase program, and$1 million from employees to facilitate the satisfaction of their personal withholding tax liabilities that arise on the vesting of share-settled restricted stock units
Previous wording
•Common shareholders’ equity of $5.4 billion; book value per diluted common share of $66.48
Current wording
•Common shareholders’ equity of $5.6 billion; book value per diluted common share of $70.34
Previous wording
AXIS Capital, through its operating subsidiaries, is a global specialty underwriter and provider of insurance and reinsurance solutions with operations in Bermuda, the U.S., Europe, Singapore and Canada. Our underwriting operations are organized around our global underwriting platforms, AXIS Insurance and AXIS Re.
Current wording
AXIS Capital, through its operating subsidiaries, is a global specialty underwriter and provider of insurance and reinsurance solutions with locations in Bermuda, the U.S., Europe, Singapore and Canada. Our underwriting operations are organized around our global underwriting platforms, AXIS Insurance and AXIS Re.
Previous wording
We provide our clients and distribution partners with a broad range of risk transfer products and services, and strong capacity, backed by excellent financial strength. We manage our portfolio holistically, aiming to construct the optimum portfolio of risks, consistent with our risk appetite and the development of our franchise. We nurture an ethical, entrepreneurial, disciplined and diverse culture that promotes outstanding client service, intelligent risk taking, operating efficiency, corporate citizenship and the achievement of superior risk-adjusted returns for our shareholders. We believe that the achievement of our objectives will position us as a global specialty underwriting leader. The execution of our business strategy for the first three months of 2025 included the following:
Current wording
We provide our clients and distribution partners with a broad range of risk transfer products and services, and strong capacity, backed by excellent financial strength. We manage our portfolio holistically, aiming to construct the optimum portfolio of risks, consistent with our risk appetite and the development of our franchise. We nurture an ethical, entrepreneurial, disciplined and diverse culture that promotes outstanding client service, intelligent risk taking, operating efficiency, sustainability and the achievement of superior risk-adjusted returns for our shareholders. We believe that the achievement of our objectives will position us as a global specialty underwriting leader. The execution of our business strategy for the first six months of 2025 included the following:
Previous wording
•growing our corporate citizenship program to support our communities and help contribute to a more sustainable future.
Current wording
•growing our sustainability program to support our communities and to make a positive impact.
Previous wording
•The wholesale channel continues to experience substantial submission growth due to dislocations in the standard lines markets. This dynamic enables specialty carriers to deploy a disciplined underwriting strategy to market opportunities.
Current wording
•The wholesale channel continues to experience substantial submission growth in North America due to dislocations in the standard lines markets. This dynamic broadly enables specialty carriers to deploy a disciplined underwriting strategy to market opportunities.
Previous wording
Across the business, we will pursue attractive opportunities by employing a focused underwriting strategy and selective appetite. Where price continues to deliver adequate profitability, we will look to grow within our risk and volatility guidelines. With a strengthened book of business, and an expanding footprint in attractive specialty markets, we believe AXIS remains positioned to drive profitable growth in 2025 and beyond.
Current wording
Across the business, we will continue to pursue attractive opportunities by employing a focused underwriting strategy and selective appetite. Where price continues to deliver adequate profitability, we will look to grow within our risk and volatility guidelines. With a strengthened book of business, and an expanding footprint in our chosen specialty markets, we believe AXIS remains positioned to drive profitable growth in 2025 and beyond.
Previous wording
On April 24, 2025, we completed a loss portfolio transfer reinsurance agreement with Cavello Bay Reinsurance Limited, a wholly-owned subsidiary of Enstar Group Limited ("Enstar") to retrocede a portfolio of reinsurance business predominantly related to 2021 and prior underwriting years (refer to Item 1, Note 14 to the Consolidated Financial Statements 'Related Party Transactions' for further details).
Current wording
On April 24, 2025, we completed a loss portfolio transfer reinsurance agreement with Cavello Bay Reinsurance Limited, a wholly-owned subsidiary of Enstar Group Limited ("Enstar") to retrocede a portfolio of reinsurance business predominantly related to 2021 and prior underwriting years (refer to Item 1, Note 14 to the Consolidated Financial Statements 'Related Party Transactions').
Previous wording
The transaction is structured as a 75% ground-up quota share retrocession of net reserves for losses and loss expenses of approximately $3.1 billion at September 30, 2024 and provides cover up to a policy limit of approximately $940 million. The transaction is deemed to have met the established criteria for retroactive reinsurance accounting.
Current wording
The transaction is structured as a 75% ground-up quota share retrocession representing net reserves for losses and loss expenses of approximately $2 billion and provides cover up to a policy limit of approximately $940 million. The transaction is deemed to have met the established criteria for retroactive reinsurance accounting (refer to Item 1, Note 6 to the Consolidated Financial Statements'Reserve for Losses and Loss Expenses'for further details).
Previous wording
Although retroactive reinsurance accounting may result in volatility to our results in the short-term, the loss portfolio transfer reinsurance agreement will protect us from prior year reserve development on the subject business over the contract term, provided this remains within the limit of the agreement.
Current wording
Although retroactive reinsurance accounting may result in volatility to our results in the short-term, the loss portfolio transfer reinsurance agreement will provide significant protection from prior year reserve development on the subject business over the contract term, provided this remains within the limit of the agreement.
Previous wording
(1)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, also included corporate expenses of $29 million and $26 million for thethree months ended March 31, 2025 and 2024, respectively. Refer to'Management’s Discussion and Analysis of Financial Condition and Results of Operations – Other Expenses (Revenues), Net' for further details on corporate expenses. Refer also to'Management’s Discussion and Analysis of Financial Condition and Results of Operations – Non-GAAP Financial Measures Reconciliation' for further details.
Current wording
(1)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, also included corporate expenses of $26 million and $28 million for thethree months ended June 30, 2025 and 2024, respectively, and $55 million and $53 million for thesix months ended June 30, 2025 and 2024, respectively. Refer to'Management’s Discussion and Analysis of Financial Condition and Results of Operations – Other Expenses (Revenues), Net' for further details on corporate expenses. Refer also to'Management’s Discussion and Analysis of Financial Condition and Results of Operations – Non-GAAP Financial Measures Reconciliation' for further details.
Previous wording
(2) The general and administrative expense ratio included corporate expenses not allocated to underwriting segmentsof 2.1% and 2.0% for the three months ended March 31, 2025 and 2024, respectively. Refer to 'Management’s Discussion and Analysis of Financial Condition and Results of Operations – Other Expenses (Revenues), Net'for further details.
Current wording
(2) The general and administrative expense ratio included corporate expenses not allocated to underwriting segmentsof 1.9% and 2.1% for the three months ended June 30, 2025 and 2024, respectively, and 2.0% and 2.1% for the six months ended June 30, 2025 and 2024, respectively. Refer to 'Management’s Discussion and Analysis of Financial Condition and Results of Operations – Other Expenses (Revenues), Net'for further details.
Previous wording
Gross premiums written for the three months ended March 31, 2025 increased by $81 million, or 5% ($89 million, or 6%, on a constant currency basis(1)), compared to the three months ended March 31, 2024. The increase was primarily attributable to credit and political risk, professional lines, accident and health, property, liability, and marine and aviation lines, partially offset by a decrease in cyber lines.
Current wording
Gross premiums written for the three months ended June 30, 2025 increased by $118 million, or 7%($116 million, or 6%, on a constant currency basis(1)), compared to the three months ended June 30, 2024. The increase wasprimarily attributable to liability, professional lines, accident and health, credit and political risk, marine and aviation, and property lines, partially offset by a decrease in cyber lines.
Previous wording
The increases in credit and political risk, professional lines, accident and health, property, and marine and aviation lines were driven by new business.
Current wording
The increases in liability, professional lines, accident and health, credit and political risk, property, and marine and aviation lines were driven by new business.
Previous wording
The increase in liability lines was driven by favorable rate change associated with U.S. excess casualty business, partially offset by a decrease in U.S. primary casualty business attributable to underwriting actions taken to reposition the portfolio.
Current wording
The increase in liability lines was also driven by favorable rate change associated with U.S. excess casualty business, the timing of renewals of two significant contracts and a higher level of premiums associated with program business, partially offset by a decrease in U.S. primary casualty business attributable to underwriting actions taken to reposition the portfolio and non-renewals.
Previous wording
The increase in accident and health lines was also due to a higher level of premiums associated with renewed pet insurance business.
Current wording
The increase in accident and health lines was also attributable to a higher level of premiums and increased rate associated with renewed pet insurance business.
Previous wording
The increase in property lines was also due to the timing of renewals of offshore energy business, partially offset by a lower level of premiums related to business written on a line slip basis associated with competitive market conditions.
Current wording
The increase in property lines was also due to positive premium adjustments in the six months ended June 30, 2025 related to program business, and a higher level of premiums associ ated with renewed onshore renewable energy business, partially offset by reduced opportunities in the excess and surplus lines market and a lower level of premiums related to business written on a line slip basis associated with competitive market conditions.
Previous wording
The decrease in cyber lines was related to the cancellation of two significant programs, partially offset by negative premium adjustments inthe three months ended March 31, 2024 related to business written on a line slip basis.
Current wording
The decrease in cyber lines was related to the cancellation of two significant programs, partially offset by negative premium adjustments in the six months ended June 30, 2024 related to business written on a line slip basis.
Previous wording
Ceded premiums written for the three months ended March 31, 2025 was $611 million, or 37%, of gross premiums written, compared to $552 million, or 35%, of gross premiums written for the three months ended March 31, 2024. The increase in ceded premiums written of $59 million, or 11%, was primarily driven by increases in accident and health, cyber, liability, and credit and political risk lines, partially offset by decreases in property, and marine and aviation lines.
Current wording
Ceded premiums written for the six months ended June 30, 2025 was $1,253 million, or 35%, of gross premiums written, compared to $1,172 million, or 35%, of gross premiums written for the six months ended June 30, 2024. The increase in ceded premiums written of $81 million, or 7%, was primarily driven by increases in accident and health, liability, credit and political risk, professional lines, and cyber lines, partially offset by decreases in property, and marine and aviation lines.
Previous wording
The increase in cyber lines was due to higher costs associated with an excess of loss treaty for the three months ended March 31, 2025, compared to the three months ended March 31, 2024, partially offset by the decrease in gross premiums written for the three months ended March 31, 2025, compared to the three months ended March 31, 2024.
Current wording
The increase in cyber lines was due to higher costs associated with an excess of loss treaty for the six months ended June 30, 2025, compared to the six months ended June 30, 2024, partially offset by the decrease in gross premiums written for the six months ended June 30, 2025, compared to the six months ended June 30, 2024.
Previous wording
The decrease in property lines was due to the restructuring of a significant existing quota share treaty, partially offset by the increase in gross premiums written for the three months ended March 31, 2025, compared to the three months ended March 31, 2024.
Current wording
The decrease in property lines was due to the restructuring of a significant existing quota share treaty, partially offset by the increase in gross premiums written for the six months ended June 30, 2025, compared to the six months ended June 30, 2024.
Previous wording
The decrease in marine and aviation lines was attributable to reinstatement premiums associated with losses and loss expenses for the three months ended March 31, 2024.
Current wording
The decrease in marine and aviation lines was attributable to reinstatement premiums associated with losses and loss expenses for the six months ended June 30, 2024.
Previous wording
The increase was primarily driven by increases in gross premiums earned in property, and credit and political risk lines, together with decreases in ceded premiums earned in marine and aviation, and professional lines. These amounts were partially offset by increases in ceded premiums earned in liability, and credit and political risk lines.
Current wording
The increase was primarily driven by increases in gross premiums earned in property, credit and political risk, and professional lines, together with decreases in ceded premiums earned in cyber, marine and aviation, and professional lines. These amounts were partially offset by a decrease in gross premiums earned in cyber lines. and an increase in ceded premiums earned in credit and political risk lines.
Previous wording
Adjusting for the impact of the catastrophe and weather-related losses, the current accident year loss ratio increased to 52.3% for the three months ended March 31, 2025, from 52.0% for the three months ended March 31, 2024, principally due to the adverse impact of loss trends over pricing in property, and the specialty other reserve classes, partially offset by the change in business mix attributable to the increase in property business written in recent periods that is associated with a relatively lower loss ratio.
Current wording
Adjusting for the impact of the catastrophe and weather-related losses, the current accident year loss ratio increased to 52.3% for the three months ended June 30, 2025, from 51.8% for the three months ended June 30, 2024, principally due to the impact of loss trends over pricing in most lines of business, partially offset by the change in business mix attributable to the increase in property business written in recent periods that is associated with a relatively lower loss ratio.
Previous wording
The increase in the current accident year loss ratio for three months ended March 31, 2025, compared to the same period in 2024, was impacted by a higher level of catastrophe and weather-related losses. During the three months ended March 31, 2025, catastrophe and weather-related losses, net of reinsurance, were $47.5 million, or 4.7 points, including $30.5 million, or 3.0 points attributable to California Wildfires. The remaining losses were primarily attributable to other weather-related events. Comparatively, during the three months ended March 31, 2024, catastrophe and weather-related losses, were $19 million, or 2.1 points, attributable to weather-related events.
Current wording
The increase in the current accident year loss ratio for the six months ended June 30, 2025, compared to the same period in 2024, was impacted by a higher level of catastrophe and weather-related losses. During the six months ended June 30, 2025, catastrophe and weather-related losses, net of reinsurance, were $84 million, or 4.1 points, including $30.5 million, or 1.5 points attributable to California Wildfires. The remaining losses were primarily attributable to other weather-related events. Comparatively, during the six months ended June 30, 2024, catastrophe and weather-related losses, were $65 million, or 3.5 points, attributable to weather-related events.
Previous wording
The acquisition cost ratio for the three months ended March 31, 2025 compared to the three months ended March 31, 2024, also benefited from an increase in ceding commission in accident and health, and property lines, partially offset by a decrease in ceding commission in professional lines.
Current wording
The acquisition cost ratio decreased to 18.9% for the three months ended June 30, 2025, from 19.6% for the three months ended June 30, 2024, primarily related to an increase in ceding commission in accident and health, cyber and property lines.
Previous wording
Gross variable acquisition costs increased for the three months ended March 31, 2025, compared to the three months ended March 31, 2024, related to changes in business mix attributable to increases in accident and health, and credit and political risk lines business written in recent periods that are associated with relatively higher gross variable acquisition costs, together with a decrease in professional lines business written in the recent periods that is associated with relatively lower gross variable acquisition costs.
Current wording
Gross variable acquisition costs for the three months ended June 30, 2025, were consistent with gross variable acquisition costs for the three months ended June 30, 2024, related to changes in business mix attributable to increases in accident and health, property, and credit and political risk lines business written in recent periods, largely offset by a decrease in cyber lines business written in the recent periods.
Previous wording
The increase in liability lines was due to the timing of renewals, the restructuring of a significant contract at Lloyds, and new business, partially offset by non-renewals.
Current wording
The increase in liability lines was due to the timing of renewals, new general liability business at Lloyd's and new workers compensation business, a higher level of positive premium adjustments in the six months ended June 30, 2025, compared to the six months ended June 30, 2024, and the restructuring of a significant contract at Lloyds, partially offset by decreased line sizes on several contracts and non-renewals.
Previous wording
The increase in professional lines was attributable to new cyber business, and the timing of renewals of two significant contracts, partially offset by decreased line sizes and non-renewals.
Current wording
The increase in professional lines was primarily attributable to new cyber business, partially offset by non-renewals and decreased line sizes.
Showing the first 40 of 89 pairs. Open the source sections for the rest.
Rearranged current paragraphs (10)
Current report — wording carried from elsewhere
The increase in liability lines was driven by new U.S. excess casualty business and the timing of renewals of two significant contracts.
Current report — wording carried from elsewhere
The decrease in cyber lines wasattributable to the cancellation of two significant programs, partially offset by negative premium adjustments in the three months ended June 30, 2024 related to business written on a line slip basis.
Current report — wording carried from elsewhere
The decrease in property lines was due to the restructuring of a significant existing quota share treaty.
Current report — wording carried from elsewhere
The increase in accident and health lines was attributable to a new quota share treaty and the increase in gross premiums written for the six months ended June 30, 2025, compared to the six months ended June 30, 2024.
Current report — wording carried from elsewhere
The decrease in the current accident year loss ratio for three months ended June 30, 2025, compared to the same period in 2024, was impacted by a lower level of catastrophe and weather-related losses. During the three months ended June 30, 2025, catastrophe and weather-related losses, net of reinsurance, were $36 million, or 3.6 points, primarily attributable to weather-related events. Comparatively, during the three months ended June 30, 2024, catastrophe and weather-related losses, were $46 million, or 4.8 points, attributable to weather-related events.
Current report — wording carried from elsewhere
The decrease in marine and aviation lines was related to decreased line sizes attributable toclient retentions and increased competition for marine business and negative premium adjustments in the three months ended June 30, 2025, compared to positive premium adjustments in the three months ended June 30, 2024.
Current report — wording carried from elsewhere
The decrease in professional lines reflected the decrease in gross premiums written in the three months ended June 30, 2025, compared to the three months ended June 30, 2024, and the restructuring of significant quota share retrocession treaties with strategic capital partners.
Current report — wording carried from elsewhere
For the three months ended June 30, 2025, the net investment gains were primarily due to net unrealized gains on equity securities, partially offset by net realized losses on the sale of corporate debt and Agency RMBS. For the three months ended June 30, 2024, the net investment losses were primarily due to net realized losses on the sale of Agency RMBS, U.S. government and corporate debt securities, partially offset by net unrealized gains on equity securities.
Current report — wording carried from elsewhere
Refer to Note 3(f) to the Consolidated Financial Statements 'Investments'.
Current report — wording carried from elsewhere
The borrowings under the FHLB program are secured by cash and investments with a fair value of $71 million.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
At March 31, 2025, the Company had borrowings under the FHLB program of$66 million(2024: $66 million).