AXIS CAPITAL HOLDINGS LTD
For the period ended Sep 30, 2025. Filed Oct 29, 2025.
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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.
Sep 30, 2025 · Filed Oct 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 2025-06-30; filed 2025-07-29.
0001214816-25-000149
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-10-29.
0001214816-25-000181
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 341 previous paragraphs and 297 current paragraphs.
171 unchanged; 95 reworded; 29 added; 59 removed; 16 previous and 2 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 (29)
Current report
THIRD QUARTER 2025 FINANCIAL HIGHLIGHTS
Current report
•Operating income(1) of $255 million, or $3.25 per diluted common share(1)
Current report
•Gross premiums written of $2.1 billion
Current report
•Net premiums written of $1.4 billion
Current report
•Net premiums earned of $1.5 billion
Current report
•Net investment income of $185 million
Current report
•Foreign exchange gains of $13 million
Current report
•Income tax expense of $70 million
Current report
•Total assets of $34.3 billion
Current report
Gross premiums written for the three months ended September 30, 2025 increased by$165 million, or 11% ($154 million, or 10%, on a constant currency basis(1)), compared to the three months ended September 30, 2024. The increase was primarily attributable to professional lines, accident and health, property, marine and aviation, liability, and credit and political risk lines, partially offset by a decrease in cyber lines.
Current report
The increase in professional lines was also driven by increased rate associated with renewed environmental business, higher renewals of program business, together with premium adjustments related to transactional liability business. The increase in liability lines was also driven by increased rate associated with renewed U.S. excess casualty business including lower middle market business, the timing of a renewal of a significant contract and higher renewals of program business, partially offset by a decrease in U.S. primary casualty business. 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. The increase in property lines was also due to higher renewals of program business and onshore renewable energy business, together with increased rate associated with program business, partially offset by reduced opportunities in the excess and surplus lines market associated with competitive market conditions.
Current report
The current accident year loss ratio decreased to 56.2% for the three months ended September 30, 2025, from 59.3% for the three months ended September 30, 2024.
Current report
Adjusting for the impact of the catastrophe and weather-related losses, the current accident year loss ratio of 52.3% for the three months ended September 30, 2025, is consistent with the ratio of 52.3% for the three months ended September 30, 2024, principally due to the impact of changes in business mix, rate and trend.
Current report
The underwriting-related general and administrative expense ratio increased to 12.1% for the three months ended September 30, 2025, from 11.6% for the three months ended September 30, 2024, mainly driven by investments in underwriting teams and information technology, partially offset by an increase in net premiums earned.
Current report
The underwriting-related general and administrative expense ratio of 12.0% for the nine months ended September 30, 2025, was comparable to 12.2% for the nine months ended September 30, 2024, with an increase in net premiums earned, largely offset by investments in underwriting teams and information technology.
Current report
Gross premiums written for the three months ended September 30, 2025, increased by $23 million, or 6% ($19 million, or 5%, on a constant currency basis), compared to the three months ended September 30, 2024. The increase was primarily attributable to agriculture, liability, motor, and credit and surety lines, partially offset by a decrease in accident and health, and professional lines.
Current report
The increase in agriculture lines was primarily due to new business. The increase in liability lines was due to positive premium adjustments in the three months ended September 30, 2025, compared to negative premium adjustments in the three months ended September 30, 2024, and a higher level of premiums related to several contracts associated with favorable market conditions, partially offset by non-renewals attributable to underwriting actions, together with client retentions. The increase in motor lines was attributable to a higher level of premiums related to one proportional contract and a higher level of positive premium adjustments related to non-proportional business associated with favorable market conditions, partially offset by the timing of renewals of several contracts. The increase in credit and surety lines was driven by new credit and political risk business and new surety business, a higher level of positive premium adjustments, together with the timing of renewals of both credit contracts and surety contracts, partially offset by a lower level of positive premium adjustments related to mortgage business.
Current report
The decrease in accident and health lines was driven by non-renewals mainly related to employer stop loss business largely attributable to client retentions and a lower level of premiums associated with a short-term medical program. The decrease in professional lines was attributable to a higher level of negative premium adjustments related to cyber business associated with challenging market conditions, partially offset by the timing of the renewal of a significant contract.
Current report
Ceded premiums written for the three months ended September 30, 2025, was $164 million, or 38%, of gross premiums written, compared to $149 million, or 36%, of gross premiums written for the three months ended September 30, 2024. The increase in ceded premiums written of $15 million, or 10%, was primarily driven by increases in liability and agriculture lines, partially offset by a decrease in accident and health lines.
Current report
The increases in liability, credit and surety, and agriculture lines reflected the increase in gross premiums written in the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024. The increases in liability, and credit and surety also reflected the restructuring of quota share retrocession treaties with strategic capital partners. The increases in credit and surety, and agriculture lines were also due to the restructuring of quota share retrocession trea ties. The increase in professional lines reflected the restructuring of quota share retrocession treaties with strategic capital partners.
Current report
During the three months ended September 30, 2025, catastrophe and weather-related losses, net of reinsurance, were $1.0 million. Comparatively, during the three months ended September 30, 2024, catastrophe and weather-related losses, were $7 million, or 2.0 points, attributable to weather-related events.
Current report
Adjusting for the impact of the catastrophe and weather-related losses, the current accident year loss ratio increased to 67.9% for the three months ended September 30, 2025, from 66.0% for the three months ended September 30, 2024, principally due to the impact of changes in business mix, rate and trend.
Current report
The current accident year loss ratio increased to 68.3% for the nine months ended September 30, 2025, from 66.9% for the nine months ended September 30, 2024.
Current report
Adjusting for the impact of the catastrophe and weather-related losses, the current accident year loss ratio increased to 68.1% for the nine months ended September 30, 2025, from 66.0% for the nine months ended September 30, 2024, principally due to the impact of rate and trend, partially offset by changes in business mix.
Current report
ROACE for the nine months ended September 30, 2025 and 2024 was 18.2%, primarily driven by increases in underwriting income and net investments income, offset by income tax expense and an increase in average common shareholders' equity.
Current report
During the three and nine months ended September 30, 2025, total value created for common shareholders increased by $3.92, or 5.6% and $9.87, or 15.1%, respectively.
Current report
Letter of Credit Facility
Current report
On August 26, 2025, AXIS Corporate Capital UK II Limited (the "Borrower"), acting through AXIS Managing Agency Limited, as managing agent of AXIS Syndicate 1686 and AXIS Syndicate 2050 (collectively, the "Syndicates"), entered into a facility letter and master agreement (collectively, the "Agreements") with Citibank Europe Plc (the "Lender"), providing for an uncommitted unsecured letter of credit facility up to a maximum aggregate amount of $90 million (the "$90 million Facility") with tenors of issuable letters of credit to August 31, 2030. The facility is supported by a guarantee issued by AXIS Specialty Limited.
Current report
The letter of credit facility is intended to support the Borrower's obligations in connection with the Syndicates’ participation in the Lloyd’s insurance market, specifically its Funds at Lloyd’s requirements. The facility contains customary representations, warranties, covenants, and events of default for transactions of this nature.
Removed paragraphs (59)
Previous report
SECOND QUARTER 2025 FINANCIAL HIGHLIGHTS
Previous report
•Operating income(1) of $261 million, or $3.29 per diluted common share(1)
Previous report
•Gross premiums written of $2.5 billion
Previous report
•Net premiums written of $1.6 billion
Previous report
•Net premiums earned of $1.4 billion
Previous report
•Net investment income of $187 million
Previous report
•Net investment gains of $43 million
Previous report
•Foreign exchange losses of $95 million
Previous report
•Total assets of $34.2 billion
Previous report
Nonetheless, the overall outlook for the property and casualty market remains favorable for specialty insurance and reinsurance carriers. Looking at the trends impacting our business:
Previous 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.
Previous 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.
Previous 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.
Previous 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
Previous report
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 report
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 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.
Previous report
The decrease in property lines was due to the restructuring of a significant existing quota share treaty.
Previous report
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 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
Previous 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.
Previous report
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 report
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 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.
Previous 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.
Previous 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.
Previous report
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 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.
Previous 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.
Previous 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.
Previous 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.
Previous 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.
Previous report
The decrease in liability lines was due to non-renewals attributable to client retentions and decreased line sizes on several contracts, largely offset by new general liability business at Lloyd's and new workers compensation business, together with a higher level of positive premium adjustments in the three months ended June 30, 2025, compared to the three months ended June 30, 2024.
Previous report
The increase in credit and surety lines was driven by a higher level of premium adjustments in the three months ended June 30, 2025, compared to the three months ended June 30, 2024 attributable to credit business, together with new credit business, partially offset by a decreased line size on a significant credit contract.
Previous report
The increase in credit and surety lines was driven by new business, a higher level of premium adjustments in the six months ended June 30, 2025, compared to the six months ended June 30, 2024 attributable to credit business, and increased line sizes on credit contracts.
Previous report
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 report
The decrease in accident and health lines was driven by decreased line sizes and non-renewals attributable to increased competition, a lower level of premiums in the six months ended June 30, 2025, compared to the six months ended June 30, 2024 associated with a significant short-term medical program and negative premium adjustments in the six months ended June 30, 2025, compared to positive premium adjustments in the six months ended June 30, 2024, partially offset by the timing of renewals of several significant contracts.
Previous report
The decrease in agriculture lines was due to the non-renewal of a significant contract and negative premium adjustments in the six months ended June 30, 2025 associated with challenging market conditions, partially offset by new business.
Previous report
Ceded premiums written for the three months ended June 30, 2025, was $239 million, or 41%, of gross premiums written, compared to $247 million, or 39%, of gross premiums written for the three months ended June 30, 2024. The decrease in ceded premiums written of $8 million, or 3%, was primarily driven by a decrease in professional lines, partially offset by increases in liability, and credit and surety lines.
Previous report
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.
Showing the first 40 of 59 passages. Open the source sections for the rest.
Reworded paragraphs (95)
Previous 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.
Current wording
The following is a discussion and analysis of our results of operations for the three and nine months ended September 30, 2025 and 2024 and our financial condition at September 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
Second Quarter 2025 Consolidated Results of Operations
Current wording
Third Quarter 2025 Consolidated Results of Operations
Previous wording
•Net income available to common shareholders of $216 million, or $2.75 per common share, and $2.72 per diluted common share
Current wording
•Net income available to common shareholders of $294 million, or $3.79 per common share, and $3.74 per diluted common share
Previous 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.
Current wording
•Pre-tax, catastrophe and weather-related losses, net of reinsurance, of $44 million ($34 million, after-tax), (Insurance: $43 million; Reinsurance: $1m), or 3.0 points, including $20 million or 1.4 points attributable to the Middle East Conflict
Previous wording
•Net favorable prior year reserve development of $20 million (Insurance: $15 million; Reinsurance: $5 million)
Current wording
•Net favorable prior year reserve development of $19 million (Insurance: $15 million; Reinsurance: $4 million)
Previous wording
•Underwriting income(2) of $189 million and combined ratio of 88.9%
Current wording
•Underwriting income(2) of $188 million and combined ratio of 89.4%
Previous wording
Second Quarter 2025 Consolidated Financial Condition
Current wording
Third Quarter 2025 Consolidated Financial Condition
Previous 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-
Current wording
•Total cash and invested assets of $16.8 billion; fixed maturities, short-term investments, and cash and cash equivalents comprise 87% of total cash and investments and have an average credit rating of AA-
Previous 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
Current wording
•Reserve for losses and loss expenses of $18.0 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 17.6%
Current wording
•Debt of $1.3 billion and debt to total capital ratio(3) of 17.1%
Previous 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
Current wording
•Total common shares repurchased were 1.1 million shares for a total of $110 million
Previous wording
•Common shareholders’ equity of $5.6 billion; book value per diluted common share of $70.34
Current wording
•Common shareholders’ equity of $5.8 billion; book value per diluted common share of $73.82
Previous wording
(1)Operating income (loss) and operating income (loss) per diluted common share are non-GAAP financial measures as defined in Item 10(e) of SEC Regulation S-K. The reconciliations to the most comparable GAAP financial measures, net income (loss) available (attributable) to common shareholders and earnings (loss) per diluted common share, respectively, and a discussion of the rationale for the presentation of these items are provided in 'Management’s Discussion and Analysis of Financial Condition and Results of Operations – Non-GAAP Financial Measures Reconciliation'.
Current wording
(1)Operating income (loss) and operating income (loss) per diluted common share are non-GAAP financial measures as defined in Item 10(e) of SEC Regulation S-K. The reconciliations to the most comparable GAAP financial measures, net income (loss) available (attributable) to common shareholders and earnings (loss) per diluted common share, respectively, and a discussion of the rationale for the presentation of these items are provided in'Management’s Discussion and Analysis of Financial Condition and Results of Operations – Non-GAAP Financial Measures Reconciliation'.
Previous wording
(2)Consolidated underwriting income (loss) is a non-GAAP financial measure as defined in Item 10(e) of SEC Regulation S-K. The reconciliation to the most comparable GAAP financial measure, net income (loss), is presented in 'Management’s Discussion and Analysis of Financial Condition and Results of Operations – Consolidated Results of Operations', and a discussion of the rationale for its presentation is provided in 'Management’s Discussion and Analysis of Financial Condition and Results of Operations – Non-GAAP Financial Measures Reconciliation'.
Current wording
(2)Consolidated underwriting income (loss) is a non-GAAP financial measure as defined in Item 10(e) of SEC Regulation S-K. The reconciliation to the most comparable GAAP financial measure, net income (loss), is presented in'Management’s Discussion and Analysis of Financial Condition and Results of Operations – Consolidated Results of Operations', and a discussion of the rationale for its presentation is provided in'Management’s Discussion and Analysis of Financial Condition and Results of Operations – Non-GAAP Financial Measures Reconciliation'.
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, 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:
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 nine months of 2025 included the following:
Previous wording
•investing in data and technology, and exploring AI capabilities and tools, to empower our underwriters and enhance the service that we provide to our customers;
Current wording
•investing in data and technology as well as AI capabilities and tools to empower our underwriters and enhance the service that we provide to our customers;
Previous wording
The current trade and geopolitical environment introduces uncertainty across several dimensions including potential impacts on economic growth, loss costs, and the threat of a recessionary environment. At AXIS, on an ongoing basis we assess all forms of uncertainty presented, and through our normal underwriting practices we take steps and measures that guard against adverse outcomes.
Current wording
The current trade and geopolitical environment introduce uncertainty across several dimensions including potential impacts on economic growth and loss costs. At AXIS, we assess all forms of uncertainty presented, and through our normal underwriting practices we take steps and measures that guard against adverse outcomes. Looking at the trends impacting our business:
Previous 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.
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 2026.
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').
Current wording
On April 24, 2025, we completed a loss portfolio transfer reinsurance agreement ("LPT") 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
Under the terms of the loss portfolio transfer reinsurance agreement, we will retain responsibility for the management of claims.
Current wording
Under the terms of the LPT we will retain responsibility for the management of claims.
Previous wording
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 wording
In subsequent periods, we will reassess the reserves for losses and loss expenses subject to the LPT. 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.
Previous wording
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 wording
The effective tax rates of 18.9%and 19.2%, for the three and nine months ended September 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.
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 $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.
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 $29 million and $34 million for the three months ended September 30, 2025 and 2024, respectively, and $83 million and $87 million for the nine months ended September 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 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.
Current wording
(2) The general and administrative expense ratio included corporate expenses not allocated to underwriting segmentsof 2.0% and 2.5% for the three months ended September 30, 2025 and 2024, respectively, and 2.0% and 2.2% for the nine months ended September 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
The increase in liability lines was driven by new U.S. excess casualty business and the timing of renewals of two significant contracts.
Current wording
The increase in professional lines was due to positive premium adjustments related to transactional liability business, higher renewals of financial lines and program business, together with new financial lines, U.S. design professional, Allied Health and program business. The increase in accident and health lines was attributable to a higher level of premiums and increased rate associated with renewed pet insurance business, together with new pet insurance business. The increase in property lines was due to new excess and surplus lines market business including lower middle market business, and new program business, together with positive premium adjustments related to program business. The increase in marine and aviation lines was attributable to higher renewals of marine war business and ocean marine business, the timing of renewals and positive premium adjustments related to marine offshore renewable energy business, together with new marine energy business. The increase in liability lines was driven by new U.S. excess casualty business, increased rate associated with renewed U.S. excess casualty business, and a higher level of premiums associated with renewals of program business, partially offset by a decrease in U.S. primary casualty business. The increase in credit and political risk lines was driven by new business and higher renewals of surety program business.
Previous wording
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 wording
The decrease in cyber lines wasattributable to the cancellation of two programs in 2024.
Previous wording
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 wording
Gross premiums written for the nine months ended September 30, 2025 increased by $365 million, or 7%, compared to the nine months ended September 30, 2024. The increase was primarily attributable to professional lines, liability, accident and health, property, credit and political risk, and marine and aviation lines, partially offset by a decrease in cyber lines.
Previous 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.
Current wording
The increases in professional lines, liability, accident and health, property, credit and political risk, and marine and aviation lines were driven by new business.
Previous wording
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 wording
The increase in credit and political risk lineswas also due tohigher renewals of surety program busi ness. 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 aviation war business and marine war business.
Previous 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.
Current wording
The decrease in cyber lines was related to the cancellation of two programs in 2024, partially offset by premium adjustments related to business written on a line slip basis.
Previous wording
•Income tax expense of $56 million
Current wording
Ceded premiums written for the three months ended September 30, 2025 was $607 million, or 36%, of gross premiums written, compared to $551 million, or 36%, of gross premiums written for the three months ended September 30, 2024. The increase in ceded premiums written of $56 million, or 10%, was primarily driven by increases in accident and health, professional lines, marine and aviation, credit and political risk, and property lines, partially offset by decreases in cyber and liability lines. The increases in accident and health, professional lines, marine and aviation, credit and political risk, and property lines reflected the increase in gross premiums written for the three months ended September 30, 2025, compared to the three months ended September 30, 2024. The increase in accident and health lines was also attributable to a new quota share treaty.
Previous wording
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 wording
The decrease in cyber lines reflected the decrease in gross premiums written for the three months ended September 30, 2025, compared to the three months ended September 30, 2024. The decrease in liability lines was due to the restructuring of an existing quota share treaty, partially offset by the increase in gross premiums written for the three months ended September 30, 2025, compared to the three months ended September 30, 2024.
Previous wording
The increase in accident and health lines was attributable to a new quota share treaty and the increase in gross premiums written for the three months ended June 30, 2025, compared to the three months ended June 30, 2024.
Current wording
Ceded premiums written for the nine months ended September 30, 2025 was $1,860 million, or 35%, of gross premiums written, compared to $1,723 million, or 35%, of gross premiums written for the nine months ended September 30, 2024. The increase in ceded premiums written of $137 million, or 8%, was primarily driven by increases in accident and health, professional lines and credit and political risk lines, partially offset by a decrease in property lines. The increase in accident and health lines was attributable to a new quota share treaty and the increase in gross premiums written for the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024. The increases in professional lines and credit and political risk lines reflected the increase in gross premiums written for the nine months ended September 30, 2025, compared to the nine months ended September 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 six months ended June 30, 2025, compared to the six months ended June 30, 2024.
Current wording
The decrease in property lines was due to the restructuring of an existing quota share treaty, partially offset by the increase in gross premiums written for the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024.
Previous 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.
Current wording
Net premiums earned for the three months ended September 30, 2025 increased by $62 million, or 6% ($52 million, or 5%, on a constant currency basis), compared to the three months ended September 30, 2024. The increase was primarily driven by increases in gross premiums earned in property, accident and health, marine and aviation, and liability lines, together with decreases in ceded premiums earned in cyber and property lines. These amounts were partially offset by increases in ceded premiums earned in accident and health, and marine and aviation lines, and a decrease in gross premiums earned in cyber lines.
Previous wording
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 wording
Net premiums earned for the nine months ended September 30, 2025 increased by $229 million, or 8%, compared to the nine months ended September 30, 2024. The increase was primarily driven by increases in gross premiums earned in property, accident and health, credit and political risk, professional lines, liability, and marine and aviation lines, together with decreases in ceded premiums earned in cyber and property lines. These amounts were partially offset by increases in ceded premiums earned in accident and health, and credit and political risk lines, and a decrease in gross premiums earned in cyber lines.
Previous 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.
Current wording
The decrease in the current accident year loss ratio for the three months ended September 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 September 30, 2025, catastrophe and weather-related losses, net of reinsurance, were $43 million, or 3.9 points, including $20 million, or 1.8 points attributable to the Middle East Conflict. The remaining losses were primarily attributable to weather-related events. Comparatively, during the three months ended September 30, 2024, catastrophe and weather-related losses, were $71 million, or 7.0 points, attributable to Hurricane Helene, Hurricane Beryl, other weather-related events, and the Red Sea Conflict.
Previous wording
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 wording
The current accident year loss ratio decreased to 56.4% for the nine months ended September 30, 2025, from 56.8% for the nine months ended September 30, 2024.
Previous wording
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 wording
The decrease in the current accident year loss ratio for the nine months ended September 30, 2025, compared to the same period in 2024, was impacted by a lower level of catastrophe and weather-related losses. During the nine months ended September 30, 2025, catastrophe and weather-related losses, net of reinsurance, were $127 million, or 4.1 points, including $31 million, or 1.0 point attributable to California Wildfires and $20 million or 0.7 points attributable to the Middle East Conflict. The remaining losses were attributable to other weather-related events. Comparatively, during the nine months ended September 30, 2024, catastrophe and weather-related losses, were $136 million, or 4.7 points, attributable to Hurricane Helene, Hurricane Beryl, other weather-related events, and the Red Sea Conflict.
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 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.
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 nine months ended September 30, 2025, from 52.1% for the nine months ended September 30, 2024, principally due to the impact of changes in business mix, rate and trend.
Showing the first 40 of 95 pairs. Open the source sections for the rest.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
•Net investment gains of $31 million
Current report — wording carried from elsewhere
On February 19, 2025, the Board of Directors approved a new share repurchase program for up to $400 million of the Company's common shares. The new share repurchase program is open-ended, allowing the Company to repurchase its shares from time to time in the open market or privately negotiated transactions, depending on market conditions. On September 3, 2025, authorization under this plan was exhausted.
Rearranged previous paragraphs (16)
Previous report — wording carried elsewhere
In subsequent periods, we will reassess the reserves for losses and loss expenses subject to the loss portfolio transfer reinsurance agreements.
Previous report — wording carried elsewhere
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.
Previous report — wording carried elsewhere
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.
Previous report — wording carried elsewhere
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 report — wording carried elsewhere
The increase in credit and political risk lines was driven by a higher level of premiums associated with renewed surety program business.
Previous report — wording carried elsewhere
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.
Previous report — wording carried 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.
Previous report — wording carried elsewhere
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.
Previous report — wording carried 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.
Previous report — wording carried elsewhere
Gross premiums written for the three months ended June 30, 2025, was comparable to gross premiums written for the three months ended June 30, 2024 in motor lines due to the timing of renewals of several contracts, largely offset by non-renewals due to increased competition for non-proportional U.K. business, and a lower level of positive premium adjustments.
Previous report — wording carried elsewhere
The decrease in motor lines was attributable to decreased line sizes and non-renewals due to increased competition for non-proportional U.K. business, and the timing of renewal of a significant proportional contract, partially offset by positive premium adjustments related to a large quota share contract, and non-proportional business associated with favorable market conditions.
Previous report — wording carried elsewhere
The decrease in marine and aviation lines was related to decreased line sizes and non-renewals attributable to client retentions and increased competition for marine business.
Previous report — wording carried elsewhere
Foreign exchange losses of $95 million for the three months ended June 30, 2025 reflected the impact of the weakening of the U.S. dollar on the remeasurement of net insurance-related liabilities denominated in euro, pound sterling and Canadian dollar.
Previous report — wording carried elsewhere
The income tax expense of $101 million for the six months ended June 30, 2025 was principally due to pre-tax income in our Bermuda, U.K., U.S., and European operations.
Previous report — wording carried elsewhere
The income tax expense of $41 million for the three months ended June 30, 2024 was principally due to pre-tax income in our U.S., U.K, operations.
Previous report — wording carried elsewhere
During the six months ended June 30, 2025, book value per diluted common share increased by 7.8% due to net income for the period, and net unrealized investment gains recognized in accumulated other comprehensive income (loss), partially offset by common share repurchases and common share dividends declared.